French regulators will place more pressure on crypto companies that have been registered or are currently seeking to be registered in France. Francois Villeroy de Galhau, Governor of Bank of France, expressed concern that crypto firms like Binance would be granted less stringent registration by France’s Financial Markets Authority. He asserts that France must move to a mandatory licensing system for crypto firms.
Francois Villeroy de Galhau, Governor of the French central bank, is urging for stricter regulatory requirements regarding crypto firms in France. He stated that 60 firms, including Binance have received less stringent registration from the Autorite des Marches Financiers.

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Villeroy, speaking to the financial sector in Paris on Thursday, said that all the disorder in 2022 feeds one simple belief: France should move to an obligatory licensing for DASP as soon possible.
Binance, a crypto exchange, manages operations in Europe from its Paris headquarters. It was approved by French regulators to operate in the capacity of a Digital Asset Service Provider (DASP) in May 2017.
Binance CEO “CZ”, Binance’s French counterpart, has increased crypto exchange activity in France and met with officials to ensure compliance with anti-money laundering laws and regulations. He even called France Europe’s crypto hub.
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Villeroy believes that the volatility in crypto prices and turmoils in crypto markets last year are serious concerns. France should not wait for the European Union’s MiCA, which will make it mandatory for Digital Asset Service Providers (DASPs) to get licensing from authorities.

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Crypto firms must meet certain requirements to be licensed. These include financial resources, organization, and business conduct.
Also read: Justin Sun Confirms 20% of Staff Layoff at Huobi

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