TechFlow news, October 9 — According to Cointelegraph, French central bank governor François Villeroy de Galhau called at the ACPR-AMF Fintech Forum in Paris for the EU to transfer direct supervisory authority over crypto asset issuers to the European Securities and Markets Authority (ESMA), to ensure consistent application of rules and reduce risks. He stated that relying on national regulators could lead to uneven enforcement across the EU, while direct oversight by ESMA in Paris could prevent regulatory arbitrage.
Villeroy de Galhau also expressed concerns about dollar-backed stablecoins, arguing that MiCA's framework allowing multiple issuance of stablecoins represents a regulatory weakness that could undermine the euro’s position and increase dependence on non-European entities. Deputy Governor of the Bank of Italy Chiara Scotti and the European Systemic Risk Board have voiced similar concerns regarding multi-issued stablecoins. The European Commission is currently developing plans to shift supervisory authority over financial sectors—including cryptocurrencies—from national regulators to ESMA.
