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24 Jan 2023

French senators vote to ease crypto licensing regulation

The French National Assembly voted in favor of rules that will ease licensing requirements for crypto firms, offering a sigh of relief for the industry.

Lawmakers opted for an amendment proposed by Sen. Daniel Labaronne that allows crypto firms to register with the financial regulator following requirements already covered by the European Union’s comprehensive regulation for crypto assets which will enforce licensing. The vote passed with a tally of 61 in favor and 33 against.

In December, Sen. Herve Maurey had proposed an amendment that would have required a higher-tier license that has yet to be obtained by a single company. The stricter amendment had come in the wake of the collapse of the FTX exchange as policymakers called for a crackdown on crypto regulation.

Following a push from the crypto industry, Labaronne proposed that the additional amendment scrap the high-tier mandatory license and allow crypto firms to register with the Financial Markets Authority following provisions which are already outlined in the EU’s Markets in Crypto-Assets regulation. This includes requirements on governance, reporting to regulators and segregation of funds.

Companies that are already registered with the existing anti-money laundering provisions will be able to continue to operate until the end of the transition period which MiCA offers, likely in 2026.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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