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French regulator to adjust encryption license requirements for consistency with upcoming EU regulation

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According to reports, Barbat-Layani, head of the French financial market regulator, said on Wednesday that he would elaborate on the new requirements for the r…

French regulator to adjust encryption license requirements for consistency with upcoming EU regulation

According to reports, Barbat-Layani, head of the French financial market regulator, said on Wednesday that he would elaborate on the new requirements for the registration of encryption companies in the country. France’s encryption license conditions will be adjusted to make its operation as consistent as possible with the encryption asset market regulation (MiCA) to be launched by the European Union.

Official of the French Financial Market Authority: The new encryption regulations will be consistent with the EU

Interpretation of the news:


The head of the French financial market regulator, Robert Ophèle Barbat-Layani, announced on Wednesday that the country’s encryption license requirements would be adjusted to align with the upcoming European Union (EU) regulation on encryption asset market (MiCA). Barbat-Layani stated that he would elaborate on the new registration requirements during a speech, indicating that the changes would likely affect companies currently operating in France, as well as those planning to expand their operations.

The move comes as the EU prepares to launch the MiCA regulation, which aims to establish a harmonized framework for the regulation of cryptocurrencies, stablecoins, and other digital assets across the EU. The regulation is expected to provide a much-needed legal foundation for digital asset providers, which have long struggled with complex and fragmented regulations across different EU countries.

Barbat-Layani’s announcement indicates that France is taking steps to align its regulations with the upcoming MiCA framework. There is no doubt that the consistency of regulations across different EU countries will enhance the competitiveness and attractiveness of the European crypto market, both for domestic and international digital asset providers.

While details of the new registration requirements are not yet available, it is expected that France’s new rules will closely map onto the provisions outlined in the MiCA regulation. This will likely require digital asset providers to be authorized by the French regulatory authorities, undergo KYC (know-your-customer) and AML (anti-money laundering) procedures, and meet certain operational and structural requirements.

Overall, the French regulator’s decision to adjust its encryption license requirements for consistency with the incoming EU regulation is a welcome move for digital asset providers operating in France. It will help eliminate much of the uncertainty and confusion that has historically dogged the crypto market in the country, making it easier for companies to operate in the sector. Moreover, harmonizing regulations across the EU will strengthen the market’s position globally.

In conclusion, this move marks an important step in making France a leading destination for crypto investments and will help create a level playing field across the EU for digital asset providers.

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