A French authority advocates for the issue of cryptocurrency licenses more quickly

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France`s financial markets body Autorité des marchés financiers (AMF) is the latest entity in the country asking for regulation of cryptocurrency businesses.

In particular, the AMF is pressing for a required and faster licensing of cryptocurrency businesses that aren`t licensed to offer services in the country, the agency`s chair Marie-Anne Barbat Layani said on January 6.

Layani’s appeal follows the French senate’s suggestion that players in digital assets apply for new registration before the implementation of the European Union’s new Markets in Crypto Assets (MiCA) legislation.

The official insisted that the nation’s FinTech businesses must also ape the traditional finance sector while securing the regulator’s support.

It’s important to note that the French government has proposed passing new legislation requiring cryptocurrency enterprises to obtain new operational mandates by October 1, 2023, when the MiCa rules are anticipated to go into force.

Examining a specific company’s governance and compliance with anti-money laundering regulations is a requirement of the registration process for cryptocurrency operators.

The demand by the central bank for tighter laws

Francois Villeroy de Galhau, governor of the Bank of France, also spoke at the time, reiterating the need for more stringent crypto regulations to safeguard investors following the recent collapse of the markets for digital assets.

Despite the nation’s lack of clarity over cryptocurrency regulation, the central bank has made progress in the blockchain industry in the past.

According to Finbold, the Hyperledger Foundation, which focuses on blockchain technology, has welcomed the central banks of France and Nigeria.

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