French Central Bank Governor Advocates for Unified Crypto Regulation in EU

According to Foresight News, French Central Bank Governor Francois Villeroy de Galhau has proposed transferring regulatory authority over the cryptocurrency industry to the European Securities and Markets Authority (ESMA). In a speech on Thursday, he emphasized the need for consistent application of standards across the European Union. Governor Villeroy de Galhau also called for tightening the regulatory framework for digital assets in Europe. He highlighted that the current framework allows cryptocurrency companies to apply for licenses in individual EU member states, which can then serve as a "passport" to operate across all 27 EU countries. The proposal aims to ensure a more harmonized approach to cryptocurrency regulation within the EU, addressing concerns about the varying standards and practices currently in place across different member states.