French lawmakers have approved a set of stricter rules for crypto companies, which now only need the approval of President Emmanuel Macron to be signed into law.

Members of the country’s National Assembly voted 109 to 71 to adopt a package of European Union laws, which include an amendment imposing tighter requirements on new players looking to get in on the French crypto market.

But the 60 companies which have opted for the simpler registration under the country’s existing two-tier system will not be affected and will have until Europe-wide regulations come into force.

Under the country’s existing system, companies apply for simple registration with local financial regulator L'Autorité des marchés financiers (AMF) to operate, but could also opt for full licensing in a process that requires more disclosure.

None of the firms registered in France have opted for a higher level of licensing.

(By Alys Key)

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