France is among the European countries that have wanted to introduce stricter regulatory rules around cryptocurrencies.
A stricter regulatory policy would mean that the crypto firms would have to go through strict screenings and checks before they are allowed to operate.
Stricter Licensing Rules
The French National Assembly has come up with the right solution in order to deal with this situation.
As per the reports, the National Assembly of France is confident that the stricter rules for the licensing of crypto firms would streamline the crypto industry in the country.
The country wants to harmonize itself with the same rules and policies that are introduced and practiced by the European Union (EU) against cryptocurrencies.
It wants to meet the same standards, and given the determination the country has shown, it will be able to achieve the absolute goal.
Vote at the National Assembly
A vote has already been cast at the French Assembly to decide whether stricter legislation is necessary for crypto firms or not.
The total count of the votes was 180 out of which, 71 (39.5%) votes were against while 109 (60.5%) votes were in favor of the proposition.
The bill has already been passed by the French Senate and it has been forwarded to Emmanuel Macron, the President of France. The President will have 15 days to either give the green signal to the bill or show it the red sign.
Showing the red sign would mean that the President does not approve of the rules and policies surrounding the policy. The bill will be sent back to the legislature to make necessary amendments and the process will be repeated.
In Case the Law is Passed
Once the bill has been passed into law, then every crypto firm operating or wanting to operate in France will need to comply with the new legislation.
The new rules would be stricter than the previous ones and would greatly stress strict compliance with the anti-money laundering standards.
Every crypto firm operating in France has to ensure that they offer separate accounts to the users where the funds would be deposited.
The new bill also stresses the fact that crypto firms would have to be fair and transparent when providing their services.
They will need to adhere to all the policies and regulations to ensure that they offer and honor consumer protection.
Pre-Authorized Crypto Firms are Good
Once permitted, the new legislation would be in place for the cryptocurrency firms who want to operate in the country.
It has been clarified that the cryptocurrency firms that have already acquired the proper licensing from the Financial Markets Authority (AMF) won’t have to get licensed.