France has taken a significant step towards implementing new cryptocurrency regulations, with the National Assembly voting in favor of stricter licensing rules for crypto firms. The move aims to bring French laws in line with anticipated European Union (EU) standards and bolster the country’s reputation as a crypto hub.

The final vote tally saw 109 Assembly members supporting the bill and 71 against, following a milder version of the legislation than initially proposed, following pressure from the crypto industry. The French Senate has already approved the bill, which will now be sent to President Emmanuel Macron, who will have 15 days to approve or reject it.

The proposed rules would require French companies offering crypto services to attain a more robust registration than currently offered by the Financial Markets Authority (AMF). The new regulations aim to ensure compliance with governance standards, rules on fund segregation, and guidelines for reporting to regulators, among other provisions.

While many of these provisions overlap with the EU’s anticipated regulatory framework, France’s new regulations are expected to take effect well before the EU-wide legislation, which is expected to pass a final European Parliament vote in April. The proposed regulations will apply to companies registering from July 2023 onwards, with existing registered companies being allowed to continue operating until the end of the transition period in 2026.

The push for stronger regulations was initially proposed by Senator Hervé Maurey in December following the collapse of the FTX crypto exchange. While the industry feared the proposal would be damaging, regulators supported the move.

Following lengthy discussions, both the French National Assembly and Senate have agreed on a compromise proposal to tighten regulations for cryptocurrency firms. The proposal will introduce stricter registration requirements from January 2024, but companies will not be required to obtain a license.

Follow Us on Google News


Comments (6)

  1. Pasquale
    March 1, 2023

    Very good post. I certainly appreciate this website.
    Keep writing!

  2. Annette
    March 1, 2023

    Hey this is kinda of off topic but I was wanting to know if blogs use WYSIWYG editors or if you have to manually code
    with HTML. I’m starting a blog soon but have no coding experience so I wanted to get advice from someone with experience.
    Any help would be enormously appreciated!

  3. Kelle
    March 1, 2023

    What’s up i am kavin, its my first occasion to commenting anyplace, when i read this
    paragraph i thought i could also make comment due to this sensible piece of writing.

  4. Celesta
    March 1, 2023

    I couldn’t resist commenting. Well written!

  5. Franziska
    March 1, 2023

    Hello, Neat post. There’s a problem together with your
    website in internet explorer, would test this?

    IE nonetheless is the market leader and a big
    component of other people will miss your wonderful writing due to this problem.

  6. Dessie
    March 1, 2023

    Putin just announced he will stopthe war. Do you know why?
    Let me tell you whats going on easy understanding!

Leave a comment

Your email address will not be published. Required fields are marked *