What's Hot

    CBDC Anti-Surveillance State Act Advances Through House Committee

    September 21, 2023

    CoinEx Resumes Operations and Fortifies Security After $70 Million Hack

    September 21, 2023

    Stanford University to Return $5.5 Million in Crypto Gifts from FTX

    September 21, 2023
    Facebook Twitter Instagram
    Facebook Twitter Instagram
    The Bull's GazetteThe Bull's Gazette
    Members Area
    • News
      1. Markets
      2. Policy & Economy
      3. Business
      4. Tech
      Featured

      CoinEx Resumes Operations and Fortifies Security After $70 Million Hack

      News September 21, 2023
      Recent

      CoinEx Resumes Operations and Fortifies Security After $70 Million Hack

      September 21, 2023

      Stanford University to Return $5.5 Million in Crypto Gifts from FTX

      September 21, 2023

      Balancer Attributes Website Hijack to DNS Provider Due to ‘Social Engineering Attack’

      September 21, 2023
    • Features
      • Opinion
    • Research
      • Publications
      • Market Analysis
      • Contribute
    • Finance & Crypto Guides
    • Consultation
    • Membership
    • Store
    The Bull's GazetteThe Bull's Gazette
    Home»News»Policy & Economy»France Could Tighten Crypto Regulations Amidst Crypto Chaos    
    Policy & Economy

    France Could Tighten Crypto Regulations Amidst Crypto Chaos    

    Anietie DavidBy Anietie DavidDecember 16, 2022Updated:December 16, 2022No Comments2 Mins Read
    France Could Tighten Crypto Regulations Amidst Crypto Chaos    
    Share
    Facebook Twitter LinkedIn Pinterest Email

    France could be set for tighter crypto rules as a French Senator has proposed to tighten crypto regulations. The senator’s proposal would require businesses to obtain a license from the French regulator.

    As the collapse of FTX rocks the cryptocurrency industry, a French senator has advocated for tighter rules. The decision also comes as the European Union’s Markets in Crypto Assets (MiCA) comes closer to implementation.

    In an article published on Thursday, The Financial Times stated that France is under increasing pressure to close regulatory loopholes related to cryptocurrencies.

    France now provides a window with less governmental oversight to entice cryptocurrency startups. Senator from the finance commission Hervé Maurey is apparently planning to change the clause. This includes removing the authorization for registered bitcoin businesses to operate domestically until 2026 without a complete regulatory license.

    The report is released at a time when the European Union is getting ready to fully implement the Markets in Crypto-Assets (MiCA) regulation in 2024. In France, Digital Asset Service Providers (DASPs) are required to register and comply with AML/CFT regulations. The registration allegedly does not call for a license, though. According to the research, there are 50 registered firms operating illegally in France.

    France’s position as one of the top twenty crypto economies and one of the most “business-friendly” countries is one of the causes behind this. Notably, SG Forge, one of the oldest banks in the country, received approval from the French financial authority to provide bitcoin services back in October. This year, Binance was also successful in registering in France.

    FTX Collapse Serving As A Catalyst For Tighter Crypto Regulations

    Several other firms that had direct or indirect exposure to the exchange were devastated by FTX’s insolvency. Investor losses of billions of dollars have also prompted authorities to tighten regulations.

    According to Maurey, the FTX collapse was an explosion [that] led to a time of awakening and understanding. Many players in the French system began to believe that tighter supervision was necessary as a result. The senator’s plan, if approved, would mandate that companies apply for licenses with the French regulator, the Autorité des Marchés Financiers (AMF), starting in October 2023.

    This week, it was also revealed that Hong Kong and Canada will strengthen their crypto regulations to stop future events similar to FTX. Senators in the US are also pleading with Congress to regulate cryptocurrencies. 

    Blockchain Crypto Regulations Cryptocurrency Economy France
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
    Previous ArticleUK FCA Incoming Head Set to Clamp Down On Crypto   
    Next Article Crypto.com Receives License to Operate in Brazil 
    Anietie David

    Anietie has worked in the blockchain industry for three years, gaining experience in blockchain technology, cryptocurrencies, DeFi, and NFTs. As a seasoned content writer, he is passionate about creating effective content strategies for blockchain brands. In addition to content writing, he also has a strong interest in front-end development. When he's not working, he spends his time reading horror novels or playing CODM.

    Related Posts

    Hong Kong Monetary Authority (HKMA) Issues Warning on Misleading Crypto Banking Claims

    September 18, 2023

    France Takes Steps to Regulate Financial Influencers with the Responsible Influence Certificate

    September 11, 2023

    Report Shows that 99% of Nigerians are Crypto Aware

    September 4, 2023
    Add A Comment

    Leave A Reply Cancel Reply

    Top Posts

    Hong Kong Monetary Authority (HKMA) Issues Warning on Misleading Crypto Banking Claims

    September 18, 2023

    Report Shows that 99% of Nigerians are Crypto Aware

    September 4, 2023

    Hong Kong Report Reveals Positive Impact of Bond Tokenization on Market

    August 26, 2023

    Our best content, straight to your inbox.

    Disclaimer

    Capital at risk. Content on this website does not constitute financial advice. Please do your due diligence before making any investment.

    Company
    Company

    At the forefront of news and analysis for emerging markets, business, crypto and tech - TBG is redefining financial information through resources for next-generation economics.

    Facebook Twitter Instagram LinkedIn TikTok Discord
    Links
    • About
    • Contribute
    • Advertise
    • Careers
    • Membership
    • Investor Relations
    • Frequently Asked Questions

    TBG Newsletter

    © 2023 The Bull's Gazette.
    • Terms and Privacy
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.