Safety first it is said in France of financial supervision. New rules to ensure more security in the crypto world. Existing laws will be corrected.
The financial supervision in France on crypto-terms and conditions
The AMF, France’s highest Supervisory authority for the financial markets has triggered several times in the past, efforts to ensure that the topic of digital currencies and their safekeeping for clear guidelines. This is also given in the current case. Companies that offer customer services for the storage of Bitcoins and Altcoins in the future at the authority’s license. Compared with the rules of some other States, it is in fact a legal push, with consequences for the market. Because of the Autorité des Marchés Financiers (AMF) strengthens the existing “PACTE-law” in the country. The requirements for obtaining a so-called DASPs-license have it quite in and go out in some points clear about the since the spring of applicable case law. The abbreviation for DASP stands for the concept of Digital Asset Service Provider, i.e. a provider of services in the context of digital assets.
All service providers must now register
Companies seeking such approval, the authority to now apply to. In doing so, the underlying activities to the important topic of cyber security. Companies that are on a “non-compulsory admission”, you need to provide exact Details about the security measures to the Supervisory authority. First, the information had already become in the past few days, it is now clear that applications can be filed without a time. Important the new rules, not least, for companies that plan to ICOs, wherein it is for the authority, in accordance with the new legal situation of different categories of crypto-assets, services and, thus, also of the crypto-companies. As so often in recent months, the AMF intends to implement in particular the provisions under the upper handle AMLD5 in the act. These are internationally the problems of terrorist financing and money laundering fighting.
Many of the requirements prior to admission
French companies and such, the crypto-Assets, you want to keep in France, are now without registration dependent. Stock exchanges and Wallet services fall under the new rules. The authority requires for the examination of comprehensive programs for the digital security worked, and compliance with Europe-wide data protection requirements. Exams are held in the Other repeatedly and not only once. The disclosure of the business models is an important Foundation of the new practice, as well as a business plans for at least two years and current addresses of the applicant. Also an insurance requirement professional liability) and sufficient capital to protect against write the new rules. Add to this contemporary and secure systems for the control of the services, sufficient staff, a meaningful procedure for the processing of damage reports, as well as a kind of Ombudsman/woman. Last but not least, there must be a Senior Manager.