France may compel crypto firms to get a full license to operate in the country after a lawmaker proposed aligning the country’s laws with incoming EU regulation. Hervé Maurey, a member of the Senate who sits on the finance commission, put forward an amendment on Tuesday that would do away with a grace period France currently plans to extend to crypto platforms. At present, the rules allow crypto companies to operate in the country without a full license until 2026. The new proposal, which was adopted by the Senate this week and will go to the French parliament next year, would require firms to gain a full license from the financial regulator starting in October next year. This would bring it up to speed with the Markets in Crypto Assets (MiCA) regulation from the EU, which the European Parliament will likely vote on in 2023. “The recent bankruptcy of FTX has highlighted the risks inherent in any investment in crypto assets, especially when the company operates outside of any regulation,” Maurey wrote in the amendment. “These concerns, including for financial players, are shared at the European Union level.”
Full story : France Mulls Full-Licensing Regime for Crypto Firms Citing FTX Bankruptcy.
