French President Macron To Review, Sign Stricter Law For Crypto Firms

France is making strides in structuring and lighting the crypto industry to fit well with its existing financial system. In a recent development, the National Assembly of France has voted and passed strict rules that will apply to crypto firms seeking to enter the French crypto market. In the coming days, these rules will be extended to French President Emmanuel Macron for review and final signature. Macron’s approval would officially bring these laws into force.

The set of rules passed by the French authorities is derived from those listed by the European Union (EU) during discussions.

These laws aim to prepare France against crypto winters. Furthermore, these rules will also be part of France’s preparation to welcome MICA laws passed by the European Union and implemented in all 27 of its states, Decrypt Said in a report.

71 of the 109 members of the French National Assembly voted in favor of extending these new laws to the President.

The exact details of these regulations are unclear, but they will add more layers of approval for crypto players before they can enter the French market.

currently, crypto firm A registration must be obtained from L’Autorité des Marchés, which is France’s market authority.

France also offers another variation of the licensing regime, which requires more disclosure, but serves as an all-in-one mark of a company’s compliance with the country’s laws.

Over 60 crypto firms have chosen to adopt the simplified process.

Many international players in the crypto space are turning their attention towards the European country.

In September, the crypto.com The exchange received approval to operate legally in France. At the time, the cryptocurrency platform claimed that it went through a rigorous review process to combat anti-money laundering and terrorist financing before being approved.

This licensing now allows Crypto.com to offer a suite of products and services to customers in France in full compliance with local regulations.