{"id":12997,"date":"2025-10-09T15:09:53","date_gmt":"2025-10-09T15:09:53","guid":{"rendered":"https:\/\/bitunikey.com\/news\/france-pushes-to-centralize-crypto-regulation-under-esma\/"},"modified":"2025-10-09T15:10:06","modified_gmt":"2025-10-09T15:10:06","slug":"france-pushes-to-centralize-crypto-regulation-under-esma","status":"publish","type":"post","link":"https:\/\/bitunikey.com\/news\/france-pushes-to-centralize-crypto-regulation-under-esma\/","title":{"rendered":"France pushes to centralize crypto regulation under ESMA"},"content":{"rendered":"<p><\/p>\n<div class=\"post-detail__content blocks\">\n<p class=\"is-style-lead\">The Banque de France is advocating for the European Securities and Markets Authority to become the sole regulator for the bloc\u2019s crypto markets, a move that would consolidate supervisory power in Paris.<\/p>\n<div id=\"cn-block-summary-block_ef323c92a89a6c499fa46fa47c142e06\" class=\"cn-block-summary\">\n<div class=\"cn-block-summary__nav tabs\">\n        <span class=\"tabs__item is-selected\">Summary<\/span>\n    <\/div>\n<div class=\"cn-block-summary__content\">\n<ul class=\"wp-block-list\">\n<li>France\u2019s central bank is urging the EU to grant ESMA full authority over crypto regulation, calling it key to preserving Europe\u2019s monetary sovereignty.<\/li>\n<li>Governor Fran\u00e7ois Villeroy de Galhau warned that dollar-backed stablecoins could erode the euro\u2019s role in global settlements.<\/li>\n<li>The Banque de France is advancing projects like Pontes and Appia to develop a wholesale digital euro and integrate tokenized assets within the EU\u2019s financial system.<\/li>\n<\/ul><\/div>\n<\/div>\n<p><!-- .cn-block-summary --><\/p>\n<p>On Oct. 9, Fran\u00e7ois Villeroy de Galhau, Governor of the Banque de France, used a <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.banque-france.fr\/fr\/interventions-gouverneur\/fintechs-et-souverainete-trois-piliers-renforcer-ensemble\" target=\"_blank\" rel=\"nofollow\">keynote address<\/a> at the ACPR-AMF Fintech Forum to issue a direct call for the European Securities and Markets Authority to be granted full supervisory authority over crypto-asset issuers across the European Union.<\/p>\n<p>The proposal, framed by Villeroy de Galhau as a necessary evolution beyond the existing MiCA regulatory framework, seeks to centralize enforcement power within the Paris-based authority to combat what he described as a growing threat to \u201cmonetary sovereignty\u201d from non-European stablecoins.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThis framework would benefit from much more strictly regulating the multi-issue of the same stablecoin from and outside the European Union, to reduce the risks of arbitrage in the event of stress. I also advocate, along with the president of the AMF, for European supervision of crypto-asset issuers, carried out by ESMA,\u201d Villeroy de Galhau said.<\/p>\n<\/blockquote>\n<p>    <!-- .cn-block-related-link --><\/p>\n<h2 class=\"wp-block-heading\"><strong>France\u2019s push ties monetary sovereignty to digital innovation<\/strong><\/h2>\n<p>Villeroy de Galhau\u2019s call to consolidate crypto regulation under ESMA is only one part of a broader vision that ties Europe\u2019s monetary future to its ability to innovate without losing control of its currency. According to Villeroy de Galhau, maintaining the \u201cpivotal role\u201d of central bank money is essential if the euro is to withstand the pressure of dollar-backed stablecoins and the growing dominance of non-European digital payment systems.<\/p>\n<p>Notably, the governor warned that the rapid rise of USD-pegged stablecoins could gradually erode the euro\u2019s influence as a settlement medium. The Banque de France, he said, sees the introduction of a \u201cwholesale\u201d digital euro as a necessary step toward securing Europe\u2019s monetary independence and deepening financial integration across the bloc.<\/p>\n<p>The French central bank has already made progress on this front. Through projects like Pontes, it aims to allow financial institutions to settle tokenized assets directly in central bank money using either the Eurosystem\u2019s existing TARGET services or a distributed ledger.<\/p>\n<p>A second phase, known as Appia, envisions a unified platform where tokenized central bank money, tokenized bank deposits, and tokenized securities coexist and interact seamlessly.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThis will overcome many technical obstacles to the integration of European capital markets. This \u2018wholesale\u2019 digital currency has therefore become a strong priority: we must accelerate, and the Banque de France will do everything to contribute to this acceleration,\u201d Villeroy de Galhau noted.<\/p>\n<\/blockquote>\n<h3 class=\"wp-block-heading\"><strong>Villeroy de Galhau challenges the private sector<\/strong><\/h3>\n<p>Alongside this public sector push, the Governor issued a sharp challenge to the private sector. He argued that a central bank digital currency alone cannot fuel the entire tokenized economy and pressed European banks to develop their own tokenized money.<\/p>\n<p>He welcomed a nascent consortium of nine European banks exploring this space, but stressed that the technical path, whether tokenized deposits or bank-issued euro stablecoins, is less important than the outcome. \u201cWe could have both,\u201d he stated, \u201cbut we must not end up with neither.\u201d<\/p>\n<p>    <!-- .cn-block-related-link --><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Banque de France is advocating for the European Securities and Markets Authority to become the sole regulator for the bloc\u2019s crypto markets, a move that would consolidate supervisory power&hellip;<\/p>\n","protected":false},"author":1,"featured_media":12998,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-12997","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/12997","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=12997"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/12997\/revisions"}],"predecessor-version":[{"id":12999,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/12997\/revisions\/12999"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/12998"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=12997"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=12997"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=12997"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}