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France on the verge of passing stringent crypto firm licensing laws

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.

The online vote for the French National Assembly is becoming a stricter approval rule for cryptocurrency corporate laws so that local laws and regulations are harmonized with the proposed European Union (EU) norms.

The online vote was based on 109 votes in favor (60.5%) to 71 boycotts (39.5%). The French Senate has already passed the bill, which is now handed over to US President Emanuel Macron, who has 15 days to approve the bill or send it back to the legislature.

If adopted, the new law will drive corporate headquarters French cryptocurrency service providers to comply with stricter compliance rules, stating that customer assets are isolated and follow a new basic policy of reporting to regulators, while providing more detailed risk and benefit delivery announcements as a means to improve the protection of consumer rights and interests.

However, the content of the bill will not be suitable for the 60 login password companies registered with the Financial system Management Office (AMF), the country's financial regulator. Such companies will continue to abide by AMF rules until EU countries' own login password regulations and the encrypted Asset Sale Market (MICA) bill are likely to be supported.

As a result, the stricter rules will apply only to login password companies that have been registered since July.

Among the 60 AMF companies, including Binance, recently began implementing in-store payments in Italy with Ingenico Via Binance Pay, the cloud's payment system.

Legal diligence to promote stricter approval of the rules was initiated by Herve Maori, a committee of the French Senate Finance Bureau, who proposed an amendment last December to remove a provision. the provision allows login password companies to operate without a detailed license by 2026.

Francois Wheeler, president of the Federal Reserve of France, also contributed to this agenda when he addressed the financial industry team in London on January 5th.

Like many regulators around the world, Mr Villeroid Garhoe made it clear that the recent turmoil in the cryptocurrency market must be clarified, which is the motive behind the bill, hoping that it will take effect "as soon as possible".

While MICA has the potential to become a grand blueprint for the management of cryptocurrency markets in EU countries, he added that France simply could not wait for more professional laws and regulations to develop licensing rules for digital money service providers.

After two delays, EU countries will finally vote on biotite controls in April. If the results are successful, the anticipated cryptography is likely to work at some point in 2024.

by wjb news
© 2023 WJB All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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