National Assembly of France to vote on stricter crypto regulations

There have been calls for stricter crypto regulations in France recently, and as a result, a new regulatory framework for crypto firms will be put to a vote in the National Assembly of France. The National Assembly of France will debate whether crypto firms will have to comply with strict licensing laws next year.

Cryptocurrency firms in France prefer to register with the AMF, the Financial Markets Authority in France, instead of obtaining a license. There are currently 60 registered firms.

On Jan. 5, Bank of France Governor François Villeroy de Galhau stated that a mandatory licensing plan for the Digital Asset Service Providers (DASPs) in France should be implemented as soon as possible and that the country should not wait for EU crypto laws.

On the other hand, the AMF is concerned that it lacks the resources to undertake the supervisory task, especially if changes are made to speed up mandatory licensing processes. A spokesperson said that the resources allocated by the AMF have been increasing and that the AMF will continue to mobilize resources to carry out this task.