France Eases Pressure On Crypto Firms…For Now

Paigambar Mohan Raj
Source: Wccftech

The French National Assembly had a debate yesterday on whether cryptocurrency firms are needed to follow a strict license regime in the coming year. Yesterday evening, members of the National Assembly voted on an amendment by centrist politician Daniel Labaronne. French legislators have now chosen a more accommodating stance towards cryptocurrency licensing in the nation. The move will give operators more time to adhere to new rules that apply to all of Europe.

The decision will enable current businesses to continue operations without a full license until the MiCa rules of the European Union come into effect. Moreover, by voting for the amendment, the legislature rejected a prior one from December by Senator Hervé Maurey.

According to Maurey’s proposal, these institutions would have had to begin the process for full permission this year itself. The action would have pushed France’s implementation of new, stricter rules for digital assets. However, with the latest development, it seems the country will wait for the EU-wide rules to kick in.

France has a two-tier system for cryptocurrency businesses. All firms are required to register as digital asset providers. However, they are not required to get complete licenses. Although over 60 firms have registered with the Autorité des Marchés Financiers (AMF), none have received a complete license.

When will the EU’s MiCA cryptocurrency regulations kick in?

The European Union’s (EU) Markets in Crypto Assets (MiCA) rulebook is one of the most awaited regulatory moves in the industry. Although the text for the MiCA rulebook has been approved, voting on the parliament floor is still pending.

The MiCA cryptocurrency law from the European Union has been postponed until April, following an earlier postponement to February. As a result, the lengthy digital asset measure won’t be up for a vote for almost another four months. The global digital asset community has its eyes on the continent as it is likely that many territories will take cues from the European rulebook.