European Union countries are transitioning to a new and challenging crypto money regime determined by MICA.
European Union Member France Launches 'Fast Registration' Application for Cryptocurrency Companies Under the Influence of MICA
French financial regulator Autorité des Marchés Financiers (AMF) has recommended a "fast" registration process for established financial institutions as the European Union's MiCA rules come into effect.
This move comes with the transition of EU countries to the new crypto regime that includes Crypto Asset Markets (MiCA) regulations set and recommended by Brussels.
The European Parliament voted in favor of MiCA last week, and the rules will come into effect from July 2023.
AMF said it would "assess a possible fast modular licensing" between France's current regime, known as PSAN, and MiCA, which includes much stricter governance, consumer protection and financial stability rules.
The regulator said it will also consider how to align provisions on reserves, conflicts of interest, retention and documentation with Europe.
Under MiCA, companies such as Binance or Bitstamp already registered in France will receive an extra 18 months to comply with higher European norms.
"These players can only continue to offer their services to the French public during this time," said AMF, which is responsible for administering one of the most advanced crypto regimes currently in effect in Europe.
This move is significant for the French crypto industry, which is trying to position itself as a leader in the European crypto market.
The AMF has previously expressed its support for industry innovation, but has also made clear its commitment to protecting investors and consumers.
*Not investment advice.
