French lawmakers vote to tighten licensing rules for crypto companies

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The French National Assembly has voted to introduce stricter licensing rules for new cryptocurrency companies in the country.

The vote was adopted by 109 votes (60.5%) to 71 (39.5%).sent to French President Emmanuel Macron, who must approve it within 15 days or send it to lawmakers for revision.If the draft law is adopted, it will bindVirtual Asset Service Providers (VASPs) to comply with stricter anti-money laundering regulations.

To obtain a license, cryptocurrency companies must prove that they storeFromThey will also be required to provide regular reports to regulators, warn customers of possible risks, and implement measures to protect users' rights.Stricter licensing rules will be applied to cryptocurrency firms that begin toRegister from July.

However, the bill does not apply to about 60 cryptocurrency companies that are already registered with the French Financial Markets Authority (AMF).These firms will continue to comply with AMF regulations untilA draft law on the regulation of cryptocurrencies has been adoptedThe final consideration of the MiCA bill by the European Parliament will take place in April.If it is adopted, the law on the regulation of cryptocurrencies in the European Union will come into forcein force in 2024.

Tightening the licensing rules for crypto companies was proposed by Hervé Maurey, a member of the French Senate's Finance Committee.In December, he called on lawmakers to remove from French laws a provision that would allow VASPs towork under a simplified license until 2026.