• Published on 13 December 2024
• 579 Views
• Print

FSB reports progress in regulating crypto-asset activities in France

The Financial Stability Board (FSB) published its Peer Review of France, examining France’s regulation and supervision of crypto-asset activities.

The French authorities have made significant progress in monitoring, regulating and supervising crypto-assets in recent years. They successfully brought a large part of the crypto-asset market into the regulatory perimeter through the 2019 Action Plan for Business Growth and Transformation (PACTE Law). The PACTE Law introduced registration and licensing regimes for digital asset service providers, enabled authorities to build up their regulatory expertise in crypto-assets, and fostered regulatory literacy and awareness for the industry.

Notwithstanding these achievements, the review notes further steps can be taken to strengthen the regulatory framework for crypto-assets and stablecoins. These include: facilitating a smooth transition to the European Union’s Markets in Crypto-Asset Regulation (MiCAR); strengthening enforcement efforts; and promoting cross-border cooperation and information sharing.

Ryozo Himino, chair of the FSB’s Standing Committee on Standards Implementation (SCSI) that oversaw the preparation of the peer review said: “Regulatory authorities around the world are in the process of implementing the FSB’s 2023 regulatory framework for crypto-asset activities. The French authorities’ experience in introducing and adjusting their framework for crypto-assets and stablecoins will give those authorities invaluable insights on possible implementation challenges and ways to address them.”

Re-disseminated by The Asian Banker