A bill providing for stricter licensing rules for new cryptocurrency firms has been passed by the French National Assembly and Senate and now needs final approval by the French President to become law. The bill aims to harmonise national laws with proposed European Union (EU) standards. If approved, the new law will require cryptocurrency service providers based in France to comply with stricter AML rules, demonstrate segregation of customer funds, adhere to new reporting guidelines and provide more detailed risk and conflict of interest disclosures as a means to strengthen consumer protection. However, the law will not apply to crypto firms registered with the Financial Markets Authority (AMF), the nation’s financial regulator. These firms will continue to comply with the AMF’s rules until the passing of the EU’s crypto regulations – the Markets in Crypto-Assets (MiCA) bill. The new law will only apply to crypto firms that register from July 2023.
Sources: https://cutt.ly/C8OTQvu
