France invites crypto firms that left the United States to set up in the country

Cryptocurrency companies that decided to exit the US market amid tighter regulation will be welcomed in France. This was stated by the AMF’s secretary-general AMF Benoît de Juvigny, according to CoinDesk.

“If American players want to profit from the French regulatory regime in the very short term, and from European arrangements from 2025, then we welcome them. We have good relations with American partners,” he added.

According to the report, France already hosts around 74 cryptocurrency companies. Their number could rise after May 16, when the EU Council of 27 member states unanimously approved the draft to regulate crypto-asset markets (MiCA).

The document passed on 20 April requires companies to obtain a licence to operate in the EU, and for stablecoin issuers to hold reserves. In May, the EU Council also approved new measures to combat money laundering.

In the United States, the situation is fundamentally different. Since the start of 2023, SEC has flagged violations in the operations of Bittrex, Coinbase, Kraken, Gemini and Genesis.

As reported in May, SEC commissioner Hester Peirce said that MiCA could become the starting point for the regulatory framework in the United States.

In March, Coinbase CEO Brian Armstrong noted that the SEC’s regulatory policy toward cryptocurrencies would negatively affect the United States’ financial position.