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Crypto-enterprises will be subject to stricter rules for registration in France from January, in accordance with plans approved by the National Assembly on Tuesday, which must now be adopted.
Lawmakers voted 109-71 in favor of rubber-stamping plans, already approved by the Senate, that will see extra requirements on internal controls, cybersecurity and conflicts of interest.
The new rules have been introduced following recent market turbulence, and as the country prepares for new EU laws.
$23,523.58
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$12.36France is hoping to set itself up as a crypto hub, and companies such as Bitstamp have already successfully registered with France’s Financial Markets Authority (AMF). Registration entails controls over the standards of governance and money laundering, and is mandatory for all those who offer trading or custody services in the country. To date, no company has obtained a licence, which is more cumbersome than registering compliance with financial standards.
Senator Herve Maurey suggested strengthening France's system in December, which cited the collapse of cryptoftx trading and the need to avoid flaws in the period before EU markets in crypto asset regulation (mica) came into force. The industry feared his plan was unworkable and damaging, though regulators themselves supported the move.
In the end, both chambers of the French parliament adopted a compromise proposal which adds additional registration requirements from January 2024. Does not force enterprises to apply for a licence. 16.
Read more: Crypto Industry Hopes Turn to French Legislators as Regulators Back Mandatory License
$23,523.58$1,642.57
BNB$304.02
XRP$0.37988806
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