France is making significant revisions to its rules for Bitcoin enterprises, which will take effect on January 1, 2024. The country wishes to adhere to the same rules as other European countries. This falls under the Markets in Crypto-Assets (MiCA) guidelines. This is fantastic news for France and Europe, as more governments are developing blockchain regulations to keep this business safe and secure.
The Autorité des Marchés Financiers (AMF), France’s money authority, has announced that enterprises dealing with cryptocurrencies must comply with the new guidelines. These businesses are known as digital asset service providers (DASPs). This is to ensure that they are doing everything correctly in order to protect cryptocurrency users. On top of that, they must go through a registration process to ensure that they are all ready to begin conducting business.
The new standards are intended to ensure that DASPs are extra cautious and explicit about how they operate. This is wonderful news because it avoids the issues that other crypto exchanges have faced outside of the EU. For example, the Securities and Exchange Commission (SEC) has decided to sue Coinbase and Binance.
The DASPs must now demonstrate that they are controlling conflicts of interest and provide greater information about how they operate. They must also keep their customers’ money and assets distinct from their own in order to keep their customers’ belongings safe. They are not permitted to use or access customers’ property or information unless they first obtain permission from them.
NEWS: 🇫🇷 #France is making significant revisions to its rules for crypto enterprises, which will take effect on January 1, 2024.
— Walletor (@walletorapp) August 12, 2023
All of these developments are critical to the country’s future. This is because they will ensure that the use of cryptocurrencies is safe and fair for all parties involved. Having these regulations in place guarantees that all of these businesses work in the same manner and adhere to the same rules.
Overall, if you are a company that interacts with cryptocurrencies in France, you must obey these new guidelines. As a result, everyone can feel more secure and assured when using cryptocurrency. Hopefully, France will motivate other governments to work on digital asset rules. This is done to make the market safer for both crypto exchanges and the people that use them.