Good News From France To The Cryptocurrency Industry!

French National Assembly, cryptocurrency It gave the industry a sigh of relief by voting in favor of rules that would ease licensing requirements for its companies.

Regulation Passed by Parliament to Allow Easier Licensing for Cryptocurrency Companies in France

Lawmakers approved an amendment proposed by Senator Daniel Labaronne that allows crypto firms to register with the financial regulator following requirements already covered by the European Union’s comprehensive regulation to mandate licensing for crypto assets.

The vote was passed with 61 votes in favor and 33 against. In December, Senator Herve Maurey proposed a change that would require a higher-level license that has not yet been obtained by any company.

The more drastic change came as policymakers called for a crackdown on crypto regulation following the collapse of the FTX cryptocurrency exchange.

After it was discovered that the FTX exchange was making investments using client assets, many regulatory bodies around the world called for regulation on crypto exchanges and other crypto companies.

Following pressure from the crypto industry, Labaronne suggested that the additional amendment would remove the mandatory top-level license and allow crypto firms to register with the Financial Markets Authority following the provisions already outlined in the EU’s Crypto Asset Markets regulation.

This includes requirements for management, reporting to regulators, and allocation of funds.

Companies already registered with existing anti-money laundering regulations will be able to continue operating until the end of the transition period offered by MiCA (possibly in 2026).

*Not investment advice.

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