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French lawmakers have softened their approach to crypto licensing in the country, giving operators more time to meet new European-wide standards.
Members of the National Assembly voted in favor of fix Centrist Daniel Labaronne proposed last night to allow incumbent crypto companies to continue operating without a full license until the European Union’s groundbreaking crypto regulation comes into force.
France currently has a two-tier system for cryptocurrency companies. All businesses are required to register as a cryptocurrency provider, but are not required to obtain a full license. This is a process that requires a higher level of disclosure. About 60 providers are registered with the regulator Autorité des Marchés Financiers (AMF), but none have opted for full approval.
However, this amendment will require new entrants to the market to obtain a full license if they plan to launch after 2024.
By adopting the Amendment, legislators previous fix Proposed by Senator Hervé Maurey in December. Maurey’s proposal would have required those players to begin the process of obtaining full approval this year.
The move will likely accelerate the adoption of French crypto with the new higher standards set to be imposed by the EU Crypto Asset Market (MiCA) by 2026.
“This is a pragmatic decision aimed at striking the right balance between innovation flourishing in France and the user-safe environment in which it must necessarily take place. Decryption on mail. “This is also a message to the sector about the exemplary disposition and professionalism expected of players on this journey towards harmonization of European regulations.”
LaBaronne, who proposed the latest amendments, said FTX’s bankruptcy highlighted the need to protect investors, but said more time was needed to implement stricter rules.
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The passage of the Labaronne Amendment marks the end of weeks of heated debate between the crypto industry and the French lawmakers, which has so far positioned itself as a haven for crypto entrepreneurs.
binance CEO Chanpeng “CZ” Zhao gave the go-ahead to a cryptocurrency exchange in France in May 2022. Said The country is “in a very unique position to become a leader in this industry in Europe”.
Cryptocurrency companies such as Binance and Crypto.com will have a little more leeway before the MiCA takes effect.
An EU regulatory package aimed at unifying the approach to crypto across the 27-country bloc going to vote this year.
If passed, it will take another 18 months for the rule to come into force.
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