Agreement in joint joint committee for a reinforced framework for players in the crypto-asset sector

2023-02-08 23:00:00

With the dual objective of protecting investors and strengthening the pioneering role of the Paris marketplace in the regulation of crypto-assets, the joint joint committee which met on February 9, 2023 in the Senate to examine the provisions still under discussion of the draft law containing various provisions for adaptation to European Union law has reached an agreement on the framework for digital asset service providers (PSAN).

The joint joint committee therefore validated the approach of the Senate which, on the proposal of Hervé Maurey, rapporteur for the opinion of the finance committee, had adopted a reinforcement of the supervision of the PSANs. The National Assembly had continued this work, the deputies supporting the Senate’s desire to improve the protection of savers.

Above all, the system has emerged greatly improved from the joint joint committee, in particular to respond to cyber risk, which is particularly high in the digital asset sector. Service providers wishing to register will therefore have to have a resilient and secure computer system, which is close to the approval initially desired by the Senate. This is an absolutely major step forward as nearly four billion dollars in crypto-assets would have been stolen in 2022.

Called upon to rule on the entry into force of reinforced registration, the joint joint committee adopted Hervé Maurey’s proposal to make the system fully operational from 1^is January 2024, a goal shared by all. Thus, given the six-month period given to the Autorité des Marchés Financiers to examine applications for registration, it is provided that no “simple” registration file may be filed following 1^is July 2023. The timetable initially adopted by the National Assembly, with a deadline for submitting files to December 31, 2023, did not in fact guarantee that all new entrants have enhanced registration from 1^is January 2024.

The agreement reached is therefore fully satisfactory, since it makes it possible to offer a more favorable framework for savers, without hampering financial innovation.

Hervé MAUREY is rapporteur for the committee on the bill containing various adaptation provisions European Union law in the fields of economy, health, labour, transport and agriculture. Follow the news of the commission on its page and on Twitter

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