France is updating its cryptocurrency firm registration requirements to align with new European Union (EU) regulations. The French financial regulator, AMF, announced these changes to adapt to the forthcoming implementation of the Markets in Crypto Assets (MiCA) regulation across the EU. The MiCA regulation aims to regulate digital assets and services within the EU’s single market.
As France already has a robust licensing structure for crypto firms, it’s making adjustments to ensure compliance with MiCA and encouraging crypto enterprises to register within the country. The updated registration requirements will be mandatory for “new entrants” offering regulated services and will take effect on January 1, 2024. Existing firms that have been operating in France and have approval will also benefit from an expedited authorization process.
The AMF highlighted that digital asset service providers (DASPs) that received basic registration before January 1, 2024, will be protected by a “grandfather” clause, remaining under the pre-existing regulatory framework. The revisions cover areas like security, conflict of interest management, accurate information provision, pricing policies, and custody provisions. The new rules also prevent firms from using client assets without explicit prior consent.
By FCCT Editorial Team
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