This January 24 at 7:30 p.m., the representatives rejected the proposal of mandatory authorization that could concern Digital Asset Service Providers (PSAN). The decision offers a sign of relief for the French cryptocurrency industry, although it has had to remain on guard in recent months.

Let’s give a little context

On December 13, 2022, centrist senator Hervé Maurey introduced Amendment to make PSAN certification mandatory for unregistered providers from October 2023.

As a reminder, the PACTE Law in 2019 introduced a two-tier regulatory system for Digital Asset Service Providers (PSAN): Mandatory registration To operate in the French market, which imposes obligations in the fight against money laundering and terrorist financing and A very demanding, but optional recognition.

But where did this idea of ​​making certification mandatory come from? FTX breakout is the root causeEven if the link between the platform and the French market was precisely its non-compliance with locally applicable regulations.

Although the European MiCA regulation is expected for 2024, senators have seen fit to make certification mandatory for any new company wishing to start activity as a PSAN in France.

Faced with such an inappropriate response, the Association for Digital Development (ADAN) and other organizations intervened to inform public decision-makers. Making PSAN certification compulsory in France would only destroy the local industry.

To understand why mandatory certification would be counterproductive, Check out our discussion with Faustine Fleuret (President of Adan) and Owen “Hasheur” Simonin (CEO of Meria) :

A tentative agreement was found

After weeks of negotiations between the various parties concerned, a compromise solution was therefore found to strengthen the conditions for obtaining registration for new entrants to the financial market, instead of implementing mandatory authorization.

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This approach, which is widely supported by the association, provides a more appropriate response to the various objectives of protecting savers and restoring confidence in the cryptocurrency market, without hindering innovation.

pour Faustine FleuretPresident and CEO of the Association for Development of Digital Assets:

“This is a practical decision for a happy medium between the flourishing of innovation in France and a safe environment for users who need it. But it is also a message of the sector’s attention to the exemplification and professionalism expected of artists in the direction of the harmonization of European regulations. »

On the other hand, the French blockchain sector will have to be careful in the coming months. The government tabled a last-minute sub-amendment to MP Daniel Labron’s amendment, giving him the power to legislate on the matter through ordinance within 12 months. thus, Compulsory acceptance is potentially only temporarily excluded.

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