authority of the financial markets of France Autorité des Marchés Financiers (AMF) is the latest entity in the country to call for regulation of cryptocurrency operators.
In particular, the AMF is pushing for faster and compulsory licenses to be granted to cryptocurrency entities that are not registered to offer services in the country, said agency president Marie-Anne Barbat Layani. saying January 6th
Layani’s call comes after the French senate’s proposal that digital asset players seek a new registry ahead of the release of the European Union’s new Markets in Crypto Assets (MiCA) laws.
“The AMF, like the parliament, calls for the transition to compulsory licensing for unregistered service providers to be accelerated,” Layani said.
Emulating traditional finance
In fact, the official stressed that FinTech players in the country must also emulate the traditional financial sector while securing the support of the regulator.
“Like traditional finance, FinTech in Paris must opt for rigor and the protection of savers. She can count on the AMF to support her on this path,” he said. aggregate.
It is worth noting that French lawmakers have proposed enacting new laws that would force cryptocurrency companies to obtain new operating mandates before October 1, 2023, when the MiCa laws are expected to take effect.
Currently, France is home to several prominent cryptocurrency-related businesses, such as the Binance trading platform. Part of the registry for cryptocurrency operators includes government review of specific companies and compliance with anti-money laundering laws.
Central bank push for stricter laws
At the same time, Bank of France Governor Francois Villeroy de Galhau reiterated the importance of enacting stricter crypto regulation to protect investors after the recent collapse of digital asset markets.
According to Galhau, France should first enact its laws instead of moving with the rest of Europe in a move that can lay a solid foundation and set an example for the rest of the world.
Despite the country’s uncertainty about crypto regulation, the central bank has already made inroads in the blockchain space. As reported by Finbold, the central bank of France, along with Nigeria, joined the blockchain-focused Hyperledger Foundation.
In particular, Hyperledger banks have used the platform’s open source technologies as part of their research programs and production solutions.
Disclaimer: The content of this site should not be considered investment advice. The investment is speculative. When investing, your capital is at risk.