The French National Assembly has adopted a set of licensing rules for crypto firms operating in the country as part of a broader bill aimed at harmonizing French law with European Union standards.
The final vote of the National Assembly was 109 in favor and 71 against. The French Senate has passed the bill and is currently waiting for French President Macron to sign it.
The new registration proposal will reportedly subject crypto service providers to higher regulatory standards, such as corporate governance, rules on segregation of funds, and guidelines for reporting to regulators, among others. Companies also need to clearly disclose risks and implement a conflict of interest policy.
The enhanced registration process will apply to companies registered from July 2023, and companies already registered with the Financial Markets Authority (AMF) will be able to continue operating under existing anti-money laundering rules until the EU Markets in Cryptoassets Act (MiCA) provides The transition period ends, possibly in 2026.