France Tightens Registration Conditions for Cryptocurrency Companies

02/13/2023 12:43 • Daily Digest • 149 views

On February 13, according to the plan released by the legislators’ committees of the two houses of the French Parliament, the registration conditions of French cryptocurrency companies will be tightened in January 2024, but will not reach the level originally required by the Senate of the upper house of the country. The documents submitted by the Committee show that the newly applied company must meet the additional requirements on internal control, network security and conflict of interest. The document will be submitted to the Senate for approval on February 16 and to the National Assembly for approval on February 28.

France will relatively tighten the registration conditions of cryptocurrency companies in January next year

Interpretation of the news:

The legislators’ committees of the two houses of the French Parliament have announced their plan to tighten the registration conditions for cryptocurrency companies in January 2024. This move comes as part of the country’s efforts to regulate the cryptocurrency industry and prevent misuse of the technology. While the Senate of the upper house of the French Parliament had originally proposed stricter requirements, the final requirements will be less stringent.

According to the documents submitted by the Committee, the new registration requirements will include additional specifications on internal control, network security and conflict of interest. For a company to be registered as a cryptocurrency dealer in France, they will need to meet these requirements. It is important to note that the proposed changes will not be retroactive, and existing companies will not be required to comply with the new standards immediately.

The tightened regulations are aimed at reducing the risks associated with the cryptocurrency industry, such as money laundering, terrorist financing, and other criminal activities. It is expected that the new registration requirements will increase transparency and accountability in the industry, thereby protecting investors and the general public from fraudulent activities. The move is also expected to boost confidence in the industry, as it shows that the government is taking measures to ensure that the industry is well-regulated and safe for consumers.

The documents containing the proposed changes will be submitted to the Senate for approval on February 16, and to the National Assembly for approval on February 28. This implies that the changes might be subject to further amendments before they are finalized. Irrespective of this, the regulatory authorities in France are sending a clear message that they are taking the cryptocurrency industry very seriously and that they will do everything possible to ensure that it is well-regulated.

In conclusion, the move by the French Parliament to tighten the registration requirements for cryptocurrency companies is a positive step towards regulating the industry and preventing fraudulent activities. While the changes are not as strict as originally proposed, they are a significant improvement and show that the regulatory authorities in France are committed to protecting the interests of investors and the general public.

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France Tightens Registration Conditions for Cryptocurrency Companies

France will relatively tighten the registration conditions of cryptocurrency companies in January next year

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