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The Bank of France wants Europe’s top markets regulator, ESMA, to take direct control over crypto supervision. Governor François Villeroy de Galhau warned that fragmented national oversight could weaken Europe’s financial independence.
Speaking at the Fintech Forum in Paris, he said that handing supervision of crypto issuers to the Paris-based ESMA would ensure consistent rule enforcement under the MiCA framework. “We need a unified approach,” he said, adding that relying on national regulators invites loopholes and regulatory arbitrage.
Villeroy also expressed concern about dollar-backed stablecoins. Under current MiCA rules, companies can issue the same token inside and outside the EU while keeping only partial reserves. He warned that this setup could threaten the euro’s stability and make Europe dependent on foreign crypto operators.
He called for tighter rules on “multi-issuance” stablecoins and stronger ESMA authority to protect European investors. Other EU officials — including those from Italy’s central bank and the ESRB — have echoed similar warnings, pushing for limits on multi-issuance practices.
