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France will tighten regulation of the cryptocurrency sector

The French Financial Markets Authority (AMF) begins the process of licensing cryptocurrency companies operating inside the country. Such changes will affect a number of companies that will be checked and will need to be approved by the financial regulator of the France.

According to the new tightened rules, these enterprises will have to be under careful control, especially in terms of paying taxes, complying with capital requirements for their activities, as well as protecting consumer rights.

It is known that the new rules from the French Financial Markets Authority will come into force by the end of July. All crypto companies that will be tested and will comply with the established standards will receive a work permit in France.

The head of AMF Ann Marechal said that such actions by France in relation to the regulation of the cryptoindustry will make the country a “forerunner” in this area.

France is the forerunner. We will have a legal, tax and regulatory framework to regulate the cryptographic market Ann Marechal AMF Executive Director

Note that at the moment there are no uniform standards for the regulation of the cryptocurrency market, therefore in each country the rules are very different. For example, countries such as Belarus and Malta have already passed laws regarding digital assets. However, in most countries, the cryptoindustry is still outside the regulatory framework. According to many media, the impulse to establish greater legal clarity in the field of cryptocurrency regulation was the news about the upcoming release of the Libra token from the American technical giant Facebook.

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