The French financial regulatory authority has begun accepting applications for authorization as a crypto asset service provider under the European Markets in Crypto-Assets (MiCA) Regulation, ahead of its implementation in December 2024. This regulation mandates prior authorization for market participants offering crypto asset services in the EU, with strict adherence to anti-money laundering, cybersecurity, and governance rules.
In my view, this MiCA is going to be a big test on how regulations should and can work for the cryptocurrency and blockchain technology sectors. I would be watching which of the well-known crypto-based platforms in the industry would be registering in France under the MiCA rules which is from the onset is known to be a lot stricter than the one already implemented in the country. I am not sure though if the French market for crypto (https://www.statista.com/outlook/fmo/digital-assets/cryptocurrencies/france#:~:text=The%20projected%20revenue%20in%20the,US%241%2C187.0m%20by%202025.) is really big that getting "under the knife" can be worth it all. Let's see how will the market respond to being under the wings of MiCA and how many players would love to stay under its preying eyes.You have made a valid point but even if the market in France is not that big still what's at stake here, I mean if a platform is risking to step into France under the preying eyes of MiCa and fail to comply with it how bad can happen to them. Mica will ask them to halt their functions in France and the EU well, but that might not be a big problem for an exchange or a platform. Mica's implementation is very new and I think they also don't know what they are going to do haha.
So i believe all member states of the EU are going to comply with MICA regulations and ensure that all crypto asset providers have to register as legal entities before they can operate within the EU. We would see how this would work once it takes effect, and if there would be certain asset and service providers that would refuse this regulation and probably stop operating in that region.There will be no problem with issues related to tax compliance, money laundering, or suspicious account activity, as I believe that most investors in cryptocurrencies will comply with the legal legislation related to them, but does the government want to restrict cryptocurrencies by imposing strict regulations, or is its goal to protect investors’ money?
I don’t know much about cryptocurrencies in France, but from this news it seems that the regulations are strict and that they are heading towards more regulatory pressure, although this seems strange in a country as economically open as France.
Perhaps this has something to do with the news I heard yesterday that the Bybit exchange has stopped buying and selling in France, although it confirmed that it will return in the future once it complies with the country’s new cryptocurrency regulations.So now France people cannot use Bybit anymore? You mean they left the france market I did not heard of this news. I also not find it on Google can you share the source link please. If Bybit planned to leave the France market before the implementation of Mica that's a clear sign that they don't want to be against Mics before clear instructions and there can be an other reason too.
I don’t know much about cryptocurrencies in France, but from this news, it seems that the regulations are strict and that they are heading towards more regulatory pressure, although this seems strange in a country as economically open as France.
So now France people cannot use Bybit anymore? You mean they left the france market I did not heard of this news. I also not find it on Google can you share the source link please. If Bybit planned to leave the France market before the implementation of Mica that's a clear sign that they don't want to be against Mics before clear instructions and there can be an other reason too.Yes, it's true. Bybit has stopped its services in France from August 2nd to August 13th. This is the official announcement on their official website:
If you are a French User:https://announcements.bybit.com/en/article/notice-on-close-only-and-position-closures-blta0c0e0f458eec266/?category=latest_bybit_news
Effective from August 2nd, 2024; 08:00 UTC:
Your account will be restricted to a "Close-Only" mode, which means that from that time onwards, there can be no opening or adding of any new positions nor the purchasing of any type of products by you. This restriction is applicable across all products offered by Bybit (including the One-Click Buy, Bybit Card, P2P, all Spot products, all Derivative products, Copy Trading, Trading Bot, Bybit Earn and Bybit Structured Products). At the same time, all deposits to your account will be similarly restricted.
Please wind down and close all of your open positions across all products and begin to withdraw your assets and funds and assets from your account.
Effective from August 13th, 2024; 08:00 UTC
All of the remaining open positions across all products (including but not limited to all Derivative products, all Spot products, Active Trading Bots, Copy Trading, Bybit Card, Bybit Earn products and Bybit Structured Products) that continue to remain unclosed at such point in time will be liquidated. All Card Services will also be suspended from this date onwards. From this date onwards, you will only be able to withdraw assets and funds from your account with us.
Yes, it's true. Bybit has stopped its services in France from August 2nd to August 13th. This is the official announcement on their official website:You were right but why did they discontinue their services is not mentioned and I don't think it's due to Mica although they said due to regulatory restrictions they had to discontinue their services but why they leave France only while Mica is monitoring the other 27 countries too.
It's bad news for French people that they won't be able to use Bybit now the scary thing is these agencies like Mica can force any centralized exchange to comply with them or discontinue their services in a country. Most of the new tokens are either getting listed on Bybit or a few other exchanges. It would be a big loss for those new coin investors who won't get to trade them on Bybit anymore.Yes, this is very unfortunate. These strict regulations lead to the chaos of the industry and creativity and hinder the work of crypto companies, so these companies prefer to move away to other more open countries. This negatively affects users in the first place, as they lose the services of these important companies.
but does the government want to restrict cryptocurrencies by imposing strict regulations, or is its goal to protect investors’ money?The government wants to regulate the crypto industry, and according to them, they do so because they want to protect customers' funds, fight money laundering and any other illicit activities done with crypto. However, in doing so they also attack the network, attack privacy and discourage people from using crypto, which has done the network more harm than good.