The European Securities and Markets Authority has allocated more than EUR 1 million for fintech and crypto sector.
According to the released document, ESMA's 2019 working plan covers EUR 1.1 million spending for regulation of financial innovations, in particular, fintech and cryptos.
The key objectives are stated the following:
"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."
For reference, the Authority created in 2011 is designed to develop single rules for the EU financial markets and supervise these markets.
"ESMA monitors financial activities and retail investor trends, with a particular focus on financial innovation including Fintech and crypto-assets," as stated in the document.
The second key objective is to launch "the framework for the use of the product intervention powers provided by MiFIR".
With the current programme, the Authority intends to detect risks and trends of such financial activities and is ready to develop a guideline for this business. It is worth mentioning that ESMA extended the restrictions on sales of contracts for differences (CFDs) for another 3-month period citing investor protection concerns.