The head of France’s financial markets authority (AMF) has advocated a speedy transition to stricter regulation, according to a Bloomberg report. January 9.
AMF president Marie-Anne Barbat-Layani reportedly wants France to introduce mandatory licensing rules for cryptocurrency companies before similar regulations are implemented across Europe at a later date. increase.
Barbat-Layani further endorsed the rule by stating:
[Mandatory licensing] Inspired by what is usually done in the more traditional financial sector, it offers some of the more important and detailed elements to protect investors.
She also called the new policy “the best guarantee” to protect crypto investors. Suggesting that it will not hinder this goal, he pointed out that FTX’s downfall “should not ruin digital finance.”
Currently, French cryptocurrency companies do not need to obtain a full license from the AMF. Instead, you can get lighter registrations from regulators. So far, all French crypto companies, including Binance, which started operations in the country in 2021, have opted for a lighter registration.
Barba Layani is not the only French official to advocate scrapping the lightweight system. Last week, Banque de France governor François Villeroy de Galhau suggested that France urgently implement a compulsory license.
Earlier, Senator Hervé Maurey proposed an amendment to French law to remove the simplified registration option in favor of stricter licensing.
According to Bloomberg, a full license could become mandatory by October, depending on the outcome of legislation being debated in Congress this month.
Those rules should come into force in 2026 if French lawmakers fail to successfully implement stricter licensing rules in the near future.