Latest Crypto News: France Closer To Implementing MiCA For Crypto Firms, Binance Attains Regulatory Approval In El Salvador

Here are some of the major developments from the world of crypto world over the past few days
Latest Crypto News: France Closer To Implementing MiCA For Crypto Firms, Binance Attains Regulatory Approval In El Salvador

France’s financial regulator AMF has modified registration requirements for crypto firms in line with the European Union’s Markets in Crypto Assets (MiCA) regulation. These changes are set to be effective from January 1, 2024.

Countries in the EU are preparing to implement the recently finalised MiCA regulation for digital assets and firms looking to serve the single market, set to take effect in the next 12-18 months, CoinDesk reported. 

France, which already has a comprehensive licensing regime for crypto firms pending some changes to comply with MiCA, has been courting companies to register in the country.

The “enhanced” registration requirements will be mandatory for “new players” looking to provide any regulated services, AMF said. The changes will also “allow a fast track procedure to be implemented towards” authorisation for firms that have already been operating in the country with approval.

Binance Attains Regulatory Approval In El Salvador

Leading cryptocurrency exchange Binance has become the first fully licensed exchange in El Salvador, securing licenses for Bitcoin and digital assets services. This milestone aligns with Binance’s global regulatory compliance efforts.

The firm’s impressive expansion over the years includes nations like Italy, France, Sweden, Australia, the United Arab Emirates (UAE), Japan, and many more, crypto news portal cryoptopotato said.

“We are honoured to be granted this license, as Binance continues to work collaboratively with regulatory agencies around the world to support global standards for the crypto and Blockchain industry,” Min Lin, Binance’s head of Latin America, said.

SEC To Appeal XRP Sales Ruling In Ripple Case

The US Securities and Exchange Commission (SEC) has said it will challenge a recent court decision that states that XRP, a cryptocurrency, may not be classified as a security. The appeal aims to review issues relevant to ongoing cases.

“The SEC seeks to certify the court’s holding that the defendants’ ‘programmatic’ offers and sales to XRP buyers over crypto asset trading platforms and Ripple’s ‘other distributions’ in exchange for labor and services did not involve the offer or sale of securities,” Decrypt quoted the SEC as saying in a court filing. 

The SEC said an appellate review is warranted, as a number of SEC actions may be impacted by how issues raised in a review are resolved. 

The SEC had sued Ripple’s chief executive Brad Garlinghouse for allegedly raising more than $1.3 billion illegally in an unregistered securities offering by selling XRP. 

SEC further said that an interlocutory review is warranted here. An interlocutory appeal is an appeal that asks an appellate court to review decisions that take place while a case is still ongoing. 

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