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France’s Autorité des Marchés Financiers (AMF) is updating its digital asset regulatory structure in preparation for the new Market in Crypto Asset (MiCA) regulation. The changes target the General Regulation and the registration process for Digital Asset Service Providers (DASPs), requiring timely disclosure of novel developments to regulatory bodies.

“France alters its registration prerequisites for cryptocurrency firms for greater harmony with the EU’s regulations under MiCA. These requirements, effective from Jan 1, 2024, aim to offer a clearer authorization procedure and elicit discussions about the need for increased regulations in the cryptocurrency market.”

“Hex Trust, a digital asset custodian, is now registered in France, marking a significant step in its expansion in Europe. This opens doors to provide custody of digital assets and enable crypto transactions within France and Italy. Critics argue this move may foster recklessness in a volatile market.”

A&G, a Spanish private bank, has launched the country’s first local crypto hedge fund —Criptomonedas, F.I.L. This fund, overseen by Spain’s financial markets regulator, is intended for professional investors and provides a safer, more efficient alternative to spot trading in cryptocurrency.

“France emerges as a key player in the global crypto stage, thanks to supportive regulators, robust Web3 development, and a thriving talent community. The country’s inclusive attitude towards crypto, flexible regulatory framework, and significant investments in technology sectors positions it at the forefront of the European crypto ecosystem.”

France is advocating for regulatory certainty in cryptocurrency, embracing the forthcoming MiCA EU laws, and a pro-innovation approach contrasting the U.S. notably, crypto powerhouses like Binance have registered under France’s crypto law PACTE. However, this doesn’t exempt them from legal scrutiny. France’s conducive crypto environment also offers strong technological competence for ventures.

SG Forge, Societe Generale’s digital asset unit, has procured a Digital Asset Service Provider (DASP) license and become the first entity to achieve this certification in France. The company’s strides in adhering to regulatory requirements highlight the importance of alignment with the European Union’s crypto regulations, providing assurance of both compliance and banking security.

Forge, a Societe Generale subsidiary, is now France’s first licensed crypto provider. The company can custody, buy, sell, and trade digital assets for legal currency. However, the stringent approval process favors traditional banks, causing concerns over market fairness. This development underscores the balance between crypto business growth and regulatory prudence.

SG Forge, Societe Generale’s cryptocurrency division, has attained the first license to offer cryptocurrency services in France. This milestone required stringent regulatory compliance, adding credibility. While highlighting France’s strict regulatory environment, it paves a path for future licensing while challenging unlicensed firms to reconsider strategies.

CACEIS Bank, the asset servicing subsidiary of Crédit Agricole and Santander, acquires crypto custody license in France to store users’ private keys and increase institutional clients’ security. With a €2.4 trillion AUM, CACEIS avoids France’s impending stricter regulations while adhering to the EU’s MiCA legislation next year.

Credit Agricole’s CACEIS, a joint venture with Santander, recently registered as a digital asset services provider in France. The European Union has adopted the Markets in Crypto Assets (MiCA) framework, aiming to establish comprehensive regulations for cryptocurrencies in Europe, implementing environmental safeguards, supervisory provisions, and consumer protections. French market demonstrates openness to digital assets while balancing decentralization with stricter licensing requirements.

CACEIS, the asset servicing branch of Crédit Agricole and Santander, has been registered by the French Financial Markets Authority to provide cryptocurrency custody services, joining major financial institutions like Societe Generale’s Forge and AXA Investment Managers under advanced crypto regulatory frameworks.

France’s top markets regulator, the Autorité des Marchés Financiers (AMF), calls for a globally coordinated approach to decentralized finance (DeFi) regulation, aiming to protect investors and foster innovation. The AMF highlights the challenges in categorizing and regulating DeFi protocols, emphasizing the need for consistency and uniformity in regulations across borders. A globally coordinated approach could potentially shape the DeFi industry’s future, ensuring a level playing field while promoting innovation and investor protection.

According to the French stock market regulator AMF’s annual report, digital asset-related mediations and registered digital asset service providers (DASPs) significantly increased in 2022. This growth could indicate increased industry adoption but also raises concerns about potential disputes and the need for stronger oversight.

French lawmakers revised a bill regulating influencer marketing for crypto firms, now requiring companies to be registered with the Financial Markets Authority. Supporters argue it creates transparency, while critics say it may hinder the industry’s growth and lead to accusations of government interference.

TradeBlock, a subsidiary of Digital Currency Group, is reportedly closing down due to factors including the crypto winter and challenging US regulatory environment for digital assets. This highlights the need for regulators and market participants to find common ground, balancing regulatory requirements with industry growth to tap into blockchain and cryptocurrency opportunities.

Cryptocurrency exchange OKX aims to establish a significant presence in France as a European hub, following 74 companies that gained regulatory approval from France’s Financial Markets Authority. OKX has submitted an application to be a Digital Asset Service Provider and plans to hire around 100 individuals within three years. This move highlights France’s growing popularity as a crypto hub and the potential for increased acceptance in mainstream markets.

Many crypto CEOs, including Coinbase’s Brian Armstrong and Ripple’s Brad Garlinghouse, are considering European markets, especially France, for more lenient crypto regulations. With 72 registered crypto companies in France and clearer regulation compared to the US, European markets may attract more businesses.

France is attracting crypto businesses seeking refuge from regulatory uncertainty in the United States. French regulations provide predictability and stability for crypto companies, with approximately 74 registered firms and potential to increase to 100 ahead of MiCA regulations in 2025.

The French Senate’s Committee on Economic Affairs has approved an amendment allowing registered cryptocurrency firms to engage social media influencers for advertising and promotions, showcasing a more lenient approach compared to the National Assembly’s more restrictive stance. This regulation aims to capitalize on influencer marketing while ensuring promotional materials are presented fairly and accurately.

The French Senate’s Committee on Economic Affairs approved an amendment allowing registered cryptocurrency companies to hire social media influencers for promotional purposes, marking a shift from earlier restrictions. This presents growth opportunities for the French crypto market but raises concerns about consumer protection and responsible advertising.