France updates its crypto licensing regime to sync with MiCA

France updates its crypto licensing regime to sync with MiCA

in FranceChanges to the current cryptocurrency regime will come into effect next year to align national regulations with the pan-European framework defined by the EU. Market in crypto-assets (MICA).

financial market authority (AMF), the main French financial authority, has announced its measures general regulation and its policy on Digital Asset Service Providers (DASPs) with a view to registration “advanced, The press release was published on 10 August,

registration requirements “advanced” For cryptocurrency platforms, provided by the new Article 721-1-2 del General Regulation dell’AMFThis will include systems for managing conflicts of interest, additional disclosure obligations, separation of client assets from platform assets and restrictions on using client funds without their explicit prior consent.

The changes will become mandatory from January 1, 2024 And applicants for ‘advanced’ DASP registration will need to consider this.

However, DASPs who have obtained registration before 1st January 2024 will benefit from “Safety Section” and they will be Subject to the previous and simplified version of the regulatory framework.

The first comprehensive cryptocurrency regulatory framework, MiCA, was approved by the European Parliament in April 2023 and is expected to be implemented in three regions between 2024 and 2025. The law, which took years to finalize, has raised some concerns among the crypto community. One of them is a €200 million ($219 million) limit on private stablecoin daily transactions.Come Tether (USDT).

Translation by Matteo Caron





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