French Parliament to Tighten Cryptocurrency Company Registration Conditions
On February 13, according to the plan released by the legislators\’ committees of the two houses of the French Parliament, the registration conditions of French…
On February 13, according to the plan released by the legislators’ committees of the two houses of the French Parliament, the registration conditions of French cryptocurrency companies will be tightened in January 2024, but will not reach the level originally required by the Senate of the upper house of the country. The documents submitted by the Committee show that the newly applied company must meet the additional requirements on internal control, network security and conflict of interest. The document will be submitted to the Senate for approval on February 16 and to the National Assembly for approval on February 28.
France will relatively tighten the registration conditions of cryptocurrency companies in January next year
Interpretation of the news:
The legislators’ committees of the two houses of the French Parliament have released a plan to tighten the registration conditions of cryptocurrency companies in the country. This new measure will come into effect by January 2024.
The new conditions are not as stringent as the ones that were originally proposed by the Senate of the upper house of the parliament. However, the additional requirements on internal control, network security, and conflict of interest are expected to enhance the safety of cryptocurrency transactions in the country.
One of the main areas of the additional requirements is internal control. This means that cryptocurrency companies must have proper checks and measures in place to ensure that they operate in a transparent and accountable manner. The new regulations also cover network security to safeguard cryptocurrency transactions and prevent cyber attacks.
Another noteworthy area of the new regulations is the conflict of interest provision. This means that companies that are involved in cryptocurrency transactions must disclose any potential conflicts of interest that may arise from their operations. This provision aims to prevent companies from engaging in fraudulent activities or biased decision-making, which can have a negative impact on the cryptocurrency industry.
The plan submitted by the committees will undergo approval processes in both the Senate and the National Assembly in February 2021. This move marks a significant step for the French government, which has been working on improving the regulatory framework for the cryptocurrency industry. These additional regulations are expected to attract new players to the French market and enhance the country’s position as a cryptocurrency hub in Europe.
In conclusion, the announcement by the French Parliament to tighten registration conditions for cryptocurrency companies is a welcome development for the industry. It is expected to foster trust between investors and companies as well as ensure the safety of transactions. The three keywords (internal control, network security, and conflict of interest) highlight the key areas that require attention in protecting the cryptocurrency industry and promoting its growth.
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