The French parliament will consider the change, changing the positive treatment of the crypto industry, in January 2023.
Following the global trend of closing crypto regulations following the recent market crash, France may review its relaxed licensing system for digital asset providers. This will put into question the country’s efforts to present itself as one of the countries that support cryptocurrencies in Europe. According to the Financial Times, Hervé Maurey, a member of the Finance Committee of the French Senate, has proposed an amendment to remove a clause that allows crypto companies to operate without full authorization until 2026.
The current government and -save this opportunity even after the crypto market. Assets (MiCA) started in 2024. Maurey’s change will end the option to operate without strict controls because it will require companies to obtain a license from the Autorité des marchés financiers (AMF) from October 2023. In his words, FTX failure is a game changer in this:
“This made many players in the French system think that things need to be properly organized.”
Currently, there are at least 50 registered companies operating in France without authorization from the AMF. A former member of the AMF College, Thierry Philipponnat, considers the level of investor protection in this government as “very light or even non-existent”.
The legislature approved the change on December 13, and it will be tabled for discussion in parliament in January 2023. The regional industry association, Developing the French Digital Assets Industry (Adan), sees the change as a sign of “abandoning an industry with a future” by the French legislature.
The government of Emmanuel Macron, who recently entered the second term of the presidency, is known for his vocal support for the digital asset industry. Last April, before the second round of the presidential election, Macron had expressed his faith in the need to increase the number of technological unicorns in the country, to create an NFT policy in the “European metaverse”. However, he also said that he has doubts about the financial sector being self-regulated.
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