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Banque de France governor François Villeroy de Galhau has floated the idea of forcing cryptocurrency companies to obtain full-fledged licenses even before EU regulations come into force next year.
The central bank president supports a proposal by some lawmakers to scrap the grace period that the state offers crypto platforms.
“All the turmoil in 2022 fuels the simple belief that it would be desirable for France to move from just registration to a mandatory DASP license as soon as possible.
The governor of the Banque de France has called on lawmakers to start working on new crypto regulations to protect the financial system after the collapse of the FTX exchange.
Over 60 crypto platforms are now allowed to operate in the country without a full license until 2026. That means it can offer its services with minimal checks.The new proposal requires companies to obtain a full license from the Autorité des Marchés Financiers (AMF) from his October.
The governor of the French central bank says these stricter rules need to be introduced quickly, in line with the cryptocurrency market (MiCA), which the European Parliament is likely to vote on later this year.
“The recent bankruptcy of FTX has highlighted the risks inherent in investing in crypto assets, especially if the company operates outside of regulation. shared at European Union level,” he wrote.
Members of the Senate Finance Committee also said the country needs to reconsider a simple licensing system for digital asset providers. , proposed amending the current law to remove provisions that would allow cryptocurrency platforms to operate without a full regulatory license.
The much-debated cryptocurrency market bill, or MiCA, includes a 12-18 month adaptation period to prepare for any new legislation enacted. An EU-wide regulatory framework grants passport rights to crypto companies operating across the continent.
European Central Bank President Christine Lagarde has also called for MiCA II to regulate activities related to crypto staking and lending. The term refers to additional legislation that builds on the work done by legislators for the original bill.
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