The National Assembly of France has adopted a set of new rules for licensing and registering cryptocurrency firms. According to The Block.
President Emmanuel Macron must approve the document within 15 days or send it back for revision. If the bill is passed, the changes will take effect in July 2023.
The document was backed by 109 members of the assembly, 71 opposed.
The bill took a softer form than the initial amendments. Local crypto firms will be required to undergo a more stringent registration process than is currently proposed by the AMF.
The government measures are intended to complement the pan-European regulatory act on markets in digital assets, which, as expected, will be adopted by the European Parliament through the final vote in April 2023.
The bill sets higher regulatory standards for providers of cryptographic services. Thus, companies will be required to provide clear information about risks and implement a policy on conflicts of interest.
“These proposals are a step in the right direction for effective investor protection, while preserving the pace of innovation and supporting business creation in France,” said Fostin Flere, head of the ADAN lobbying group.
Firms that have already obtained an AMF licence will be able to continue operating until the end of the transition period, which is expected to last until 2026.
As reported in December 2022, the European Commission announced plans to require virtual-asset providers to transmit customer data to local tax authorities.