French authorities seek to speed up the issuance of crypto licenses

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France’s financial market authority, the Autorité des marchés financiers (AMF), is the latest regulator in the country to push for cryptocurrency operators to be regulated.

The AMF, in particular, is advocating for compulsory and accelerated licensing of unregistered cryptocurrency entities to provide services in the country, according to the agency’s president, Marie-Anne Barbat Layani.

Layani’s call follows the French Senate’s proposal to require digital asset entities to apply for re-registration before new European Union laws on crypto asset markets (MiCA) come into effect. .

The AMF, like the parliament, calls for an acceleration of the transition to the mandatory licensing regime for unregistered service providers… Like traditional finance, FinTech in Paris must choose rigor and the protection of savers. It can count on the AMF to support it in this direction.

Marie-Anne Barbat Layani, President of the AMF.

Indeed, the official pointed out that FinTech players in the country must follow in the footsteps of the traditional financial sector while securing regulatory approval.

Notably, French lawmakers had proposed to enact new laws requiring crypto companies to obtain new operational requirements by October 1, 2023, when the MiCa legislation is expected to come into force.

Currently, France is home to several leading cryptocurrency-related companies, such as the Binance trading platform, which are registered with the AMF. The registration process includes corporate governance and anti-money laundering compliance audits.

No service provider has yet been issued with a voluntary license, a voluntary procedure under French law.

Central banks want tougher regulations

Simultaneously, the Governor of the Banque de France, François Villeroy de Galhau, reaffirmed the importance of adopting stricter crypto regulations in order to protect investors following the recent collapse of the digital asset markets.

According to Galhau, France should enact its own laws before joining the rest of Europe in a move that can establish a solid foundation and serve as a model for the rest of the world.

Despite the country’s regulatory ambiguity regarding cryptocurrencies, the central bank has already established a foothold in the blockchain industry. The Central Bank of France, along with that of Nigeria, has joined the blockchain-focused Hyperledger Foundation.

Notably, Hyperledger-affiliated banks have used the platform’s open-source technologies in their research and production solutions.

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