A change to remove a provision allowing crypto businesses to operate without a complete license until 2026 was proposed, according to the Financial Times, by Hervé Maurey, a senator from France who sits on the finance committee. Even after the Markets in Crypto Assets Act (MiCA) was passed into law in 2024, the current system will continue to allow for this option.
The Maurey amendment will eliminate the opportunity to conduct business without undergoing strict scrutiny by requiring businesses to apply for licenses from the Autorité des Marchés Financiers (AMF) as of October 2023. According to him, the FTX crash changed everything in that regard:
“This led a number of players within the French system to consider that things needed to be supervised more tightly.”
At least 50 registered businesses are now active in France without an AMF license. An ex-member of the AMF board, Thierry Philipponnat, considers the level of investors’ protection within this regime as “extremely minimal if not non-existent.”
The local industry’s organisation, Developing the French Digital Asset Industry (Adan), regard the legislation as a sign of “abandoning an industry of the future” by French politicians.
The Emmanuel Macron administration, which recently began its second term as president, is well known for its outspoken backing of the digital assets sector. Macron emphasized his belief in the necessity of increasing the number of digital unicorns in the nation, creating an NFT policy, and the “European metaverse” back in April, before the second round of the presidential election. He did, however, also express his doubts about the banking industry’s self-regulation.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Annie
Coincu News
George Town, Grand Cayman, 22nd November 2024, Chainwire
Inflation Warning by Vanguard highlights risks during Trump’s term, citing tariffs and tighter labor markets…
Clanker token trading volume hit $59.8M on Nov 21, accounting for 14.75% of PumpFun. Fee…
Bitcoin Spot ETF inflows hit $1.005B on Nov 21, led by BlackRock’s $608M and Fidelity’s…
Discover the success story of a New York tech entrepreneur who made $72M from a…
Discover the best cryptos to buy and hold today: Qubetics leads with 1000x potential, Ethereum…
This website uses cookies.