“Welcome to France: Where Crypto Companies Find Clarity Amid US Regulatory Uncertainty”

” Welcome ! (goal “Warning!” also) – Aggressions by US financial regulators against players in the cryptosphere are in full swing in the UNITED STATES. The Securities and Exchange Commission (SEC) is particularly virulent, and chains targets among crypto projects. In this context, the Autorité des marchés financiers (AMF) claims to want welcome in France the exiled crypto-companies of the USA. For that, we should already start by (finally) accepting a first PSAN approval.

MiCA and French Crypto Regulation: Better than the US Anti-Bitcoin Hell?

On the other side of the Atlantic, a real harassment campaign companies in the sector Bitcoin (BTC) and cryptocurrencies is being conducted. Even if voices are raised for to denounce this Operation Choke Point 2.0 » of the Biden administration and its financial regulators (SEC in the lead), crypto players are immersed in full regulatory uncertainty to USA.

In Franceand even if all is far from rosy, the regulatory framework for Digital Asset Service Providers (DSPs) been reinforced (or hardened, according to taste) in March 2023. Similarly, at the level of the European Union, it is the MiCA regulation which has just been approved definitively. With a probable entry into force around May 2024. In the absence of ease, we can therefore speak of clarity regulatory.

As the reports including a post from CoinDesk, theFinancial Markets Authority in France held welcome to all the actors preferring to leave the legal vagueness on crypto-assets in the United States:

“In France, we are proud to be pioneers [dans la réglementation des cryptos]. (…) If the American actors want to benefit from the French regime (…) then from the European mechanisms, it is clear that they are welcome. »

Benoît de Juvigny, Secretary General of the Autorité des Marchés Financiers

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Clarity on digital assets in France, yes, but hypercomplexity too!

If regulatory frameworks are finally beginning to be built in France and Europe for Bitcoin and its ilk, this is not without some serious puzzles with regard to the obligations of compliance. Because if today 74 crypto-companies (or 72, if we count two delisted) have managed to validate their PSAN recordthere is always no none who managed to obtain the unattainable PSAN approval of the AMF.

Not even giants like the crypto exchange Binance who, despite a real army as a compliance department (700 people), is simply registered PSAN, without approval. In addition to this significant difficulty, another regulatory discussion – potentially very problematic – is in progress. It is of course about the “influencers” law.

Although it has (fortunately) been softened since, this text was so badly conceived at the start that it could have prohibit all forms of advertising for crypto-companies not accredited PSAN (so absolutely all!). This, on the part of “influencers” whose definition was very very vague.

Come to France, yes, why not, seen the incredible hostility that the Chairman of the SEC, Gary Gensler, and the Democrats show against crypto actors. But it will not be a paradise, far from it. Here too, the sector must constantly fighting to correct text proposals capable of kill simply l’innovation driven by crypto-assets and their technologies. Welcome American friends, but also be warned!

In France, at least things are clear! Registration with the AMF, PSAN status, the CZ platform is in the nails. Run to register on BinanceTHE absolute benchmark for crypto exchanges, and save 10% on your trading fees by following this link (commercial link).