EU Markets Regulator Budgets €1.1 Million to Monitor Cryptos, Fintech
The EU's financial markets watchdog has revealed that it is setting aside over €1 million in order to monitor cryptocurrencies and other fintech activities during 2019.
As revealed in its 2019 Annual Work Programme – dated September 26 but released today – the European Securities and Markets Authority (ESMA) lists its key priorities for the coming year and further sets out budgeting and staffing numbers across its main areas of focus.
The agency explains in the document that, as part of its remit to protect the economic bloc's financial well-being, it takes a "particular focus" on financial innovation including crypto assets, adding that it actively looks for issues and risks connected to such activities.
It further helps coordinate the region's regulatory initiatives on market monitoring and promoting best practices, including providing advice or proposing "relevant actions where needed." The ESMA's primary objective for the coming year, it states, is to:
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"Achieve a coordinated 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."