Members of the French National Assembly have passed a package of stricter regulations for crypto companies mainly to comply with the European Union's (EU) long-awaited Markets in Crypto Assets (MiCA) regulation.
The new rules need the signature of President Emmanuel Macron to become law.
- The French lawmakers voted 109 to 71 in favor of the new rules.
- The new regulations will bring stricter requirements for the crypto firms that want to enter the French crypto market by registering in the country.
- The package especially concerns the matters of cybersecurity, conflicts of interest, and internal controls.
- The 60 crypto companies already registered in France will not be affected by the new rules and will have time to comply until the EU's crypto regulations come into force.
- The EU's MiCA is expected to be passed in April, though it will not enter into force until 2026.
- Popular crypto exchanges Binance and Crypto.com opened offices in France last year, supporting the country's plans to become Europe's crypto hub.
