EU Financial Regulator To Devote Over €1 Million For Monitoring Crypto Sphere
The representatives of the European Securities and Markets Authority (ESMA) decided to allocate more than €1 million from its budget to monitor the crypto field and other areas of financial technologies in 2019. The information is published in the chapter 4.2.3 of the ESMA program for 2019.
The document defines the main priorities for the development of the organization, includes the staffing timetable and expenses in various areas of activity in the EU financial sphere.
The organization is aimed at protecting the economic interests of European countries, therefore, it pays special attention to financial innovations, and cryptos are considered a part of them. The ESMA seeks to avoid the problems and risks associated with digital assets, according to the document.
The monitoring results will help to harmonize proposals in legislative activity within the European Union and will provide the necessary recommendations to various institutions in Europe, market participants or consumers.
The ESMA has allocated the total amount of €1,107,360 to monitor the crypto field. Moreover, the ESMA document provides that six employees will be involved in this activity.
Earlier, the EU revealed plans to focus on the crypto assets' classification and the adoption of relevant regulations, Valdis Dombrovskis, the VP of the European Commission, reported.