PSAN and regulation: The French crypto sector is breathing (temporarily)

PSAN and regulation: The French crypto sector is breathing (temporarily)

As concerns have been mounting in recent weeks at the prospect of a potentially devastating vote for the French crypto sector, the National Assembly finally voted today in favor of a balanced evolution of the PSAN status, offering more framework to industry, while avoiding the trap of programmed suffocation.

Postponed notably through ADAN (Association for the Development of Digital Assets), very mobilized on the subject in recent weeks, we learn that the vote scheduled for today concerning the evolution of the status PSAN (digital asset service provider) suggests a new framework less anxiety-provoking than the sector feared.

So themandatory approval initially envisaged (which would have condemned as it stands both any newcomer, but also put the current PSANs in serious difficulty due to the cumbersome nature of its banking administrative conditions and the need for professional insurance which is currently impossible to obtain) is set aside side. On the other hand, the conditions of access for new claimants to the PSAN are reinforced in reasonable proportions (segregation of assets, declarations of potential conflicts of interest in particular).

All that remains now is to wait for the results of the parliamentary shuttle with the Senate so that this text is validated. With this result moves away – at least temporarily – the risk of stifling innovation in a context where France has recently renewed its ambition to become a “global crypto hub”.

Last Verdict

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