The French National Assembly has voted in favor of new rules that will ease licensing requirements for crypto firms, providing a much-needed boost for the industry.

The amendment, proposed by Sen. Daniel Labaronne, allows crypto firms to register with the financial regulator and comply with the European Union’s comprehensive regulation for crypto assets, which includes requirements on governance, reporting to regulators, and segregation of funds. The vote passed with a tally of 61 in favor and 33 against.

This decision comes after a previous amendment, proposed by Sen. Herve Maurey, aimed to introduce a higher-tier license that has yet to be obtained by any company.

The stricter amendment was put forward following the collapse of the FTX exchange and calls from policymakers for a crackdown on crypto regulation.

However, following a push from the crypto industry, Labaronne proposed the additional amendment, which scraps the high-tier mandatory license and instead allows crypto firms to register with the Financial Markets Authority using the provisions outlined in the EU’s Markets in Crypto-Assets regulation.

Companies that are already registered with the existing anti-money laundering provisions will be able to continue to operate until the end of the transition period offered by MiCA, which is likely to be in 2026.