France's financial market regulator will spell out the new requirements for crypto firms to register in the country, Marie-Anne Barbat-Layani, head of the agency, said Wednesday.
“We will work to clarify these new rules,” Financial Market Authority (AMF) Chairwoman Barbat-Layani told lawmakers on the French Senate’s finance committee of legislation the National Assembly voted for on Tuesday, saying her experts will talk with industry representatives.
Extra checks on companies’ cybersecurity were a “particularly important” element of the new rules, Barbat-Layani said, despite protests from crypto lobbyists that they could prove unworkable for crypto firms to meet in practice.
In a proposal rubber stamped by the French National Assembly Tuesday, lawmakers proposed strengthening the regulatory regime in the wake of the collapse of FTX, although Barbat-Layani urged the politicians not to tar the whole industry with the same brush.
“Digital finance shouldn’t be condemned for FTX any more than traditional finance was for Madoff,” she said, referring to Bernie Madoff, who perpetuated a Ponzi scheme and who died in prison in 2021.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.