Bank of France Governor Francois Villeroy de Galhau has proposed that the European Securities and Markets Authority (ESMA) take over the regulation of cryptocurrency firms across the EU. In a recent speech, Villeroy de Galhau emphasized the need for consistent regulatory standards within the bloc and advocated for a more stringent European regulatory framework for digital assets. He highlighted the current system, which allows crypto firms to obtain licenses in one EU member state and operate across the entire 27-nation bloc, as needing tighter controls, particularly concerning stablecoin issuance, to mitigate arbitrage risks during market stress.