• The Financial Markets Authority (AMF) in France has demanded that all non-registered crypto firms should secure licenses.
• The move comes as the financial authority joins the country’s central bank and senate in anticipating new European Union (EU) laws.
• The AMF chair Marie-Anne Barbat Layani has suggested a 2022 agenda proposed by the French Senate, which would mandate all cryptocurrency-related companies to ensure that the regulators recognize and approve their dealings before the new Markets In Crypto-Assets (MiCA) regulation by the EU begins October 1, 2023.
The Financial Markets Authority (AMF) in France has recently declared that all non-registered crypto firms should secure licenses in order to continue operating in the country. This requirement was proposed by the French Senate in their 2022 agenda, and the AMF is now joining the country’s central bank and senate in supporting the agenda.
The chair of the AMF, Marie-Anne Barbat Layani, stated in a press conference that the AMF is supporting the agenda in order to expedite the transition to a structure where all crypto firms see licensing as an obligation. This is in anticipation of the upcoming Markets In Crypto-Assets (MiCA) regulation by the European Union, which is set to begin October 1, 2023.
The AMF is urging crypto firms to ensure that the regulators recognize and approve their dealings before the new MiCA regulation comes into effect. The AMF has also declared that all crypto firms should possess the required licenses in order to continue operating in France.
The new licensing regulations are intended to help protect consumers from potential scams and other financial threats that may arise from the lack of regulation in the cryptocurrency sector. Furthermore, the new licensing regulations are meant to help the industry become more transparent and accountable for its practices.
The AMF is currently working with the French Senate to ensure that the new licensing regulations are adopted in a timely manner. It is also working to ensure that all parties involved are aware of the regulations and their implications.
Overall, the AMF is taking a proactive approach to ensure that the cryptocurrency industry is properly regulated before the MiCA regulation arrives. This will help to create a safer and more secure environment for consumers and businesses alike.