France Considers Full Licensing for Crypto Firms in October, Citing FTX Bankruptcy

Hervé Maurey, a member of the Finance Committee of the French Senate, proposed an amendment on Tuesday that would require any provider wishing to engage in digital asset services to undergo mandatory registration in France by October 2023 at the latest. The amendment stated that FTX's recent bankruptcy highlighted the inherent risks of any investment in encrypted assets. France's current two-level mechanism is divided into mandatory registration and optional certification, allowing cryptocurrency companies to operate in the country without a full license until 2026. country operations. The amendment passed the Senate this week and will go to the French parliament next year.