New crypto players get a break but will have to fulfill more commitments

Published January 25, 2023, 8:00 AM

The crypto ecosystem breathed a sigh of relief on Tuesday evening. Since late last year, he has been concerned about a piece of legislation passed in the Senate that planned to make mandatory “authorization” as a Digital Asset Service Provider (PSAN) granted by the Autorité des Marchés financiers (AMF). for new companies in the industry. The provision that anticipated the proposal for a European regulation (MiCA) is still far from being applied – it will not happen before 2024 or even 2025.

First of all, the latter leaves an 18-month eligibility period for European cryptocurrency players to gain approval when Senate text sets October 1, 2023 as the deadline for companies to exit. Those already in existence or planning to launch before the deadline could continue with a simple PSAN “registration” with the AMF, the only mandatory procedure for digital asset players to date in France and much less onerous than approval. Companies in the sector born after October 1, for their part, had to immediately move on to the next step.

Finally, the National Assembly, which last night was studying the text of the Senate (a bill containing various provisions for adaptation to European Union law), passed an amendment by MP Daniel Labaron (Renaissance), allowing future companies using cryptocurrencies to be content with registration as long as the application of the European regulations. “We have found a way to balance with the various players in the ecosystem,” he greeted in a half-cycle ahead of a vote that counted 61 votes in favor and 30 against. “We offer enhanced registration,” he stressed.

Additional Commitments Pending Approval

Its text imposes new obligations from January 1, 2024 on any company registered as a PSAN. In particular: the publication of prices, the separation of client accounts (this distinguishes the cryptocurrency accounts of his clients from his own), as well as the prohibition to invest their assets unless he has received their prior consent.

MP Hugo Bernalichis (France Insoumise) commented: “It’s better than if it were worse. He criticized cryptocurrencies, which he says are “the new toy for speculation” and “the new highway for money laundering.”

Digital Transition Minister Jean-Noel Barrault (Modem) previously recalled the context of legislative writing: “The scam that led to the collapse of FTX prompted senators and then rapporteur Labaron to try to take defensive action. He also assured that as soon as the European regulation is adopted, without waiting for its application, the French approval will be modeled ” [l’]mica approval […]which is particularly demanding and which, according to international observers,[aux] will protect us from scandals like those that occurred in connection with the fraud that led to the collapse of FTX. “What an act.

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