France welcomes American crypto companies amid unclear regulatory environment in the US
The French watchdog invited struggling American crypto companies to set up their business in France.
France (Paris) is one of the members of the European Union (EU). Crypto mining & trading in this EU country is fully legal. At present, 74 crypto firms are registered & smoothly providing their services, under a fully clear regulation system.
Recently in speaking with the media, Benoît de Juvigny, Secretary General of the Autorité des marchés financiers (AMF), said that France is proud to be a pioneer ahead of crypto adoption under the crypto service asset provider regime (PSAN).
Further Juvigny addresses the surging problem for the crypto companies in the US jurisdiction and said that if US-based crypto companies want to enjoy the French crypto regulation system & further Markets in Crypto Assets (MiCA) in 2025, then they are welcome to get registered.
“If American players want to benefit, in the very short term, from the French regime, and from the start of 2025 from European arrangements, clearly they are welcome…..(…)…We have good relations and discussions with our U.S. counterparts.”
However the EU is still working on its crypto framework “MiCA”, to introduce it perfectly before 2025 but before 2025 the majority of the EU members are not willing to give freedom to the crypto companies & also bad actors, so they are working on their level to maintain the innovation in the crypto sector under a precise regulation system.
In France, there are many unclear regions where French watchdogs failed to provide clear crypto regulation. Recently some French watchdogs proposed new plans to impose restrictions on crypto influencers & only allow particular influencers, but so far they failed to bring any clear rules or measures to prohibit it.
Crypto companies Vs SEC
In America, the United States Securities and Exchange Commission (SEC) is the dominant crypto sector regulatory body.
The SEC body regulates crypto companies under traditional securities laws blindly. On one side, the SEC body’s failing to provide clarity on its regulatory approach, on the other side the agency is taking strict enforcement action against the crypto companies.
Once the SEC Chairman Gary Gensler said that traditional financial rules are enough to regulate cryptocurrencies and also said that if any crypto company is facing problems with the laws then it is their problem because they chose crypto-focused business.
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