3 months ago 1 min read

Governor of Bank of France Desires to Regulate Cryptocurrency Prior to MiCA Requirements in 2024


These steps are necessary and should be taken as soon as practical given the current uncertainty in the bitcoin market.

The Bank of France's governor, Francois Villeroy de Galhau, has started the process of imposing stricter regulations on crypto companies doing business there. Before that, there will be a vote on the Crypto Asset Market Regulation (MiCA) of the European Union, which will pave the way for a block-wide licensing scheme for cryptocurrency businesses and be put into effect in 2024. Market Infrastructure for Crypto Assets is referred to as MiCA.

Despite no vendors having received a license, the application for a Digital Asset Service Provider (DASP) license in France is now open. The French market regulator, the AMF, receives "applications" from about sixty companies in France for licenses with softer standards. The New York Attorney General is suing the former CEO of Celsius for fraud, which has an impact on 26,000 customers.

Francois Villeroy de Galhau, Governor of the Bank of France, remarked that licensing in France and the bank of France must be expedited given the turbulence now present in the cryptocurrency market. All of the issues that arise in 2022 lead to the conclusion that France aims to switch from mandatory DASP registration to mandatory DASP licensing as soon as feasible, according to Villeroy. "Every crisis that occurs in 2022 gives rise to a straightforward belief."

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