France calls EC to new regulation of cryptocurrencies

The Chairman of the French financial regulatory authority, Robert Ophel, proposed a new approach to regulating cryptocurrency, whichwill allow to stimulate the growth and development of innovative projects.

High only that completed the 5thOf the annual conference "Fintex and Regulation", Ophel announced that in connection with the continuous growth of the cryptocurrency sector Europe, it does not intend to develop the cultivating

Also in September 2020 the European Commissionprovided a new normative base for cryptoassets. The offer included a pilot mode for markets where it is possible to trade in cryptocurrencies and to make the appropriate calculations.

The commission also introduced a policy under the name"Regulation of the markets of cryptoassets" for cryptoassets, which are not considered in the quality of financial instruments. This category includes the providers of digital wallets and cryptocurrencies.

By commenting on these rules, OFel noticed thatIt also maintains another legal limit in the form of a pilot mode, which anticipates a refusal from some conditions of existing rules. In his opinion, in this case, a new financial market can be formed.

These measures include expanding the range of technologies that need to be tested, testing business models that use a decentralized financier.

In addition, the head of the regulator has recommended the European management of securities and the market to develop new rules:

“Bo-first, that would be the best wayGuarantee equal conditions in the EC. Bo-second, taking into account the novature of the position, its consideration is more effective at the same time. Moreover, it would be prudent to collect an expert opinion in one organ, since the cost of entering the cryptomir is quite high. "

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