French Financial Market Authority 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 compulsory and faster licensing of unregistered cryptocurrency entities to provide services in the country, says agency chief Mary Ann Parbat Liani. He said on January 6th.
The call from Layani follows a proposal by the French Senate to allow players in digital assets to seek new registrations before the EU’s Crypto Asset Markets Regulations (MiCA) are published.
“The AMF, like Parliament, is calling for accelerating the transition to a compulsory licensing system for unregistered service providers,” Liani said.
simulation of traditional economics
In fact, the official emphasized that fintech players in the country should also emulate the traditional financial sector while ensuring the backing of the regulator.
“Just like traditional finance, FinTech in Paris must choose rigor and protection for its savers. It can count on the AMF to support it on this path,” she says. added.
It is worth noting that French lawmakers have proposed passing new laws that would force crypto companies to obtain new operational mandates by October 1, 2023, when the MiCa laws are expected to go into effect.
France currently hosts several prominent cryptocurrency-related companies, such as the Binance trading platform. Part of the registration for crypto operators includes reviewing the governance of certain companies and compliance with anti-money laundering laws.
Central bank pressure for stricter laws
Meanwhile, Banque de France Governor François Villeroi de Gallau stressed the importance of introducing stricter regulation of cryptocurrencies to protect investors in the wake of the recent crash in the digital asset markets.
According to Gallo, France should set its own laws first rather than move in with the rest of Europe in a move that can establish a strong foothold and set an example for the rest of the world.
Despite the uncertainty about cryptocurrency regulation in the country, the central bank has previously made headway in the blockchain space. As reported by Coinphony, the French central bank, along with Nigeria, has joined the blockchain-focused Hyperledger Foundation.
Notably, banks under Hyperledger have used the platform’s open source technologies as part of their research programs and production solutions.
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The French regulator after lobbying for faster issuance of crypto licenses appeared first on Coinphony.