- The bill is awaiting the President’s signature.
- If approved, it will enter into force on July 1 this year.
- The rest of the companies will continue to work under the old rules until 2026.
This week, the French National Assembly approved bill with more stringent licensing conditions for crypto companies. Now it must be approved by President Emmanuel Macron.
We have already talked about this bill before. In fact, this is a compromise solution between full and partial licensing. But even in this format, it will introduce new, more stringent requirements for service providers in the field of digital assets.
109 people (60.5%) voted for the bill, 71 voted against. The president has 15 days to comprehensively study the initiative, and then approve it or send it for revision.
If approved, the bill will enter into force on 1 July this year. Those companies that registered earlier will be able to work as before until 2026.
The bill introduces stricter anti-money laundering regulations, new, more transparent reporting and increased risk management requirements.
According to the French authorities, this will reduce the possible losses of investors. The bill will also serve as a transitional stage between the old legislation and the new EU sectoral regulatory framework.
The head of the French cryptolobby, Faustin Fleuret, was ambivalent about the initiative. In her opinion, the bill still sets the bar “too high”, and this may affect the development of the industry in the country.