Autorité des marchés financiers, the financial regulator of France, recently published a new guideline.
Companies offering digital asset services in France will be able to apply for a license from the AMF if they comply with the provisions of this manual.
License to be granted
Companies that offer digital asset services in the country must first prepare some documents in order to obtain a license from the AMF. According to CoinDesk, these companies will need to send the AMF a two-year business plan, a list of exactly what digital money the company will serve and another list of countries in which it will be served.
These companies will also have insurance, or at least have to keep a large amount of money in the reserve. In addition, AMF wants to have at least one senior manager, advanced IT systems and internal control system in these companies. The company also needs to make some plans in advance to resolve potential conflicts of interest and to intervene in money laundering / terrorism financing incidents.
The purpose of the authorities in France is to regulate companies that actually provide custody services directly for crypto money or convert money from nominal money to crypto money (and vice versa).
The main purpose of this license is to audit these companies, to prove that they are reliable and to prevent potential problems for investors. Therefore, we can say that these regulations are largely related to security.