French lawmakers have voted in favor of stricter requirements on local crypto firms with a bill aiming to protect French consumers from now until the likely passing of the EU’s MiCA bill in 2024.
If passed, the new law would oblige France-based cryptocurrency service providers to comply with stricter anti-money laundering rules, show that customer funds are segregated, adhere to new guidelines on reporting to regulators and provide more detailed risk and conflict of interest disclosures as a means to strengthen consumer protection.
The contents of the bill would not however apply to the 60 crypto firms registered with the Financial Markets Authority , the nation’s financial regulator. These firms will continue to comply with the AMF’s rules until the likely passing of the EU’s own crypto regulations with the Markets in Crypto-Assets bill.
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