France’s chairman of Autorité des Marchés Financiers Robert Ophèle has proposed a change in the way cryptocurrency industry is supervised in Europe, according to Cointelegraph. Ophèle argues that financial supervisors must take a new approach in regulating blockchain-based instruments due to the massive growth in the market.

  • Ophèle has called the European Securities and Markets Authority to be responsible for a new area of regulation and supervision.
  • The French regulator emphasizes that the current stage of regulation in the European Union would make it easier for the ESMA to develop guidelines and policies. 
  • Ophèle suggests that more enabling regulations are needed since the current rules hamper blockchain technology development as they were designed for centralized systems.
  • The French regulator says the decentralized nature of blockchain could play a crucial role in the European economy.
  • The European Commission published its Markets in Crypto-Assets regulations in September 2020, but crypto firms warned the rules could overburden the industry with costly and complex compliance. 

Major cryptocurrencies are currently declining. BTCUSD is down 1.87%, ETHUSD is down 0.94%.