Bank of France Governor Francois Villeroy de Galhau is pressing for stricter regulatory requirements for crypto companies in France, according to a report from Bloomberg.

This would be ahead of the European Union’s landmark Markets in Crypto Assets (MiCA) regulation, which would establish a bloc-wide licensing regime for crypto firms and is scheduled to be voted on in February for implementation in 2024.

Obtaining a license in France for Digital Asset Service Providers (DASPs) is currently optional and no providers currently have one, according to Bloomberg. About 60 firms do have the less stringent “registration” designation from French markets authority AMF.

According to Villeroy, the current turmoil in the crypto market shows the need for a licensing requirement in France.

“All the disorder in 2022 feeds a simple belief: it is desirable for France to move to an obligatory licensing of DASP as soon as possible, rather than just registration,” Villeroy said Thursday in a speech in Paris, according to Bloomberg.