- Financial Markets Authority (AMF) is responsible for registering crypto companies like Binance and Crypto.com in France.
- France anticipates the European Union’s bloc-wide rules known as the Markets in Crypto Assets Regulation (MiCA) could take effect in 2024.
- Marie-Anne Barbat-Layani, former bank lobbyist, is keen to see France become a crypto hub and has been cleared to head France’s financial markets regulator.
Marie-Anne Barbat-Layani, a former bank lobbyist, will now head France’s financial markets regulator, Financial Markets Authority (AMF). The French government is keen on becoming a crypto hub, therefore this is a key move for crypto adoption in the country.
Also read: Bitcoin price: Could BTC be headed to $13,000 in the global liquidity crunch?
France gets new crypto watchdog Financial Markets Authority
French lawmakers voted in favor of former bank lobbyist Marie-Anne Barbat-Layani’s appointment as chair of the new crypto watchdog, Financial Markets Authority (AMF). The French government is keen on becoming a crypto hub and has set up one of the first crypto licensing regimes in the European Union. Bruno Le Maire, finance minister reiterated France’s desire to be a crypto hub in a recent interview on October 17, Monday.
Leading crypto players Binance and Crypto.com have already registered under the country’s regime, managed by the AMF, alongside the central bank.
France anticipates the European Union’s bloc-wide rules as the Markets in Crypto Assets Regulation (MiCA) could take effect in 2024. The new chair Barbat-Layani has sent a warning to licensed crypto firms, reminding lawmakers that licenses once granted are temporary. The chair clarified that licenses are not permanent and can be taken away, this is an intended feature and not a bug in the policy of the financial watchdog.
If a crypto firm sees their registration withdrawn it would act as reverse advertising and the AMF has sought this in its terms of communication. Barbat-Layani said, “I greatly admire the approach that was taken by the AMF (in setting up the system and ensuring protection for young investors). It was a form of bet, not necessarily welcomed unanimously at the time … I think that this risk taking was justified.”
Bykep, a crypto company recently had its registration removed without its consent, AMF’s first move in revoking a crypto license. The regulator cited serious failings in money laundering controls and a cyber attack as the key reasons behind the revoking the license. According to the French financial watchdog, Bykep had protested that the accusations didn’t justify the removal of its license.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.