New Crypto License Application. Francois Villeroy de Galhau, Governor of the Banque de France, said in a speech on Thursday that crypto companies in France should be forced to obtain a DASP license “as soon as possible.”
The DASP crypto license is now optional in France. Crypto companies offering trading and holding are required to register with the Autorité des marchés financiers (AMF). None of the 60 companies registered with the AMF have DASP licenses.
The current law allows crypto companies to avoid obtaining a DASP license until 2026. Francois Villeroy de Galhau, Governor of the Banque de France, called for stricter regulations for the crypto industry during a speech Thursday in Paris, according to Bloomberg.
France’s Central Bank Governor Calls for Crypto License to be Made Mandatory
Villeroy said crypto-focused companies should be subject to “mandatory” crypto license as soon as possible. He said that the EU should not wait to implement upcoming legislation such as the European Parliament Bill on Crypto Asset Markets (MiCA). “The whole crisis of 2022 gives a simple confirmation: it is desirable for France to move quickly to the authorization of the DASP, instead of a simple registration”, he said.
Companies that want to obtain a Digital Asset Service Provider (DASP) license must comply with strict regulations related to finance, business structure and other areas. DASP is currently optional in France. Companies that provide crypto services such as trading and holding are required to register with the French Financial Markets Regulatory Authority (AMF). Of the 60 companies registered with the AMF, none have DASP approval.
The current law in France allows crypto companies to operate without a DASP license until 2026. However, that may change in the coming months as regulators around the world prepare to introduce stricter crypto regulations.
Behind
It is unclear whether and when the DASP license law will change.
Why You Should Care
Regulators seem to be on a roll lately to discuss the cryptocurrency industry. If their promises come true, crypto may have another interesting year ahead of it.
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