France Votes on Tougher Measures for Crypto Providers

The new regulation would eliminate a grace period that currently permits more than 60 cryptocurrency platforms to function in the nation without a complete license until the year 2026

article-image

Source: Shutterstock / Alexandros Michailidis

share

The French National Assembly has voted to impose stricter licensing requirements on crypto service providers as the country aims to align national policy with proposed EU rules.

The bill, which has already been approved by the French Senate, received 109 votes for and 71 against, according to an assembly broadcast.

The legislation will now go to President Emmanuel Macron, who has 15 days to approve it or send it back to the legislature.

If signed into law, the new regulation would do away with the grace period that currently allows over 60 crypto platforms to operate in the country without a full license until 2026. 

The new law would require companies to obtain a full license from the Autorité des Marchés Financiers (AMF) beginning in October instead.

Despite the regulation’s potential impact on the crypto industry, members of the National Assembly have taken a more lenient approach to crypto licensing in the country, giving operators more time to meet new Europe-wide norms. 

The initial amendment proposed by centrist politician Daniel Labaronne would have required existing crypto firms to stop operations until they obtained a full license, even before the European Union’s crypto regulations came into effect.

It forms part of a broader effort from French lawmakers efforts in what they deem as a means to protect the financial system after the collapse of FTX.

The EU’s Markets in Crypto Assets bill, or MiCA, which includes a 12–18-month adaptation period, is set to take effect in full at the start of 2024 at the earliest. 

The EU-wide regulatory framework will grant passporting rights for crypto firms operating across the continent.

Originally scheduled for a vote in the EU Parliament last month, the Union’s landmark bill has been postponed until April.

The president of the European Central Bank, Christine Lagarde, has also called for additional legislation to regulate activities related to crypto asset-staking and lending. 

This legislation is expected to build on lawmakers’ work for the original bill.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Tags

Upcoming Events

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Avail.jpg

Research

Data publishing costs have historically been a bottleneck for rollups, and as more rollups launch, interoperability will continue to be a major challenge. Avail presents a potential solution to rollup fragmentation through its three products: Avail DA, Nexus, and Fusion, which together aim to unify the web3 experience.

article-image

The Bitcoin halving is a spectacle that only comes round once every four years

article-image

The SEC alleges that Justin Sun spent nearly 400 days in the US from 2017 to 2019

article-image

Short-term “sell the news” reactions could follow new BTC price peaks months from now, industry watchers say — but only if history repeats itself

article-image

While crypto fundraising remains well off its bull market highs, Q1 data shows capital is returning to the space

article-image

Billed as a better BRC-20 fungible token standard, Bitcoin Runes launches tomorrow

article-image

Bitcoin miners need to explore unconventional energy avenues or be buried by the financial realities created by this halving