The governor of the Bank of France calls for an mandatory licensing for crypto companies - regulation

France has to introduce a license system for crypto service providers, the head of the country's central bank proposed. According to the executive, there is a need to tighten the regulatory supervision, from the "disorder" in the industry last year.

The licensing should replace the registration for crypto companies in France, says Governor Galhau

The governor of the Banque de France, Francois Villeroy de Galhau, has pushed to subjugate crypto companies stricter regulatory requirements. In response to the latest volatility in the industry, a licensing must be introduced instead of the current registration, he emphasized.

de Galhau is also of the opinion that Paris should not hesitate, but should act even before the upcoming EU regulations come into force and make digital asset service providers (DASPS) mandatory to receive licenses from the French government, Bloomberg.

around 60 platforms that work with cryptocurrencies have so far been at the authorité of the Marchés Financiers ( amf ), France's financial market supervision, including global players such as z Binance The world's largest crypto exchange.

licenses are still optional and there are no licensees among the providers of services for digital assets registered in France. In a conversation with representatives of the financial sector, Villeroy de Galhau explained on Thursday:

The whole disorder in 2022 nourishes a simple faith: it is desirable that France will pass as soon as possible to an obligatory licensing of DASP, instead of just registration.

Digital-asset service providers who want to receive a license are asked by the AMF to comply with certain standards in relation to organization, available financial resources and business conducts, according to the report.

The governor's proposal comes after important EU institutions and member states have been reached last summer Agreement Legislation on markets for crypto-assets (mica) and reaches Consensus via a series of new regulations for Combating money laundering for the industry.

The regulatory package is expected to come into force in 2023, but the companies have another 12 to 18 months to keep it. Brussels also wants to deal with platforms that process crypto transactions for EU citizens, also oblige test report To the tax authorities in the Union.

Do you believe that France will introduce a licensing system for crypto companies before the mica comes into force? Share your expectations in the comment area below.

lubomir Tassew

lubomir Taskensev is a journalist from the technically experienced Eastern Europe, to the Hitchen's quote: "To be a writer is what I am and not what I do." In addition to crypto, blockchain and fintech, international politics and business are two other sources of inspiration.

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