Regulator says-time is running out for French crypto registration system. 

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This Wednesday, a senior official at France's Financial Markets Authority (AMF) called on crypto companies operating in France to prepare for tougher standards from the European Union.

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The country will end its light national registration system for crypto service providers, confirmed AMF Secretary-General Benoit de Juvigny.

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France has tried to distinguish itself as a crypto hub. Companies like Binance and Crypto.com are already registered under its legal regime.

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That system will be replaced by the EU Markets in Crypto Assets (MiCA) framework by 2024.

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France goes further than anti-money laundering checks to include guarantees intended to ensure financial security.

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"Juvigny said at a fintech event organized by the AMF and the Central Bank of France in Paris. "The time to register under the French regime ... will end soon.

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Its subsidiary Forge was recently registered with the AMF. French banks such as Societe Generale are strong proponents of the benefits of placing securities on the blockchain.

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Lawmakers are more or less confirmed to chair the AMF when Juvigny speaks. Juvigny will soon work with former bank lobbyist Marie-Anne Barbat-Layny.

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