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(Kitco News) – Bank This is France Governor Francois Villeroy de Galhau The country is urged to examine crypto companies that function in France independently, rather than waiting for the implementation of Markets For Crypto Assets (MiCA). The EU has established a framework that will guide how the region will regulate cryptocurrency.
Villeroy’s During a speech, comments were made Thursday. The central bank governor spoke out citing the volatility and downturns that currently occur in the cryptocurrency market as reasons to create clear regulations as soon as possible.
“The disruption seen in 2022 is fueling a core conviction: France should switch to mandatory authorization of DASPs (digital asset service providers) before MiCA goes into effect, to create the necessary trust framework,” Villeroy said. “And this needs to happen long before the regulation enters into force.”
In November, European Union The vote was postponed by lawmakers Crypto Asset Markets Bill (MiCA) until February 2023 means the earliest it will enter into force. February 2024.
MiCA provisions require cryptocurrency companies, such as wallet providers or exchanges, to seek authorization from national regulators. France will take the initiative on its own. CurrentlyObtaining a DASP licence in France It is possible to opt out. Villeroy Wants to make it mandatory for all crypto companies that wish to operate in France.
CurrentlyThe majority of cryptographic service providers in the country are located here France You do not need a DASP license. InsteadMany have chosen to use a simplified registration process provided by the country’s financial regulator, The Autorité des Marchés Financiers (AMF).
The November In an effort to protect the public, lawmakers all over the globe have called for rapid regulation of cryptocurrency companies following the crash of the cryptocurrency exchange FTX. Many Some have claimed that if MiCA was in place, it might have helped to mitigate the effects of the FTX crash. Europeans.
During A conversation with the Financial Times (FT) is the member of French Senate Hervé Maurey, who is a member of the finance committee, said that the collapse of FTX “was a detonation [that] contributed to a moment of reckoning and awareness. This led a number of players within the French system to feel that things needed to be more strictly monitored.”
In December, Maurey A proposal was made to amend the legislation to remove a clause that allowed registered cryptocurrency companies to operate in all 50 states without obtaining a full regulatory license. This amendment would take effect from 2026. The Proposed proposal would require companies obtain a license at the AMF beginning in October. 2023
According To MaureyDASP licenses would offer consumers greater protection. They would also require cryptocurrency companies that they disclose more information regarding their financial health, control systems, and control systems.
Maurey’s The amendment was finally adopted by the Senate You will be considered France’s Parliament sometime in January.
Disclaimer: The The opinions expressed in this article may not reflect the views of the author. Kitco Metals Inc. The The author made every effort to ensure that the information was accurate. However, the
