The Bank of France advocates a gradual tightening of control over all cryptocurrency companies.
First of all, attention should be paid to ensuring the transparency of transactions with digital assets. Therefore, the regulator forced each exchange to introduce mandatory verification of traders.
The measures of the authorities caused dissatisfaction with the crypto business, and he was able to achieve a slight easing of the supervisory regime. If initially the Senate advocated compulsory licensing of all companies by October, now the parliamentarians have decided to abandon such stringent requirements.
Last Tuesday, the French National Assembly voted for a bill that introduces an interim period before obtaining a license.
Each company will be able to apply for business registration at the beginning of 2024 and start working on the French market. It will have time to comply with the requirements of the authorities after registration, and then the exchange or crypto service will be able to go through the licensing procedure.
This mechanism will prepare for the introduction in France of anti-money laundering and blockchain industry regulation (MiCA) legislation in the European Union. It will take effect from the beginning of 2025.