European Financial Watchdog Allocates Over 1 Million Euro To Monitor FinTech And Cryptocurrenciesbr>
The European Securities and Markets Authority (ESMA) has revealed that it will spend more than €1 million ($1M USD) to monitor FinTech and cryptocurrency activities during 2019.
Founded in 2011, the ESMA works in the field of securities legislation and regulation to improve the functioning of financial markets in Europe, strengthening investor protection and co-operation between national competent authorities (NCA).
In its 2019 Annual Work Program, the ESMA outlined its priorities and areas of focus for 2019, including the regulation and supervisory treatment of new or innovative financial innovations, such as cryptocurrencies. The regulator said that it will continue to monitor issues and/or risks connected to FinTech and crypto activities and trends in order to gather and develop metrics that will guide the authority in determining when and where ESMA will employ its own product intervention powers.
The ESMA will also support the consistent application of EU’s Markets in Financial Instruments Directive (MiFIR) along with the Prospectus Regulation and Securitization Regulation by market participants and NCAs.
“In 2019, ESMA will continue its focus on promoting supervisory convergence and assessing risks with a continued emphasis on the consistent implementation of MiFID II/MiFIR, but with an added focus on utilizing the data gathered under this regime to assist us in meeting our stability, orderly markets and investor protection objectives,” sai ESMA chair Steven Maijoor.