The European Securities and Markets Authority (ESMA), the regulating body over financial institutions within Europe, has budgeted for financial innovations and development. With cryptocurrency becoming an increasingly larger market, ESMA has included $1.2 million towards the monitoring of digital assets and other financial technologies into their budget.
As the crypto and blockchain sector continue to develop, ESMA has seen that it needs to focus its attention on the new markets. Addressing the new budget, ESMA released:
“It expects the rapid pace of financial innovation developments across the EU securities markets to continue in 2018. These developments influence the way in which securities are developed, traded and supervised. In turn, ESMA is undertaking material analysis on the emergence of such instruments as virtual currencies, such platforms as ICOs and such tools as the distributed ledger technology.“
ESMA believes that with a regulated cryptocurrency market, investors will feel more protected and then be more apt at injecting more money into Europe. With the added budget, digital currency is the core issue that the agency will be tending.
In order to accomplish this, ESMA has also budgeted for 6 full-time staff to focus solely on monitoring and information gathering on digital assets.