French central banker pushes mandatory crypto firm licensing for 2023

Quick Take

  • Bank of France governor François Villeroy de Galhau called for switching to a mandatory licensing regime for crypto firms in 2023.
  • The central banker wants to be ahead of EU-wide crypto regulation, which is expected to start rolling out in 2024.

Bank of France Governor François Villeroy de Galhau is looking to tighten the country’s grip on companies providing crypto services this year — ahead of EU-wide regulation expected to roll out in 2024. 

“The disruption seen in 2022 is nourishing one basic conviction: France should switch as soon as possible to the compulsory authorization of DASPs (digital asset service providers) rather than simply requiring their registration,” Villeroy said in a speech on Thursday.

The French financial regulator, Autorité des marchés financiers (AMF), currently offers registration to crypto companies looking to legally provide services, as well as optional licensing. The coming year may enforce mandatory licensing provisions for crypto asset service providers.

Crypto behemoth Binance is one of the companies which was granted the French license earlier this year, as well as Société Générale, one of France's leading banks.

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