France mulls fast-tracking registered crypto firms to new EU rules
A “fast track” option for licensed crypto firms in France to get regulated under the upcoming Markets in Crypto-Assets (MiCA) laws has been mulled by the country’s financial regulator.
In a statement published on April 21, the French Financial Markets Authority (AMF) welcomed the approval of MiCA and outlined how French regulation will proceed during the transitory period over the next 18 months.
A key focus for the AMF will be guiding the switch over to MiCA regulation for French providers of digital asset services (PSANs).
The AMF stated that it is currently weighing up “fast track” options for these firms so that they can be compliant with MiCA regulations as soon as possible.
In terms of MiCA compliance, the AMF is looking to plug the gap relating to aspects such as fund provision regulations of crypto firms, conflict of interest policies and the alignment of requested documents required under AMF and MiCA regulation.
To the general pleasure of the crypto industry, the European Parliament voted in favor of passing the MiCA regulatory package on April 20.
Moving forward, MiCA now needs approval from the European Council in July to be officially adopted as regulation.
The regulation is tentatively slated to come into effect from the start of 2025 and aims to establish a clear and consistent regulatory framework for crypto assets among the European Union (EU) member states.
In France, crypto firms have two licensing options; a “simple” option offering relaxed requirements, and a more stringent “enhanced” option, which is favored by the government and is reported to be closely aligned with MiCA regulations already.
The stricter option has greater controls surrounding anti-money laundering rules, customer asset custody,
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