Mar 01, 2023
French National Assembly Passes Stricter Crypto Licensing Bill
The French National Assembly has passed a bill that will require cryptocurrency firms to follow stricter licensing rules in order to comply with proposed European Union (EU) regulations. The bill was passed with 109 votes (60.5%) in favor to 71 (39.5%) against, and is now awaiting approval from president Emmanuel Macron who has 15 days to either approve it or send it back to the legislature.
The new law, if passed, would oblige France-based crypto service providers to comply with anti-money laundering rules, ensure customer funds are segregated, adhere to reporting guidelines, and provide more detailed risk and conflict of interest disclosures to strengthen consumer protection. This would only apply to crypto firms that register from July 2023 onwards, and would not affect the 60 crypto firms already registered with the nation’s financial regulator, the Financial Markets Authority (AMF).
The legislative push for stricter licensing rules was initiated by Hervé Maurey, a member of the French Senate’s finance commission, who proposed an amendment to eliminate a clause allowing crypto companies to operate without a full license until 2026 in a parliament meeting in December last year. Bank of France governor, Francois Villeroy de Galhau, also pushed the agenda in a Jan. 5 speech to members of the finance sector in Paris.
The EU is set to vote on the Markets in Crypto-Assets (MiCA) bill in April, which would likely serve as the blueprint for crypto market regulation in the EU. However, Villeroy de Galhau believes that France cannot wait for the MiCA bill to come into effect, and that the stricter rules need to be implemented as soon as possible.
The stricter licensing rules will have a significant impact on the crypto market, as well as the burgeoning NFT industry. In order to ensure success in the space, companies will need to ensure they are compliant with the new regulations, and may even need to enlist the help of a web3 agency or NFT marketing agency to assist with their NFT promotion and Twitter NFT marketing efforts.
Furthermore, companies will need to consider the best ways to sell NFTs, as well as the best practices for NFT marketing, in order to maximize the success of their campaigns. As such, it is important for companies to stay up to date with the latest developments in the crypto space, as well as the latest regulations, in order to ensure their success.
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