The country's financial regulator has considered a "fast track" option for French-licensed crypto companies to be regulated under the upcoming Crypto Asset Markets (MiCA) laws.
In a sentence published On April 21, the French Financial Markets Authority (AMF) welcomed the approval of MiCA and outlined how French regulation will proceed during the transitional period of the next 18 months.
A key focus for the AMF will be guiding the change to the MiCA regulation for French. digital asset service providers (PSAN).
The AMF stated that it is currently weighing "fast track" options for these companies so that they can comply with the MiCA regulations as soon as possible.
In terms of MiCA compliance, the AMF seeks to close the gap related to aspects such as crypto company funding regulations, conflict of interest policies, and the alignment of requested documents required by the AMF and MiCA regulation.
to the general pleasure of the crypto industrythe european parliament voted in favor of approving the MiCA regulatory package on April 20.
Going forward, MiCA now needs the approval of the European Council in July to be officially adopted as a regulation.
The regulation is tentatively scheduled to go into effect in early 2025 and aims to establish a clear and consistent regulatory framework for crypto assets among European Union (EU) member states.
In France, crypto companies have two licensing options; a โsimpleโ option that offers relaxed requirements, and a more stringent โenhancedโ option, which is favored by the government and is reported to be closely aligned with MiCA regulations already.
The stricter option has greater controls around anti-money laundering regulations, custody of client assets, reporting to regulators, and detailed disclosure of risks and conflicts of interest as a means of strengthening compliance. consumer protection.
Related: What next for the EU crypto industry when the European Parliament approves MiCA?
The 60 AMF-registered cryptocurrency companies in France are regulated under the relaxed option and will remain so until they are transferred to MiCA regulation.
The AMF has previously stated that any cryptocurrency company that registers after January 2024 will be required to do so under the stricter option.
Notably, the AMF also noted that any regulated company in any of the categories will only be able to offer their services in France until they move to MiCA.
โThese actors will be able, during this period, to continue offering their services only to the French public,โ the statement says, adding that โservice providers that are approved under the MiCA regulation will be able to benefit from the European passport and provide their services in all EU countries."
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