France may impose licensing requirements on crypto companies

France may impose licensing requirements on crypto companies

With the failures in the crypto industry over the past year, many countries have begun to tighten their regulatory frameworks for cryptocurrencies. France, on the other hand, is considering re-evaluating its lightened licensing regime for digital asset providers.

According to the Financial Times, Hervé Maurey, a member of the French Senate Finance Commission, has proposed a change to eliminate a clause that allows crypto companies to operate without a full license by 2026.

Maurey’s proposed change is expected to end the option to trade without hard checks. This is because the amendment obliges companies to obtain a license from Autorité des Marchés Financiers (AMF) as of October 2023. Saying that the collapse of FTX made a big change in this sense (whoever), he added:

“This has led a number of players in the French system to feel that things should be more tightly regulated.”

Currently, there are at least 50 registered companies operating in France without an AMF license. Thierry Philipponnat, a former member of the AMF’s board, rated the level of protection of investors within this regime as too light.

On the other hand, Maurey’s amendment proposal was approved by the Senate on 13 December.

Emmanuel Macron, who recently started his second presidency, is famous for his support of the digital asset industry. Before the second presidential election last April, Macron expressed his belief in the necessity of boosting companies valued at more than $1 million in the country, developing an NFT policy European metaverse. However, Macron did not neglect to voice his doubts about the self-regulating financial sector.

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