France is tightening its laws on cryptocurrency, as the country’s economic market regulator plans to introduce new registration requirements for cryptocurrency firms, per Marie-Anne Barbat-Layani — the AMF Chair.
Clarifying New Rules
During a meeting with the Senate’s finance committee in France, the head of the Financial Market Authority (AMF), Marie-Anne Barbat-Layani, said her experts will engage with industry representatives to clarify the new rules. She also emphasized the importance of adapting the French cryptocurrency license terms to align with the new European Union’s Markets in Crypto Assets (MiCA) regulation, of which an agreement is expected soon by the EU.
Despite objections from cryptocurrency lobbyists, Barbat-Layani emphasized that the proposed extra assessments on companies’ cybersecurity were a crucial element of the new crypto regulations recently approved by French lawmakers.
These checks have been proposed in response to the collapse of FTX. However, Barbat-Layani urged lawmakers not to generalize the entire crypto industry based on FTX’s failure.
She drew a comparison between digital finance and traditional finance, stating that the former should not be condemned any more than the latter was for the Ponzi scheme orchestrated by Bernie Madoff, who passed away in 2021 in prison.
Also read:Bitstamp Registers Its Operation in France
Per a report on the AMF’s website, Bitstamp has publicly registered with the French regulator. With the move, it joins Binance, Forge unit of Société Générale, and Bitpanda in registering with an advanced crypto administration in the EU.
Registration in France involves a review of the company’s management competency and reputation and compliance with anti-money laundering rules. The European cryptocurrency players are patiently waiting for the EU’s MiCA.
The MiCA enforces strict resource and investor data requirements on cryptocurrency services, including exchanges and wallets. French lawmakers are currently discussing proposals to require unregistered firms serving the market in France to manage conflicts of interest and differentiate client assets in response to the collapse of FTX.
This stricter regulation aims to smoothen the shift towards MiCA. In a recently released statement, the global CEO of Bitstamp — Jean-Baptiste Graftieaux, mentioned that the company is “very delighted” at its status as the newest French virtual crypto asset provider.
Graftieaux expressed pride in the company’s new status as a French virtual crypto asset provider, stating that France exemplifies a significant market in Europe. As a founding player, Bitstamp is eager to become a driver in the usage of crypto by the general public, Graftieaux added.
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