Last night, France voted in favor of an amendment proposed by centrist politician Daniel Labaronne permitting pre-existing crypto companies to remain operational without a complete license until the European Union’s momentous cryptocurrency regulations are activated.
The New French Amendment Requires a Full License Acquisition Before Operating.
As of this moment, France has two different rules that cryptocurrency firms must abide by. All companies in the market need to register with Autorité des Marchés Financiers (AMF) as a crypto asset provider but do not require a full license which requires more disclosure of information. Until now, around 60 operators have registered, yet none have decided to fully authorize themselves; however, if any new businesses enter after 2024, they will be required to get their complete license from AMF for compliance purposes.
This Change Might Make France a Leader in the European Crypto Industry.
Labaronne’s amendment was finally passed after a series of heated debates between French politicians and the crypto industry. This is excellent news for France, which has long positioned itself as a safe haven for cryptopreneurs. Binance CEO CZ Zhao commended France on their progress in the space, noting that they have “a unique opportunity to become leaders of this booming sector in Europe.”
Cryptocurrency organizations like Binance and Crypto.com have a greater window of opportunity before the Markets in Crypto Assets (MiCA) regulation is enforced across Europe. These regulations, which are meant to harmonize the policy towards crypto among all 27 EU countries, may be voted on this year and then will take another 18 months to come into effect if passed.
