Esma budgets EUR1.1 million for monitoring fintech and crypto-assets

Esma budgets EUR1.1 million for monitoring fintech and crypto-assets

The European Securities and Markets Authority (Esma) has budgeted over EUR1 million to keep abreast of trends in financial innovation and crypto asstes over the course of the next year.

The spend is part of a Eur48 million estimate for supervisory activities covering the watchdog's 2019 work programme.

Esma says the ongoing monitoring of fintech innovation and retail investor trends will be conducted by six full-time staff, with the aim of achieving "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."

By far the biggest spend in Esma's budgeting for 2019 is allocated to data management and statistics, requiring a EUR10 million outlay on costs and staff associated with maintaining a total of 18 distinct Esma databases and relevant IT systems.

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