France may review the existing policy guiding cryptocurrency firms’ operations in the country, as per a recent statement from its apex bank governor.
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Bank of France Governor Suggests Licensing Crypto Firms
Citing the disorderliness that happened in the crypto industry in 2022, the governor of the apex bank in France has called for stricter crypto regulation in France. Bloomberg reports.
According to Banque de France Governor Francois Villeroy de Galhau, licensing should be introduced instead of the existing policy that requires registration of crypto firms before they can operate in the country.
Paris should act without delay and should not wait for the coming EU regulations, he added.
In France’s current policy guiding crypto firms’ operation in the country, registration is compulsory while licensing is optional, and thus far, none of the existing crypto firms operating in France is licensed. While addressing the representatives of the financial sector on said Thursday, Villeroy de Galhau stated:
“All the disorder in 2022 feeds a simple belief: France should move to an obligatory licensing of Digital Asset Service Providers (DASP) as soon as possible, rather than just registration.”
France currently has nearly 60 crypto-related firms operating in the country including Binance, the world’s largest cryptocurrency exchange.
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