The bill was passed with a vote of 109 in favor and 71 against and will now rely on the approval of President Emmanuel Macron to be signed into law.
France’s parliament has approved tougher laws for new cryptocurrency companies to align with national laws and European Union (EU) regulations.
The election was passed with 109 votes (60.5%) and 71 (39.5%) votes. The French parliament has already passed the bill, which now falls to President Emmanuel Macron, who has 15 days to approve it or send it back to parliament.
If passed, the new law will require France-based cryptocurrency providers to follow strict anti-money laundering laws, show segregated customer funds, and comply with new reporting guidelines to regulators management and providing detailed information on risks and conflicts of interest ways to strengthen consumer protection.
The content of the Bill will apply to 60 crypto firms enrolled in market sales (Amf), local authorities. These companies will continue to make a legal Amf command until the order of the law without marketing and crypto bills). The strict rules will only apply to crypto businesses that register by July.
Among the 60 companies registered with the AMF is Binance, which recently launched a payment gateway in France, and the cloud-based payment engine Ingenico through Binance Pay. Hervé Maurey, a member of the Finance Committee of the French Senate, who in December proposed an amendment to remove a sentence that allows crypto companies to operate without full authorization until 2026.
Banque de France governor Francois Villeroy de Galhau also pushed the plan during talks in January 5 words for money players in Paris.
Like many regulators around the world, Villeroy de Galhau said that it is necessary to respond to the recent turmoil in the cryptocurrency market as the reason for the bill, which he wants to see come into force “as soon as possible.”
Although the MiCA will be serving as a model for the regulation of the cryptocurrency market in the EU, he added that France simply cannot wait for a comprehensive law enacting cryptocurrency to bring the work of the government. The EU is expected to finally vote on the MiCA law in April after two postponements. A positive result could see the crypto law expected to work sometime in 2024.
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