The European Union has allocated more than a million euros for monitoring cryptocurrencies

According to a document published on October 4, the European Securities and Markets Authority (ESMA) has allocated more than €1 million to study and monitor the fintech industry and cryptocurrency assets.

Founded in 2011 in Paris, ESMA aims to develop a single set of rules for the entire European Union. The authorities have set up technical committees in different areas of the industry, and are also working on securities legislation.

As part of its annual work program for 2019, ESMA has allocated €1.1 million for the regulation and supervision of fintech and cryptocurrency assets. As part of these regulations, ESMA will identify the risks associated with such activities and provide appropriate advice and proposals. In addition, ESMA aims to implement the Markets and Financial Instruments Directive (MiFID), which should make the market more transparent. According to ESMA, the directive will:

“Provide a coordinated approach to the regulation and supervision of new innovative financial instruments, as well as provide guidance to existing EU institutions, consumers, market participants.”

Last month, ESMA announced its plans to expand restrictions on cryptocurrencies and traditional contracts for difference (CFDs). The agency explained this decision with “concern for the safety of investors.” Let us recall that earlier in March ESMA strengthened the requirements for institutions wishing to conduct CFDs. 

In September, the Belgian Bruegel Institute called on EU ministers for unified regulations on cryptocurrencies and a deeper study of them. According to the information, this solution should help cope with risks while developing the potential of blockchain technology. 

According to https://cointelegraph.com/news