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French Regulator Floats 'Fast-Track' Registration for Incumbents After MiCA's Passage
European Union countries are making the transition to a tough new crypto regime set by Brussels.
Updated Apr 24, 2023, 1:36 p.m. Published Apr 24, 2023, 8:16 a.m.
Existing crypto companies could get a “fast-track regime” to new European crypto rules, France's Financial Markets Authority, or AMF, said in a statement on Friday.
France recently toughened its crypto registration procedures in the wake of crypto exchange FTX's collapse and in preparation for the European Union’s Markets in Crypto Assets law. The European Parliament voted in favor of MiCA last week, and the rules are set to take effect starting around July 2023.
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There will now be “consideration of a possible fast-track modular licensing" between France’s existing regime, known as PSAN, and MiCA, which includes much tougher governance, consumer-protection and financial-stability rules, the AMF said.
The regulator said it will also consider how to bring provisions on reserves, conflicts of interest, custody and documentation in line with Europe.
Under MiCA, companies already registered in France – such as crypto exchanges Binance or Bitstamp – will get an extra 18 months to comply with the stricter European norms.
“These players can, during this period, continue to offer their services solely to the French public,” the AMF said. The regulator is responsible for administering one of the most advanced set of crypto rules in Europe.
Read more: High Hopes for EU’s MiCA Law With Final Vote Imminent
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