The Governor of the Bank of France has demanded stricter legal requirements for crypto due to the turmoil in the markets. The Chairman pointed out that the current market turmoil shows that such requirements are urgently needed.
According to Bloomberg, the Governor of the Bank of France, François Villeroy de Galhau, is pushing for stricter legal requirements for crypto companies in France. This will differ from the European Union’s MiCA regulation, which will establish a region-wide regime for crypto companies.
Obtaining a license for Asset Service Providers (DASPs) in France is currently optional and no provider currently has such a license. According to Villeroy, the current market turmoil has clearly highlighted the need for licensing in France. Villeroy said in a speech in Paris:
“All the disorder in 2022 feeds on a simple belief: France needs to switch to a mandatory DASP licensing as soon as possible, rather than just registration”