French cryptocurrency companies to face stricter registration conditions

02/13/2023 12:43 • Digital Disruptors • 161 views

On February 13, according to the plan released by the legislators’ committees of the two houses of the French Parliament, the registration conditions of French cryptocurrency companies will be tightened in January 2024, but will not reach the level originally required by the Senate of the upper house of the country. The documents submitted by the Committee show that the newly applied company must meet the additional requirements on internal control, network security and conflict of interest. The document will be submitted to the Senate for approval on February 16 and to the National Assembly for approval on February 28.

France will relatively tighten the registration conditions of cryptocurrency companies in January next year

Analysis based on this information:

The message discusses the plan of the two houses of the French Parliament to tighten the registration conditions of French cryptocurrency companies in January 2024. However, the level of requirements will not reach the level originally proposed by the Senate. The legislators’ committees of both houses have submitted documents outlining the additional requirements that companies must meet on internal control, network security, and conflict of interest.

The move to tighten the registration conditions of cryptocurrency companies is likely a response to the rapid growth and adoption of cryptocurrencies worldwide. Cryptocurrencies have become more mainstream, and governments are now looking to regulate the sector to prevent fraud and other illegal activities. In France, the goal is to ensure that cryptocurrency companies operate under strict regulations to protect consumers and maintain the integrity of the financial system.

One of the primary areas of focus in the proposed plan is internal control. Cryptocurrency companies must have proper procedures and systems in place to monitor and control their internal operations. The move is aimed at preventing fraud, money laundering, and other illegal activities. The new regulations will also require companies to have robust measures in place to ensure network security. Cryptocurrencies are highly vulnerable to cyberattacks, and the new regulations aim to ensure that these companies implement adequate security measures.

Another area of focus is the conflict of interest. Cryptocurrency companies may engage in practices that are harmful to their customers and investors. The new regulations aim to prevent conflicts of interest and ensure that companies act in the best interest of their customers.

In conclusion, the French Parliament’s move to tighten the registration conditions of cryptocurrency companies is a step towards regulating the sector and protecting consumers. The plan outlines additional requirements for companies on internal control, network security, and conflict of interest. The move is aimed at preventing fraud, money laundering, and other illegal activities, and ensuring that companies operate under strict regulations.

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French cryptocurrency companies to face stricter registration conditions

France will relatively tighten the registration conditions of cryptocurrency companies in January next year

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