Francois Villeroy de Galhau, Governor of the French Central Bank, thinks tighter regulatory oversight is needed for crypto firms in the country. Villeroy, Binance He claimed that as many as 60 companies, including the Autorité des Marchés Financiers (AMF), were not subject to strict scrutiny when they were registered.
Crypto companies that are registered or want to register in France are likely to face tighter regulatory pressure. The Governor of the Bank of France, Francois Villeroy de Villeroy, began to express his concerns about the issue. The president thinks that France should switch to a mandatory licensing scheme for crypto firms.
Strict Control of Crypto License from France
Villeroy expressed his concerns on the issue in a speech to the financial industry in Paris on Thursday. The President thinks that licensing from DASP should be mandatory.
Crypto exchange Binance manages operations across Europe from its headquarters in Paris, France. The exchange received regulatory approval to operate as a Digital Asset Service Provider in France in May last year.
Binance CEO Highlights France
Binance CEO “CZ” in France cryptocurrency increased its operations. The CEO met with the authorities, promising to comply with all regulations and anti-money laundering laws. CZ even made a personal comment by stating that the crypto center of Europe is France.
Villeroy is one of those people who thinks that the turmoil in the crypto market and the volatility of crypto prices over the past year should be taken seriously. Therefore, France expressed the opinion that it should not wait for the European Union’s MiCA to enter into force before requiring Digital Asset Service Providers to obtain licenses from the authorities.