France intends to tighten the regulations regarding the registration of cryptocurrency companies.
The amendments to the current financial legislation have received the support of both houses of the parliament. According to the changes, companies wishing to register will have to comply with internal control standards, cybersecurity and have a conflict of interest management system in place.
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The French National Assembly was due to vote on January 24 on the mandatory licensing of companies related to digital assets. As an alternative, it was proposed to replace this option with a general registration process with additional consumer protection and corporate control measures, which eventually became the main one.
The document must be approved by the Senate on February 16 and the National Assembly on February 28. If approved, the rules will take effect from January 2024.
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Cryptocurrency companies currently prefer to register with the French Financial Market Supervisory Commission (AMF) rather than obtain a license. There are currently 60 companies on this list.