Approval yes, but how? – The threat is confirmed for French (and foreign) crypto players. After an amendment presented to the Senatenow is theFinancial Markets Authority (AMF) which confirms it PSAN approval (and not simple registration) could become obligatory. This approval would still be required inaccessible can finally be obtained!
PSAN accreditation: an impossible mirage
If by dint of perseverance, good will and meaningful expenses in accordancesome (rare and lucky) crypto companies have managed to obtain thePSAN registryit’s not there yet nobody which may even approach the unattainable approval PSAN.
However, this digital asset service provider license may very well become obligatory by the end of 2023. In his speech of “Greetings 2023 to the financial center”, the president of the AMF Marie-Anne Barbat-Layani has faced regulatory tightening around the neck of cryptocurrency players.
“(…) The MFA has chosen to be a regulator open to innovation […]. Of course, there is a need for the cryptocurrency universe to now make a clear choice of regulation and investor protection. This is its interest, because bad apples easily discredit an entire industry. The MFA, like the Parliament, is calling for an acceleration of the transition to the mandatory authorization regime […]. »
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Fortunately, no confusion between FTX fraud and crypto innovation
only little Good news of this speech for crypto-enthusiasts, Ms. Barbat-Layani seems fine make the distinction between the obvious (and ultimately very classic) scam of FTP extension and Sam Bankman-Fried on the one hand, and the promising and innovative crypto-asset sector on the other.
“Everyone here has the FTX case in mind. Clearly, it concentrates everything that we no longer wanted to see in the economic world. But it is also, and above all, clearly a fraud. And we must not conclude that technological innovation in finance is bad in itself. [Bernard] Madoff does not condemn traditional finance. FTX should not condemn digital finance. »
It would still be necessary for crypto-companies to finally be able, for example, access insurance services, mandatory to hope for the approval of the PSAN. Will MFA help support crypto companies, and especially push insurers to agree to work with them?
We wholeheartedly hope so, because otherwise and as it is, this innovative cryptocurrency industry will be totally suffocated in France, if PSAN approval becomes mandatory. Knowing that in addition to MFA, the Banque de France is also asking for it expressly that this approval becomes essential to offer services related to cryptocurrencies.
In cryptocurrency, do not save on prudence! So, to keep your crypto assets safe, your best bet is still a personal hardware wallet. To the ledger, there is something for all profiles and all cryptocurrencies. Don’t wait to secure your capital (trade link)!