Diesen Artikel teilen
Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menu
- Back to menu
- Back to menu
- Back to menu
- Back to menuWebinars
French Crypto Companies Must Seek Authorization by 2024 Under New Lawmaker Plans
The plans offer more time than a Senate proposal, as the country prepares for a new EU crypto law
Crypto companies in France would have to seek authorization from regulators to operate if they are not already registered with the country’s financial regulator by Jan. 1, 2024, under plans adopted by lawmakers at the National Assembly on Tuesday.
The plans offer more leeway than the Senate, which proposed in December to offer a cutoff date of October 2023, in a bid to stop crypto companies abusing new European Union rules known as the Markets in Crypto Assets (MiCA) regulation.
STORY CONTINUES BELOW
Verpassen Sie keine weitere Geschichte.Abonnieren Sie noch heute den State of Crypto Newsletter. Alle Newsletter ansehen
“I propose to take the date of January 1, 2024, to let new entrants have a little more time to ask for their authorization, which is complicated,” as well as offering more time to the Financial Markets Authority to process applications, said Daniel Labaronne, who is holding the pen on the new legislation on behalf of the Assembly’s Finance Committee.
Without the amendment proposed by Labaronne, there would be a “risk of having operators just registering to benefit from the grandfather clause” set out under MiCA, which means they wouldn’t have to gain a full license until around March 2026, Labaronne told the committee.
The committee adopted his proposal, which must now be approved by the Assembly next week and negotiated with the Senate.
The Senate’s Herve Maurey proposed tightening the law following the collapse of crypto exchange FTX. Existing French law allows companies to undergo the lighter process of registering, rather than seeking authorization, which requires a fuller series of checks on financial resources and business conduct. While many companies, including Binance and Societe Generale, have registered, none have so far been authorized.
The French crypto industry has reacted with concern to the proposals, arguing they could damage France’s goal of becoming a crypto hub.
Read more: Crypto Industry Hopes Turn to French Legislators as Regulators Back Mandatory License
Jack Schickler
Jack Schickler was a CoinDesk reporter focused on crypto regulations, based in Brussels, Belgium. He previously wrote about financial regulation for news site MLex, before which he was a speechwriter and policy analyst at the European Commission and the U.K. Treasury. He doesn’t own any crypto.
Mehr für Sie
Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
Was Sie wissen sollten:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
