Bank of France Governor Francois Villeroy de Galhau urged tougher regulatory requirements for crypto firms, in what could be a setback for an industry seeking to secure a stronger foothold in Europe.
(Bloomberg) — Bank of France Governor Francois Villeroy de Galhau urged tougher regulatory requirements for crypto firms, in what could be a setback for an industry seeking to secure a stronger foothold in Europe.
Villeroy said that recent volatility in the sector means France shouldn’t wait for European rules to come into effect before making it obligatory for Digital Asset Service Providers, or DASP, to obtain licensing from authorities.
That’s currently optional and no providers have such a license in France. About 60 — including Binance Holdings Ltd. — have obtained the the lighter-touch “registration” from markets authority AMF.
“All the disorder in 2022 feeds a simple belief: it is desirable for France to move to an obligatory licensing of DASP as soon as possible, rather than just registration,” Villeroy said Thursday in a speech to the financial sector in Paris.
For a DASP to obtain licensing, it must comply with certain requirements in terms of organization, financial resources and business conduct, according to the AMF.
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