European Securities and Markets Authority budgets €1M to monitor crypto-assets and fintech
Fri, 05 Oct 2018, 11:43 am UTC
The European Securities and Markets Authority (ESMA) has budgeted over €1 million to monitor financial innovation including cryptocurrencies.
The regulator has published its “ 2019 Annual Work Programme” this week, which outlines ESMA’s key focus areas for 2019 and related budget and staffing numbers.
With regard to financial innovation, ESMA underscored its two key objectives. This includes:
“Achieve a co-ordinated approach to the regulation and supervisory treatment of new or innovative financial activities and provide advice to present to the EU institutions, market participants or consumers.
“Implement the framework for the use of the product intervention powers provided by MiFIR.”
The regulator said that it monitors financial activities and retail investor trends, with a particular focus on financial innovation including fintech and crypto-assets.
“It identifies issues and/or risks connected to such activities and trends, and helps to co-ordinate NCAs [National Competent Authorities] initiatives on market monitoring and facilitating exchanges of best practices, including providing advice or making proposals of relevant actions where needed,” the report said.
On these lines, ESMA has budgeted €1,107,360 and 6 full-time equivalent staff. This is part of a total budget of over €48 million for its 2019 work programme.
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