BdF governor pushes licensing requirement for crypto companies

The BdF leader would push for stricter regulatory requirements for crypto companies in France, according to an article by Bloomberg.

The BdF governor climbs the crypto niche

Alarmed by the current turmoil in the crypto industry, according to a speech given in Paris on January 5, François Villeroy de Galhau said that France should not wait for the settlement of cryptocurrency markets by the European Union.Mika) which establishes a bloc-wide licensing regime that will come into force in 2024, to operate. From his perspective, France should already adopt mandatory licenses for local digital asset service providers.

The whole mess of 2022 feeds a simple conviction: it is desirable that France move as soon as possible to a compulsory license of DASP, instead of a simple registration.

The statement of the Governor of BdF quoted in Bloomberg

Remember that obtaining a license in France for a crypto company is currently optional. French or foreign, if she wants to offer her services in France, she now has the choice between two options: a mandatory PSAN registration, more focused on the fight against money laundering and the financing of terrorism ((LCB-FT), or an optional authorization based on the company’s financial information and issued by the AMF under the Pact Law of 2019.

If there are about sixty companies registered with the AMF as a digital asset service provider (PSAN), none have approval yet. And this is not a story of malice. As recently pointed out by Adan, the very active Association for the Development of Digital Assets, which represents more than 200 French and European crypto companies.

(…) it is misleading to report [ou de laisser supposer] that no PSAN is seeking approval in France, while some have started work a few months ago. On the other hand, it is not mentioned that these PSANs in the process of the procedure encounter difficulties in obtaining it (eg the impossibility of insurance for their activities), and that the deadlines for reviewing the files up to the AMF are too long [pour cause de budgets restreints].

Faustine FleurBACKpresident of Adan, on Crypto BFM

FTX’s bankruptcy resonates with public decision makers

The BdF governor’s declared impatience to want to tighten the screws on the crypto sector is in the French zeitgeist. Before him, an amendment to make PSAN approval mandatory from October 1, 2023 was passed in the Senate in December following the spectacular fall of the FTX stock exchange… domiciled in the Bahamas. It must go to the National Assembly box on January 24.

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Given the obstacle course and the extravagant cost to obtain the precious sesame, French crypto companies are seeing their horizons dark, doomed to either death or exile.

The adoption of mandatory PSAN certification is a disastrous message for French industry […]. Splitting up the most virtuous companies will have only one consequence: pushing them out or putting them out of business, while users will be able to turn to their now only option, foreign players with little or no regulation.

Faustine Fleuret, president of Adan

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We will no longer question the legitimacy of the BdF governor to trigger crypto. Well in his role as guardian of the traditional monetary temple, it would have been surprising if he had not joined the chorus of those responsible who, taking advantage of the FTX bargain, decrees impossible rules to stifle players in the sector.

In the same way, Fabio Panetta, member of the executive board of the European Central Bank and bitter detractor of crypto, also came out of the forest. In one blog post Also published on January 5th, it asked the Union to strengthen its stance on “insecure cryptos” (a gibberish perhaps referring to anything that isn’t stable…) taking inspiration from of already existing models such as regulations regarding online gambling. Objective: to make room for the digital euro in preparation.

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