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EU Regulators Demand More Crypto Power
30 Sep
Summary
- ESMA wants more power for regulators to enforce crypto rules.
- Regulators should be able to freeze crypto assets linked to crime.
- Proposal aims to combat illicit activities within the crypto space.
European regulators are advocating for enhanced authority to enforce cryptocurrency regulations. The European Securities and Markets Authority (ESMA) stated on Wednesday that national regulators require increased powers.
ESMA's proposal includes granting itself the ability to instruct crypto companies to freeze digital assets. This measure would be applicable when there are justifiable suspicions that these assets are connected to criminal activities.
The move aims to strengthen the oversight of the cryptocurrency market and provide authorities with more effective tools to combat financial crime.
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