• The French National Assembly has voted in favor of a new regulatory framework for cryptocurrencies that would make licensing requirements easier for companies offering digital asset services.
• This amendment, proposed by Senator Daniel Labaronne, will enable crypto firms to register with the financial regulatory body according to the guidelines set by the European Union.
• The vote was successful, with a majority of 61 in favor, and it is expected to enable the crypto industry to grow and develop.
The French National Assembly has recently voted in favor of a new regulatory framework for cryptocurrencies, which would make the licensing requirements easier for companies offering digital asset services. This vote, which was proposed by Senator Daniel Labaronne, was successful, with a majority of 61 in favor. This new framework is expected to enable the crypto industry to grow and develop, as well as provide much needed relief to the sector.
Under the new framework, crypto firms will be able to register with the financial regulatory body according to the guidelines set by the European Union. This means that companies offering digital asset services will no longer need to obtain a higher-tier license in order to do business. This will make the licensing process easier and more streamlined, enabling companies to begin operations more quickly.
The amendment was tabled in December, at around the same time the FTX exchange filed for bankruptcy with more than $8 billion owed to investors. This highlighted the need for a more comprehensive regulatory framework that would provide greater protection to investors and businesses operating in the crypto space.
The Labarrone proposal seeks to support the crypto industry’s growth and provide much needed relief to the sector. It is hoped that the new framework will enable the industry to grow and develop, as well as provide greater security for investors. Furthermore, it is expected that the new regulations will create a more favorable environment for businesses looking to enter the crypto space.
Overall, the French National Assembly’s vote in favor of the new regulatory framework for cryptocurrencies is a welcome development for the industry. It is hoped that the new framework will enable the sector to grow and develop, while providing much needed relief to businesses operating in the space. Furthermore, it is expected that the new regulations will create a more secure and favorable environment for both investors and businesses alike.