France Adopts New Rules for Registration of Crypto Companies

The French National Assembly has voted in favor of a bill that establishes stricter regulations for cryptocurrency companies.

The bill must be approved by President Emmanuel Macron within 15 days or sent back for revision. If it is approved, the changes will go into effect in July 2023.

The bill is intended to complement pan-European digital asset markets legislation, which is expected to be adopted by the European Parliament in April 2023. It sets higher standards for cryptographic service providers and firms that have already received an AMF license will be allowed to continue until the end of the transition period in 2026.

Additionally, the European Commission announced in December 2022 plans to require virtual asset providers to transfer customer data to local tax authorities.