Banque de France governor Francois Villeroy de Galhau is advocating for stricter regulations for crypto companies in France, according to a Bloomberg report. This will lead to the European Union Law on Crypto Asset Markets (MiCA), which will establish a licensing system for crypto trading and is expected to be made in February for its implementation in 2024.
Obtaining a license in France for a digital asset provider (DASP) is currently an option and no provider currently has it, according to Bloomberg. About 60 companies have a limited “registration” designation from the Autorité des Marchés Financiers, AMF.
According to Villeroy, the current crisis in the crypto market shows the need for authorization in France. “All the obstacles of 2022 make it easy to believe: it is desirable that France move quickly to DASP licenses, not only to registration,” Villeroy said Thursday in a speech in Paris, according to Bloomberg.
