France implemented a regulatory framework for digital assets in 2019 through the PACTE law, establishing its financial regulator, the AMF, as the supervisory authority of virtual tokens and digital asset service providers (DASP), Adan reported.  

Changpeng Zhao (CZ), the CEO and founder of Binance, the largest crypto exchange in the world by trading volume, has praised France’s regulatory approach to crypto, stating that the regulations help to prevent illicit activity like money laundering, according to a Binance blog post. “Effective regulation is essential for the mainstream adoption of cryptocurrency,” CZ said. “The French DASP and AML/CFT regulations put in place stringent anti-money laundering and fit and proper requirements to meet the high standards necessary to be regulated in France.” The AMF granted Binance a DASP registration in May 2022.        

In the United States, lawmakers have introduced various bills aimed at regulating the crypto industry, with different bills focusing on stablecoins, anti-money laundering, self-custody protections, and market structure, Forbes reported. Policymakers are also debating whether digital assets should be under the authority of the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC).

Jake Chervinsky, chief policy officer of the U.S.-based Blockchain Association, commended European agencies for their efforts to implement comprehensive crypto regulations in an interview earlier this year, Blockworks reported. He described the European Union’s Markets in Crypto Assets (MiCA) legislation as “a genuine attempt to actually tell the industry what the rules are so they can figure out how to comply.” He said that crypto industry participants care more about having set rules to follow than they do about the particulars of those rules.

“We’re a bunch of really smart lawyers and professionals in the industry,” Chervinsky said. “We can figure out how to comply. Just tell us what the rules are.”