Cryptocurrency Statement from the President of the Bank of France!

According to Bloomberg’s report, the Governor of the Bank of France, Francois Villeroy de Galhau, cryptocurrency is pushing for stricter regulatory requirements for its companies.

This will precede the European Union’s landmark Crypto Asset Markets (MiCA) regulation, which will establish a union-wide licensing regime for cryptocurrency firms and is scheduled to be voted on in February, to be implemented in 2024.

Bank of France Governor Demands Licensing Of Cryptocurrency Companies Mandatory

According to Bloomberg, licensing for Digital Asset Service Providers (DASPs) in France is currently optional, and no provider currently has a license. About 60 firms have a less stringent definition of “registered” than the French market authority AMF.

According to Villeroy, the current turmoil in the crypto market indicates the need for a licensing requirement in France.

“All the confusion in 2022 boils down to a simple thought: France wants to switch to compulsory licensing for DASP as soon as possible, rather than just registration,” Villeroy said in a speech in Paris on Thursday, according to Bloomberg.

Proposed stricter regulations, bitcoin and growing concerns about the potential risks and pitfalls of the crypto market. There have been several major hacks and scams in recent months that have resulted in significant losses for investors.

Villeroy hopes to provide more protection for investors and increase the overall stability of the crypto market by introducing a licensing requirement for DASPs in France. It is not yet clear whether these stricter regulations will be enforced, but it is clear that the French government is taking the issue of crypto regulation seriously.

*Not investment advice.

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