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  • The French National Assembly has passed new regulations that require cryptocurrency firms to register with the country’s financial regulator.
  • The new regulations represent an important milestone in the development of the crypto industry in France.

The French National Assembly has recently voted in favor of stricter registration rules for cryptocurrency firms operating in the country. This move comes as part of the French government’s efforts to regulate the crypto industry and prevent money laundering and terrorist financing.

The final National Assembly vote tally was 109 in favor to 71 against. The French Senate already passed the bill, so it will travel next to French President Emmanuel Macron, who has 15 days to either approve it or send it back to the legislature.

What are the New Rules?

According to the new rules, any cryptocurrency firm that wants to operate in France will have to register with the French financial markets regulator, the Autorité des Marchés Financiers (AMF).

The registration process will include a background check on the company’s directors and shareholders, as well as an assessment of the company’s financial situation and its ability to meet its obligations to its customers.

Additionally, the regulations require cryptocurrency firms to have their headquarters in France or another European Union member state. This is intended to ensure that the firms are subject to EU regulations and can be held accountable for any illegal activities.

The French government has been working on these regulations for several months, in response to concerns about the use of cryptocurrencies for criminal activities. The country’s financial regulator, the Autorité de Contrôle Prudentiel et de Résolution (ACPR), has identified several cases of money laundering and terrorist financing involving cryptocurrencies.

Related: BINANCE AND INGENICO FORM STRATEGIC PARTNERSHIP TO ENABLE CRYPTOCURRENCY PAYMENTS IN FRANCE

The new regulations are also part of a broader effort by the French government to promote innovation and investment in the digital economy. France has been positioning itself as a hub for innovation and entrepreneurship, particularly in the fields of fintech and blockchain technology.

In addition to the new registration rules, the government has established a national blockchain strategy and launched a digital euro pilot project.

The new registration rules have been welcomed by many in the crypto industry, who see them as a step towards greater legitimacy and acceptance. However, some have criticized the rules as overly restrictive, arguing that they could stifle innovation and make it more difficult for smaller companies to enter the market.

What is the Impact of the New Rules?

Overall, the new regulations represent an important milestone in the development of the crypto industry in France. By providing greater clarity and transparency, they will help to build trust and confidence in cryptocurrencies as a legitimate and secure form of investment and payment. At the same time, they will help to ensure that the industry operates within a well-defined regulatory framework, with clear rules and responsibilities for all players involved.

 

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