PARIS—The French Parliament has passed new legislation that modifies the regulatory framework applicable to digital asset service providers based in France, or that provide services in France.
Services covered by the new French law would include financial services rendered with respect to digital assets on behalf of third parties, including the custody of digital assets, buying or selling of digital assets in legal tender, trading of digital assets for other digital assets and the operation of a trading platform for digital assets, Kramer Levin reported.
The new legislation establishes a third regulatory regime applicable to digital asset service providers, which substantially overlaps with that of a licensed digital asset service provider and is referred to as “reinforced registration,” Kramer Levin said.
Goal to Protect Investors
The report added, “The adoption of this law demonstrates the legislature’s intent to step in to protect French crypto investors after the collapse of prominent crypto companies in the past few months, and to allow regulators to exert stricter oversight of the sector pending MiCA’s (Markets in Crypto Assets) entry into force.”
MiCA is a comprehensive European regulation that provides for a “harmonized” framework for the regulation of digital assets-based services in Europe, Kramer levin noted.
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