The French central bank has called on the EU to grant direct regulatory authority over major cryptocurrency companies to its market regulatory agency, warning that fragmented regulation could threaten the EU's financial sovereignty.
French central bank governor François Villeroy de Galhau stated on Thursday at the ACPR-AMF Fintech Forum in Paris that the European Securities and Markets Authority (ESMA) should be authorized to directly regulate cryptocurrency issuers under the EU's Markets in Crypto-Assets (MiCA) framework.
"I also advocate, along with the AMF chairman, for ESMA to conduct European oversight of cryptocurrency issuers," he said, adding that this could ensure consistent application of rules and reduce risks.
Villeroy de Galhau noted that relying on national regulators could lead to uneven enforcement within the EU as cryptocurrency companies rapidly expand in the region.
He added that direct oversight by ESMA, headquartered in Paris, would prevent regulatory arbitrage and ensure that key players adhere to the same standards regardless of where they are established.
"The implementation of MiCA is a decisive step forward," he said. "But if we are to protect European investors and maintain a level playing field, its effectiveness requires a more unified approach."
Villeroy de Galhau also addressed the growing threat of dollar-backed stablecoins in his speech. He stated that the current MiCA framework's allowance for multiple issuances of stablecoins represents a regulatory weakness.
Under this framework, companies can issue the same token both inside and outside the EU while only maintaining partial reserves.
He warned that stablecoins could undermine the euro and potentially lead to disorderly growth of private settlement solutions, increasing the region's dependence on non-European and unregulated entities.
Other officials have also expressed concerns about multiple issuance of stablecoins. On September 19, Italian central bank deputy governor Chiara Scotti warned that this model could undermine financial stability and should be restricted.
She pointed out that while multiple issuance structures might improve liquidity and scalability, they also pose significant legal, operational, and stability risks, especially when issuers are based outside the EU.
The European Systemic Risk Board (ESRB)—the EU body responsible for monitoring systemic risks—has also targeted multiple issuance of stablecoins.
On October 1, the ESRB recommended banning such practices within the EU and other jurisdictions. Although not legally binding, this move increases pressure on EU policymakers to impose stricter regulations on stablecoin operations.
Villeroy de Galhau stated that the answer lies in refining the European regulatory framework:
As Villeroy de Galhau made these comments, the European Commission is developing plans to shift regulatory oversight of the financial sector, including cryptocurrencies, from national regulators to ESMA.
On Monday, ESMA chair Verena Ross stated that the reforms would establish a more integrated and globally competitive landscape for the EU.
Under the EU MiCA framework, licensed cryptocurrency companies can utilize a feature known as the "passport," allowing them to obtain authorization in one EU member state and enjoy licensing validity across all member states.
The purpose of this feature is to create a single market for cryptocurrency service providers, thereby lowering entry barriers and preventing duplicate applications.
While the passport system is designed to simplify market access, in practice, it could expose vulnerabilities if national regulators fail to fulfill their obligations.
In July, ESMA criticized Malta's licensing process after discovering that the Maltese financial regulator only partially met expectations when authorizing a cryptocurrency company. This raised concerns about how weak regulation in one country could have a ripple effect throughout the EU.
On September 15, the French securities regulator, the Autorité des Marchés Financiers (AMF), also expressed concerns about regulatory enforcement gaps related to the MiCA framework.
The regulator indicated that it might consider refusing to recognize the validity of the passport feature.
Related: Democratic Senator Proposes "Restricted List" for DeFi Protocols, Sparking Strong Protests
Original article: “French Central Bank Urges ESMA to Directly Regulate Crypto Companies and Tighten MiCA Stablecoin Rules”
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