French National Assembly Approves New Crypto Company Registration Rules, Pending Presidential Approval

According to CoinDesk, the French National Assembly voted to approve a new bill on the registration rules for crypto companies, with a final vote of 109 in favor and 71 against. The bill, already passed by the French Senate, is expected to become law after French President Emmanuel Macron approves it within 15 days. The new Crypto Company Registration Act will subject crypto service providers to higher regulatory standards, such as corporate governance, rules on segregation of funds, and guidelines for reporting to regulators, among others. Companies also need to clearly disclose risks and implement a conflict of interest policy. The enhanced registration process will apply to companies registered from July 2023, and companies already registered with the Financial Markets Authority (AMF) will be able to continue operating under existing anti-money laundering rules until the EU Markets in Cryptoassets Act (MiCA) provides The end of the transition period, probably in 2026.