France seeks way for fast-track crypto licenses as EU approves MiCA
On April 20, the European Parliament approved the MiCA regulation package. Consequently, the French financial authority is considering fast-track solutions for registered companies to bring them into compliance with MiCA regulations as quickly as possible.
In a statement released on April 21, the French Financial Markets Authority (AMF) expressed its satisfaction with adopting MiCA and described French regulators’ steps during the transitional phase for the next 18 months.
The AMF will devote a significant amount of its attention to facilitating the transition to MiCA regulation for the French providers of digital asset services (PSANs).
Regarding MiCA compliance, the AMF aims to close the gap about issues such as fund provision rules of crypto businesses, conflict of interest policies, and the alignment of requested documents necessary under AMF and MiCA regulation. Specifically, the AMF is looking to plug the gap concerning the alignment of requested documents required under AMF and MiCA regulations.
Crypto companies can apply for either a “simple” license with less rigorous standards or an “enhanced” license with stricter requirements, but the government prefers it. It is claimed to be closely linked with MiCA laws already. Both licenses must be renewed every year.
There are sixty cryptocurrency companies registered with the AMF in France. All of them are subject to the flexible regulation option, which they will keep being subject to until they are switched to the MiCA regulation.
The MiCA must get approval from the European Council in July before it can be formally enacted as a rule.
The law is anticipated to go into effect at the beginning of 2025. Its primary objective is to create a transparent and standardized regulatory framework for cryptocurrencies across all European Union (EU) member states.
