Crypto industries in France may be able to start this new year serenely. The National Assembly has just voted for more flexible regulations on the requirements and conditions for obtaining licenses. This decision allows French crypto companies to breathe a little after the fear caused by the amendment proposed by Senator Hervé Maurey. This amendment would require them to present a higher level license.
More relaxed crypto license requirements in France
After the collapse of FTX, Senator Hervé Maurey submitted a strict amendment to frame crypto companies in France. This proposal would have required them to obtain a higher level (compulsory) license by October. Only problem: no company has yet succeeded in obtaining this license.
To the delight of crypto players in France, this amendment was deleted on January 24 after a vote in the National Assembly. Concretely, the French senators have opted for the new amendment tabled by Daniel Labaronne on January 20. It gives French crypto companies the possibility to register with the financial regulator, following the requirements already established by the EU regulation on cryptoassets.
The new amendment was discussed (open session). Result: 61 senators voted and 33 against.
A measure taken while waiting for the arrival of MiCA
Like other European countries, France is awaiting the final vote on the European MiCA (Markets in Crypto Assets) regulation. But even if it passes, each state has a preparation period until 2024.
Daniel Labaronne thinks that this new measure helps prepare the ground for the arrival of MiCA. “It does not abandon the authorization system in force in France for years,” he explains. It allows you to select the most reliable French crypto companies for future registrations.
As with previous crypto regulations in France, this new amendment primarily protects consumers. In any case, crypto companies in France have less to worry about (for now!).
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