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The governor of France’s central bank, François Villeroy de Galhau, has called on EU regulators to “avoid adopting divergent or contradictory rules, or to regulate too late”. He warned that “to do so would be to create an uneven playing field, risking arbitrage and cherry-picking.”
Banque de France Governor François Villeroy de Galhau spoke about cryptocurrency regulation at a digital finance conference in Paris on Tuesday. The French central banker emphasized:
We should be extremely careful to avoid adopting divergent or contradictory rules, or to regulate too late. To do so would be to create an uneven playing field, risking arbitrage and cherry-picking.
Villeroy de Galhau added that “overcomplicated” crypto regulations could fall short of investor protection and money laundering prevention.
The European Commission introduced the Markets in Crypto Assets Regulation (MiCA) bill in September 2020 as part of its digital finance strategy to bring crypto assets, issuers and service providers across the EU under one regulatory framework. The European Parliament and the Council reached a preliminary agreement on the MiCA bill on 30 June, but MiCA is not expected to be implemented until 2024.
In August, the European Central Bank (ECB) outlined its plan to harmonize the regulatory framework for crypto activities and services in the EU. “There is currently no harmonized regulatory framework governing crypto-asset activities and services in the EU,” the regulator explained, adding that banks are increasingly considering whether to offer crypto products and services and it is the ECB’s role to “ensure that they do it safely and responsibly.”
The European Securities and Markets Authority (ESMA), the EU’s top securities market regulator, warned in May that high inflation could drive retail investors into cryptocurrencies. ECB Vice-President Luis de Guindos said on Monday that inflation in the eurozone is widening as growth weakens. “We see that in the third and fourth quarters there is a significant slowdown and we may find ourselves with growth rates close to zero,” he detailed.
What do you think of the comments of Banque de France Governor François Villeroy de Galhau? Let us know in the comments section below.
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