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The measure was passed with a ballot of 109 successful favour and 71 against and volition present trust connected the support of president Emmanuel Macron to beryllium signed into law.
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The French National Assembly has voted successful favour of legislating stricter licensing rules for caller cryptocurrency firms successful bid to harmonize section laws with projected European Union (EU) standards.
The ballot was passed with 109 votes (60.5%) successful favour to 71 (39.5%) against. With the French Senate having already passed the bill, it volition present beryllium passed to president Emmanuel Macron who has 15 days to either o.k. it oregon nonstop it backmost to the legislature.
✅ Projet de loi DDADUE dans les domaines de l’économie, de la santé, du travail, des transports et de l’agriculture | Adoption par l’Assemblée nationale, compte tenu du texte de la committee mixte paritaire.
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If passed, the caller instrumentality would oblige France-based cryptocurrency work providers to comply with stricter anti-money laundering rules, amusement that lawsuit funds are segregated, adhere to caller guidelines connected reporting to regulators and supply much elaborate hazard and struggle of involvement disclosures arsenic a means to fortify user protection.
The contents of the measure would not nevertheless use to the 60 crypto firms registered with the Financial Markets Authority (AMF), the nation’s fiscal regulator. These firms volition proceed to comply with the AMF’s rules until the apt passing of the EU’s ain crypto regulations with the Markets successful Crypto-Assets (MiCA) bill.
The stricter rules would truthful lone use to crypto firms that registry from July 2023 onwards.
Among the 60-AMF registered companies see Binance, which precocious began piloting in-store payments successful France with the cloud-based outgo level Ingenico via Binance Pay.
Crypto payments conscionable got easier successful France
We've precocious partnered with @ingenico, a planetary outgo solutions provider, to alteration users to wage successful crypto done #Binance Pay.
Another milestone for planetary crypto adoption pic.twitter.com/S8f8Pab7nW
The legislative propulsion for stricter licensing rules was initiated by Hervé Maurey, a subordinate of the French Senate’s concern commission, who projected an amendment to destruct a clause enabling crypto companies to run without a afloat licence until 2026 successful a parliament gathering successful December past year.
Bank of France governor, Francois Villeroy de Galhau, besides pushed the agenda successful a Jan. 5 code to members of the concern assemblage successful Paris.
Related: Bitcoin concern successful France: Regulation, acquisition and currency bargain frustration
Like galore regulators astir the world, Villeroy de Galhau cited the request to respond to the recent turmoil successful the cryptocurrency market arsenic the motive down the bill, which helium wants to travel into effect “as soon arsenic possible.”
While MiCA volition apt service arsenic the blueprint for cryptocurrency marketplace regularisation successful the EU, helium added that France simply couldn’t hold astir for the much broad laws enacting the licensing authorities connected integer plus work providers (DASPs).
The EU is acceptable to yet ballot connected MiCA regularisation successful April aft 2 postponements. A palmy result would apt spot the highly anticipated crypto laws travel into unit sometime during 2024.
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