France’s financial markets authority Autorité des marchés financiers (AMF) is the latest entity in the country calling for regulation of cryptocurrency operators.
In particular, the AMF is pushing for a mandatory and faster licensing of cryptocurrency entities that aren’t registered to offer services in the country, the agency’s chair Marie-Anne Barbat Layani said on January 6.
The call by Layani comes after the French senate’s proposal to have digital asset players seek new registration ahead of the rollout of the European Union’s new Markets in Crypto Assets (MiCA) laws.
“The AMF, like the parliament, calls for an acceleration of the transition to the mandatory licensing regime for unregistered service providers,” Layani stated.
Emulating traditional finance
Indeed, the official stressed that FinTech players in the country also need to emulate the traditional finance sector while assuring the regulator’s support.
“Like traditional finance, FinTech in Paris must choose rigor and the protection of savers. It can count on the AMF to support it on this path,” she added.
It is worth noting that the French lawmakers had proposed enacting new laws forcing crypto companies to get fresh operational mandates by October 1, 2023, when the MiCa laws are expected to take effect.
Currently, France hosts several prominent cryptocurrency-related businesses, such as the Binance trading platform. Part of the registration for crypto operators includes reviewing specific companys’ governance and compliance with anti-money laundering laws.
Central bank’s push for stricter laws
At the same time, the Bank of France’s governor Francois Villeroy de Galhau reiterated the importance of enacting stricter crypto regulation to protect investors after the recent meltdown in digital asset markets.
According to Galhau, France should first enact its laws rather than move with the rest of Europe in a move that can establish a strong footing and set an example for the rest of the world.
Despite the country’s uncertainty on crypto regulation, the central bank has previously made inroads in the blockchain space. As reported by Finbold, the central bank of France, alongside Nigeria, joined the blockchain-centered Hyperledger Foundation.
Notably, banks under Hyperledger have utilized the platform’s open-source technologies as part of their research programs and production solutions.
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