French senators vote to ease crypto licensing regulation

Quick Take

  • The French crypto industry will see laxer provisions on regulatory registration after a vote in the National Assembly.
  • A stricter amendment proposed following the collapse of FTX was scraped.

The French National Assembly voted in favor of rules that will ease licensing requirements for crypto firms, offering a sigh of relief for the industry.

Lawmakers opted for an amendment proposed by Sen. Daniel Labaronne that allows crypto firms to register with the financial regulator following requirements already covered by the European Union’s comprehensive regulation for crypto assets which will enforce licensing. The vote passed with a tally of 61 in favor and 33 against.

In December, Sen. Herve Maurey had proposed an amendment that would have required a higher-tier license that has yet to be obtained by a single company. The stricter amendment had come in the wake of the collapse of the FTX exchange as policymakers called for a crackdown on crypto regulation.

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