The French National Assembly will put the mandatory crypto firm licensing to a 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. Currently, companies offering crypto services in France prefer to register with the financial regulator, the Financial Markets Authority (AMF), rather than obtaining a license. 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 Hervé Maurey first suggested that crypto companies get a mandatory license by October of this year. The proposal was met with a cold response from 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 risks inherent in any investment in crypto assets, especially when the company operates outside of any regulations.”
The National Assembly will consider two other amendments 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.
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