France to pass strict crypto companies licensing laws

The objective of the French authorities is for companies to work with official authorization for operations with digital assets

France is on the verge of implementing a new law that will require all cryptocurrency-related businesses to obtain a license to operate in the country. The law, which has been the subject of intense debate, is considered one of the strictest in Europe in terms of regulating cryptocurrencies.

The new law will establish a series of requirements, including regular financial reporting, the implementation of advanced cybersecurity measures, and the obligation to comply with KYC (know your customer) and AML (anti-money laundering) standards.

The new law is expected to have a major impact on the French crypto market, as many companies could be forced to close if they do not comply with the established requirements.

Although some have criticized the law as being too strict, others have praised the move for improving the security and transparency of the crypto market.

The new law is expected to be approved in the coming months and take effect later this year. It will be interesting to see how this measure affects the crypto industry in France and if other European countries will follow suit.

K. Tovar

Source: Cointelegraph

(Reference image source: file)

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