France to Introduce Interim Period Before Obtaining a License for Crypto Companies

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The Bank of France advocates a gradual tightening of control over all cryptocurrency companies.

According to the regulator, first of all, attention should be paid to ensuring the transparency of transactions with digital assets. Taking this into account, the regulator has forced crypto exchanges to introduce mandatory verification of traders.

The measures of the authorities have caused dissatisfaction with the crypto business, which is the reason why it has decided to soften its policy. Parliamentarians have now decided to abandon such stringent requirements.

The French National Assembly voted yesterday for a bill that introduces an interim period before obtaining a license.

Each company will be able to apply for business registration at the beginning of 2024 and start working on the French market. It will have time to comply with the requirements of the authorities after registration, and then the exchange or crypto service will be able to go through the licensing procedure.

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