The Bank Of France’s Governor Wants To Regulate Crypto Ahead Of The MiCA Criteria In 2024

Key Points:

• The governor of the Bank of France, has begun the process of setting harsher rules to regulate crypto firms operating in France.
• The European Union’s Crypto Asset Market Regulation (MiCA), which will act as a springboard to enable a block-wide licensing framework for cryptocurrency enterprises, is likely to be agreed on in February of this year for implementation in 2024.

In light of the instability that is now taking place in the cryptocurrency market, the director of the central bank stated that such measures are required and should be implemented as quickly as feasible.

Francois Villeroy de Galhau, the governor of the Bank of France, has begun the process of setting harsher rules for crypto firms operating in France. The European Union’s Crypto Asset Market Regulation (MiCA), which will serve as a springboard to enable a block-wide licensing regime for cryptocurrency companies and is expected to be voted on in February of this year for implementation in 2024, will come before this. MiCA stands for Market Infrastructure for Crypto Assets.

The application for a Digital Asset Service Provider (DASP) license in France is now available, although no vendors have been licensed. There are approximately sixty businesses in France that “apply” to the French market regulator, the AMF, for licenses with looser requirements. The former CEO of Celsius is being sued for fraud by the New York Attorney General, which affects 26,000 customers.

Given the turmoil that is now occurring in the cryptocurrency market, the Governor of the Bank of France, Francois Villeroy de Galhau, stated that there is a need to expedite licensing in France and the bank of France. “All of the problems that take place in 2022 create a single belief: France intends to go to mandatory DASP license as soon as possible, rather than just registration,” Villeroy stated. “All of the crises that take place in 2022 develop a simple belief.“

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