France To Tighten Crypto Registration Rules
Registration requirements for French crypto firms will be tightened beginning in January 2024, according to plans released on 10th Feb by a committee of lawmakers from both chambers of parliament, but not to the extent sought by the Senate, the country’s upper house.
According to the Joint Committee’s text, newly applying companies will be subject to additional rules regarding internal controls, cybersecurity, and conflicts of interest. This is less onerous than a previous Senate position, which would have required businesses to obtain a licence.
The special legislative committee’s text is expected to be approved by the Senate on February 16 and the National Assembly on February 28.
Companies can register with the Financial Markets Authority under French crypto regulations to demonstrate compliance with basic money-laundering and governance standards. No operator has yet received a licence, a more time-consuming process that also includes checks on financial resources and business conduct.
(With inputs from Shikha Singh)
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