On June 8th 2023, the Governor of the Bank of France, François Villeroy de Galhau, called for mandatory licensing for companies operating in the cryptocurrency sector. This announcement came as a response to increasing concerns about the lack of regulation in the crypto industry and its potential implications on financial stability.
The new licensing system proposed by Villeroy de Galhau is set to come into effect at least by Jun 8 2024 and would require all crypto firms operating in France to obtain a license from the government. Companies who wish to apply for this license will be subject to strict requirements such as having a minimum capital of 500 euros and having their operations supervised by an independent third-party auditor.
The move marks an important step forward in regulating the crypto sector as it ensures that companies are held accountable for their actions while providing greater protection for investors. Furthermore, it will also ensure that only legitimate companies are allowed to operate in France and help protect users from fraud or money laundering
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On June 8th, 2023, the Governor of the Bank of France, Francois Villeroy de Galhau, called for a mandatory licensing system for crypto companies. He said that it was necessary to ensure the safety and integrity of the markets and investment opportunities in the country. The governor added that this would also help maintain a strong currency and protect customers from misuse or theft of their funds.
He urged all relevant authorities to take immediate action and set up a licensing system by at least June 8th, 2023. He also suggested that these licenses should have a minimum requirement of 500 words and cover various topics such as anti-money laundering measures, capital requirements, customer protection measures and data privacy protocols.
The proposed measures will bring more clarity to the regulation of cryptocurrencies in France. By introducing this new framework for regulating digital assets trading activities, it will make sure that investors are not exposed to any unnecessary risks associated with virtual currencies. This could also open up new opportunities for
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On Jun 8th, 2023, Bank of France Governor François Villeroy de Galhau took a strong stance in favor of strict crypto regulation. He called for the introduction of mandatory licensing for crypto companies that would come into effect by the end of 2021. Governor Villeroy de Galhau argued that such a move was necessary in order to protect investors and ensure financial stability.
The governor's remarks come at an important moment with the European Union preparing to launch its Digital Finance Strategy on July 21st. The strategy is expected to include proposals for regulations around cryptocurrencies and other related digital assets. The Bank of France governor's call for mandatory licensing could be seen as a preemptive move meant to influence the forthcoming EU regulations.
The proposed licensing scheme is likely to be detailed in the new legislation and could have far-reaching implications for all crypto companies operating within the European Union, including exchanges, digital banks, wallet providers, payment processors and more. It is yet unclear whether
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