France has announced stricter regulatory policies for cryptocurrency companies.
Companies that want to acquire a license must pass tougher cybersecurity, internal control, and conflict of interest control measures.
- Currently, there are 60 crypto platforms allowed to operate in France without a full license until 2026.
- Under the incoming bill proposed by the two chambers of the French Parliament, these companies would have to acquire a license by 2024, which means that they would have to receive regulatory approval not only regarding money laundering but also on business conduct, their financial resources, and their cybersecurity.
- Some members of the Senate, which is the higher chamber in the French Parliament, proposed that companies that wanted to be licensed had to do so by October 2023.
- The measure was opposed by French businesses, which stated that the law would be unrealistic and its deadlines would be difficult to meet.
