The French regulatory body AMF has launched accelerated registration for the current operators of digital currencies in the country. This decision was made after the approval of the European Union Law on Crypto Asset Markets (MiCa).
Existing cryptocurrency companies can get the opportunity to register in a “special mode”. This was stated by representatives of the French Financial Markets Authority (AMF). They recalled that licensing procedures for such organizations have recently been tightened in the country.
This happened after the collapse of the FTX trading platform and in preparation for the adoption of the MiCA law. In the end, the European Parliament successfully voted for the launch of this set of regulatory rules on the territory of the country of the bloc. According to the assurances of politicians, they will come into force in July 2023.
According to AMF members, after this decision, a possible accelerated modular licensing was considered in detail. This procedure can be carried out within the existing PSAN mode, but with adjustments from MiCA.
The legislators said: “The basis for such a regime has been laid for a long time and it was important to get approval of the rules for stricter supervision of crypto companies, in order to protect consumers and financial stability of France.”
Representatives of the regulator said they would consider how to bring the provisions on reserves, conflict of interest, storage and documentation in line with the new standards.
Under MiCA, crypto companies previously registered in France will receive an additional 18 months. This will allow them to come to full compliance with the updated set of requirements.
“These players can continue to provide their services for a longer period. However, sooner or later they will have to bring their business to all standards,” AMF assured.