法国严防“监管套利”：威胁阻止加密货币牌照“欧盟通行证”

Core Viewpoint - The French securities regulator is considering actions to prevent cryptocurrency companies licensed in other EU countries from operating domestically, aiming to centralize regulatory authority within the EU to address regulatory gaps and inconsistencies [1][2]. Regulatory Gaps - The cryptocurrency industry, valued in the trillions, faces significant regulatory scrutiny as global regulators warn of potential market disruptions and investor harm if not properly managed [2]. - France, along with Italy and Austria, has called for the European Securities and Markets Authority (ESMA) to take over the regulation of major cryptocurrency companies, highlighting the need for consistent oversight across the EU [2][3]. Potential Actions - The French Financial Markets Authority (AMF) has indicated it may challenge the "passport" system that allows companies licensed in one EU member state to operate across the EU, referring to this as a "nuclear option" [2]. - AMF's president expressed concerns about the rapid issuance of licenses by some countries and the adequacy of cross-border regulatory oversight [2][3]. Differences in Regulatory Approaches - The initial months of implementing new rules have revealed significant differences in how various national regulators approach cryptocurrency oversight [3]. - Specific examples of regulatory discrepancies include Malta's licensing process, which faced scrutiny for inadequate risk assessment [3]. Calls for Enhanced Regulation - France, Italy, and Austria are advocating for amendments to the Markets in Crypto-Assets Regulation (MiCA) to impose stricter regulations on cryptocurrency companies operating outside the EU, improve cybersecurity oversight, and enhance scrutiny of new token issuance [3]. Support for Centralized Authority - France has long supported granting greater powers to ESMA, which has received backing from its chair, although some EU member states oppose this move [4].