Bitstamp, a leading crypto exchange, has added France to its list of regulated markets after registering with the Financial Markets Authority. The regulator’s website confirmed the exchange’s registration, putting Bitstamp in good company alongside Binance, Bitpanda, and Société Générale’s Forge unit.
However, Bitstamp registers in France, demonstrating a commitment to meeting the EU’s high crypto standards. The registration process includes thorough checks to ensure that the company has competent management and complies with anti-money laundering norms.
Furthermore, according to proposals approved by lawmakers at the National Assembly on January 24, 2023. Cryptocurrency companies in France would be required to follow additional conflict of interest and consumer protection rules beginning in 202.
The Assembly voted 61 to 33 in favor of the proposed legislation. However, the move will likely result in sighs of relief in the crypto industry because it represents a softening stance. Assembly’s Finance Committee, French Senate favored onerous requirements for firms to hold a compulsory license by October.
Bitstamp’s European Expansion: Navigating Regulated Markets
France, like the rest of the European Union, is gearing up to implement new EU-wide legislation known as the Markets in Crypto Assets regulation (MiCA). Following the demise of FTX, lawmakers want to ensure that national procedures do not create new loopholes.
Bitstamp, with its headquarters in Luxembourg, London, and New York, has already registered in Spain and Italy. Moreover, the European crypto sector is preparing for the arrival of the EU’s Markets in Crypto Assets (MiCA) regulation. MiCA will impose strict reserve and investor information requirements on crypto services such as wallets and exchanges.
Therefore, in the wake of the FTX collapse, French lawmakers are proposing tougher requirements for unlisted companies serving the French market. These companies will have to separate client assets and manage conflicts of interest, a move designed to facilitate the transition to MiCA.
In addition, Bitstamp’s registration in France solidifies its position as a reputable and trustworthy player in the European crypto market. Bitstamp’s commitment to high regulatory standards is good for future success as the sector awaits MiCA implementation.
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