French Financial Markets Authority plans to bring crypto firms under MiCA
The financial regulatory body for France, the French Financial Markets Authority, has been going through transition options for its crypto firms to MiCA
Image: Benoit Tessier / Reuters
After the European Parliament passed the Markets in Crypto-Assets (MiCA) bill, countries like France have been reviewing options for moving their crypto firms under the ambit of MiCA.
Though the MiCA regulation hasn’t been passed by the European Council yet, the French Financial Markets Authority (AMF) would like to regulate the country’s crypto firms under the Act’s rules within the next 18 months.
While French crypto firms are already registered in France, the French Financial Markets Authority would be exploring fast-track options to transition them to MiCA.
These firms, which come under the group of French providers of digital asset services (PSANs), would come under MiCA for several of its benefits over French laws. Other reasons include conflicts of certain policies under both MiCA and domestic laws.
Presently in France, crypto firms have two options for registration, the first one of which includes a simple registration with relaxed rules and options, while the stricter registration option is emphasised by the government more and also falls in line with the rules of MiCA.
