France Overhauls Crypto License Regulations

The French National Assembly will put the mandatory crypto firm licensing to a vote.

French National Assemblywill put its mandatory crypto firm licensing to the vote.

After French authorities have called for tighter crypto regulation in France for weeks, a new regulation for crypto firms will be put to a vote in the country’s National Assembly on Tuesday evening. Companies that currently offer crypto services in France, instead of obtaining a license, are subject to the financial regulatory agency. Financial Markets Authority Prefers to enroll in (AMF). Currently, 60 companies are on the list; that is, the French government considers them professionally competent and compliant with anti-money laundering laws.

France to Vote on Licensing Rules

The French National Assembly will discuss on Tuesday whether crypto firms will have to comply with strict licensing regulation next year before EU-wide rules (MiCA) take effect.

French Senator Herve Maurey initially proposed that crypto companies get a mandatory license by October of this year. This proposal was met with a cold response by the crypto industry, as not a single company has received accreditation, which is currently optional and difficult to obtain.

In the text accompanying a change he introduced to a broader bill transposing EU law, Maurey wrote:

“FTX’s recent bankruptcy highlighted the inherent risks of any investment in crypto assets, especially when the company operates outside of any regulations.”

National Assembly will consider two other changes in addition to Maurey’s. One will give companies more time by pushing back the licensing deadline, and the other will replace the mandatory license with a simpler registration.