French proposals for mandatory crypto licenses are gaining support among regulators, but the industry is hoping lawmakers in the National Assembly will nix this effort. jackschickler reports
Crypto advocates are pinning their hopes on France’s National Assembly, the lower house of the French Parliament, to overturn a legal change they worry could wreck France’s goal of becoming an innovative crypto hub.
“The recent bankruptcy of FTX has put a spotlight on the inherent risk of all investment in cryptoassets, in particular when the company operates outside of any regulation,” Senator Hervé Maurey said in a text submitted alongside his amendment. He added the change will “avoid any misuse of the regulatory framework” as new European Union rules known as the Markets in Crypto Assets regulation go into effect.
“The Senate was right to put this subject on the table,” said Labaronne, who will pen the Committee’s views on behalf of the Assembly ahead of a Jan. 24 plenary discussion, adding that he hopes “to arrive at a more satisfactory arrangement” than the Senate’s. His worry is that, under Maurey’s plans and until MiCA is up and running, crypto firms based in other EU member states could have to seek a duplicate license in France – despite the fact that MiCA is supposed to ensure they can operate across the bloc with a single authorization. In practice, few companies would bother with such a burdensome step, Bernard-Alzias said, and they could end up skipping the French market entirely.
The AMF did not respond to a CoinDesk request for comment on its administrative capacity or the size of the backlog.
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