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EU member states have called on EU lawmakers to grant the European Securities and Markets Authority the power to regulate encryption companies.
[EU member states call on EU lawmakers to grant the European Securities and Markets Authority the power to regulate cryptocurrency companies] Regulatory authorities from France, Italy, and Austria have called on EU lawmakers to grant the European Securities and Markets Authority the power to regulate cryptocurrency companies. The new EU cryptocurrency regulatory framework has raised concerns about inconsistent standards among member states regarding the distribution of licenses. The chairman of the French Financial Markets Authority stated that concerns over lax standards for cryptocurrency license distribution could affect the "passporting rights" of cryptocurrency companies (if a license is obtained in one EU country, there is no need to reapply for a license in other member states).