France is moving ahead in terms of structuring and lightning the crypto industry to fit well with its existing financial system. In a fresh development, France’s National Assembly voted and passed stricter rules that would be enforced on crypto firms, that are seeking an entry into France’s crypto market. In the coming days, these rules will be extended to the French president Emmanuel Macron for review and final signature. Macron’s approval will officially bring these laws into enforcement.
The bunch of regulations, passed by the French authorities, have been extracted from what has been listed during discussions by the European Union (EU).
These laws are intended to prepare France against crypto winters. In addition, these regulations will also be part of France’s preparations to welcome the MiCA laws that have been passed by EU and will be imposed across all its 27 states, Decrypt said in a report.
Out of 109 members of the French National Assembly, 71 voted in favour of extending these new laws before the president.
Elaborate details about these rules remain unclear, but they will add more layers of approvals for crypto players to adhere to before entering the French market.
Currently, crypto firms have to simply acquire a registration from L’Autorité des marchés, which is France’s market authority.
France also offers another variation of the licencing regime, one that requires more disclosure but serves as an all-in-one mark of the company’s compliance with the laws of the land.
Over 60 crypto firms have chosen to adopt the simpler process.
Several international players from the crypto space have been turning their focus towards the European country.
In September, the Crypto.com exchange bagged approvals to operate legally in France. The cryptocurrency platform, at the time, claimed that it went through a rigorous reviewing process around anti-money laundering and combatting terrorism financing, before getting the nod.
This licencing now allows Crypto.com to a suite of products and services in complete compliance with local regulations to customers in France.
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