Francois Villeroy de Galhau suggested country policymakers work on a new crypto regime system.
The European Union (EU) is a very big continent, consisting of 27 members including France. To this date, the majority of the 27 countries regulating the Crypto sector in their corresponding countries’ existing traditional financial policies, and in some member countries Crypto status is under the grey region, where Crypto is neither legal nor illegal. The Central body of the EU is working on a new Crypto law via “MiCA”.
On 5 Jan 2023, During a speech in Paris, The Bank of France’s governor Francois Villeroy de Galhau said that France should not wait for the Crypto law, designed by the EU’s MiCA.
Reportedly, the Bank of France governor pointed out the current financial situation of the country with Crypto market and noted that the country needed to introduce its own obligatory licensing for local digital asset service providers (DASPs).
Bank governor said:
“All the disorder in 2022 feeds a simple belief: France should move to an obligatory licensing of DASP as soon as possible, rather than just registration.”
In the present time, Crypto companies are providing services without any licence provision, instead, they are registered with the country’s financial market regulatory body Financial Markets Authority (AMF). So there are huge chances that the country may soon introduce its crypto licence system for the country, as a mandatory thing for the companies to obtain a licence to provide services under full compliance.
According to reports, the EU’s Markets in Crypto (MiCA) has already developed a perfect model of the Crypto regulatory framework. It is expected that all the EU members will sign to approve the MiCA’s Crypto law in Q1 2023. Experts believe that the EU’ Crypto law will come into effect in 2024.