The Financial Stability Board (FSB) has released a peer review highlighting France's advancements in the regulation and supervision of crypto-asset markets. The report credits the 2019 Action Plan for Business Growth and Transformation (PACTE Law) with successfully integrating most crypto activities into the regulatory framework. This law introduced registration and licensing regimes for digital asset service providers, enhancing regulatory expertise and awareness in the industry.
Despite these achievements, the review suggests further actions to enhance France's regulatory framework for crypto-assets and stablecoins. Recommendations include easing the transition to the European Union’s Markets in Crypto-Asset Regulation (MiCAR), bolstering enforcement efforts, and fostering cross-border cooperation and information sharing.
Ryozo Himino, Chair of the FSB’s Standing Committee on Standards Implementation (SCSI), remarked: “Regulatory authorities around the world are in the process of implementing the FSB’s 2023 regulatory framework for crypto-asset activities. The French authorities’ experience in introducing and adjusting their framework for crypto-assets and stablecoins will give those authorities invaluable insights on possible implementation challenges and ways to address them.”
The peer review was conducted by experts from FSB member institutions under Emily Shepperd's leadership, Chief Operating Officer at the Financial Conduct Authority, United Kingdom. The review included dialogue with French authorities, market participants, and input from FSB’s SCSI.
FSB member jurisdictions have committed to regular peer reviews to assess adherence to international financial standards. As part of this commitment, France volunteered for a peer review during 2023-2024. The FSB coordinates international efforts among national financial authorities and promotes effective policies for financial stability across its 24 member countries.
The organization is chaired by Klaas Knot, President of De Nederlandsche Bank, with its Secretariat located in Basel, Switzerland.