France Crypto Firms on Fast-Track to New EU Rules
According to recent news, Licensed France Crypto Firms have advanced options for regulating the upcoming Markets in Crypto-Assets has been destroyed by the country’s financial regulator.
As per the statement published on 21 April, the French Financial Markets Authority (AMF) approved MiCA. Furthermore, AMF gave details on how French regulation will go forward during this transitional state that extends over the next 18 months.
Key Takeaways:
- French regulator AMF has approved MiCA regulation and provided guidance for French crypto companies to comply over the next 18 months.
- AMF is providing guidance on conflict-of-interest policies, fund regulations, and document alignment for MiCA compliance.
- Two licensing options are available for crypto platforms in France: a simple option and a stricter option aligned with MiCA regulations.
- All 60 AMF-registered crypto companies in France currently operate under the relaxed option and must move to MiCA by January 2024.
- Companies under either option can only offer services in France until they move to MiCA, but MiCA-approved companies will have a European passport for all EU countries.
KosheenCrypto (Dgitalnode XDN) announced on Twitter the new rules of the EU appraised by the France mule for the fast-tracking registered Crypto companies.
The main focus of the AMF is guidance regarding switching the MiCA regulation for French providers of digital asset services (PSANS).
Moreover, the AMF also stated that it is currently looking hard into the advanced options for these firms so that they can willingly comply with MiCA regulations as early as possible.
The AMF is looking to provide different aspects regarding compliance with the MiCA. These aspects involve the conflict-of-interest policy and regulations of providing funds. Moreover, the requested document’s alignment needs under MiCA and AMF regulations.
On 20 April, the European Parliament voted to pass a regulatory package of MiCA to glee the crypto industry. Moreover, in July, adopting MiCA as a regulation required approval from the European Council.
Every Recent News- Crypto, camping, Invest, etc. announced on Twitter that in France, for licensed Crypto firms, a “fast track” option needs to regulate under the upcoming Markets.
From the beginning of 2025, the regulations tar temporarily shoot down. The main purpose is to create a consistent and clear regulatory framework for crypto assets among the European Union (EU) member states.
Let’s talk about the licensing options. Two licensing options are available for crypto platforms in France. The first is “simple” which offers relaxed requirements. The other is a more stringent enhanced option. The second option is closely aligned with MiCA regulations, and the government favored this option.
The stricter option has greater control to strengthen the protection of consumers. These control measures involve a conflict-of-interest disclosure, providing risk detail, customer asset custody, anti-money laundering rules, and reporting to regulators.
In France, all 60 AMF-registered crypto companies modulate under relaxed option. They remain in the same option until brought to the MiCA regulation.
Moreover, AMF highlights that after January 2024, if any crypto company registers, it will have to work under stringent options.
24 News announced on Twitter that for French providers of digital asset services, AMF approved MiCA regulation.
Notably, the AMF highlights that any company regulated under either category can only offer its services in France until these companies move to MiCA.
These actors can continue to offer their services to the French public only. Services providers approved by the MiCA regulation will benefit from a European passport and give their services in all EU countries.