Bloomberg Law
Jan. 5, 2023, 6:00 PM

France’s Villeroy Urges Obligatory Licensing for Crypto Firms

William Horobin
William Horobin
Bloomberg News

Bank of France Governor Francois Villeroy de Galhau urged tougher regulatory requirements for crypto firms, in what could be a setback for an industry seeking to secure a stronger foothold in Europe.

Villeroy said that recent volatility in the sector means France shouldn’t wait for European rules to come into effect before making it obligatory for Digital Asset Service Providers, or DASP, to obtain licensing from authorities.

That’s currently optional and no providers have such a license in France. About 60 — including Binance Holdings Ltd. — have obtained the the lighter-touch “registration” from markets authority AMF.

“All the disorder ...