International cooperation is needed to regulate crypto conglomerates, Governor of the Banque de France François Villeroy de Galhau said at VivaTech event in Paris on Friday.

It is not sufficient to regulate one legal entity in one jurisdiction, Villeroy said, adding that in the US crypto companies have various legal entities operating in various jurisdictions, hence the need for international collaboration.

While he stressed that the European Union was ahead in crypto regulation, Villeroy touted that a new version of the EU regulation, “MiCA 2”, would probably be needed to tackle crypto conglomerates.

Francois Villeroy de Galhau, governor of the Bank of France.

Photographer: Nathan Laine/Bloomberg

In April, European lawmakers gave their …