France will relatively tighten the registration conditions of cryptocurrency companies in January next year
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.
Interpretation of this information:
The French Parliament is planning to tighten the registration conditions for cryptocurrency companies by introducing new requirements for internal control, network security, and conflict of interest. The plan is set to be implemented in January 2024, but it will not be as strict as the original proposal put forward by the Senate.
The move comes as part of the country’s efforts to regulate the growing cryptocurrency market and prevent illicit activities such as money laundering and terrorist financing. The new requirements are expected to make it harder for cryptocurrency companies to operate in France, but they could also increase investor confidence by improving transparency and security.
The proposal will be submitted to the Senate and the National Assembly for approval later this month. If approved, it will become law and apply to both new and existing cryptocurrency companies in France.
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