Regulation: France and new crypto rules aligned with MiCA
France is updating its crypto regulations to align with the European Union’s MiCA regulation. The changes will take effect on 1 January 2024. The Autorité des marchés financiers (AMF) is in the process of updating its regulations to incorporate the “enhanced” registration of digital asset service providers (DASPs) introduced by the DDADUE law. These changes anticipate the work being done by the EU’s Crypto-Asset Markets Regulation. A new article has been created that will require all crypto service providers to be registered.
– French AMF updating regulations to align with MiCA Regulation
– Enhanced registration for DASPs introduced by DDADUE law
– Changes effective from 1 January 2024
– New article requires registration for all crypto service providers
– DASPs with existing registration exempt from new regulations
Crypto regulation in France and MiCA: the case of Societe General
Societe General (SocGen) has become the first company to obtain a crypto license in France. Its crypto division, SG Forge, has been authorized by the French AMF to provide custody services, cryptocurrency trading, and third-party crypto order services. SG Forge may continue to operate under the current regulatory framework even after 1 January 2024.
– Societe General obtains crypto license in France
– SG Forge authorized to provide custody, trading, and order services
– SG Forge exempt from new regulations after 1 January 2024
– SG Forge subject to current regulatory framework
– French AMF formalizes authorization for SG Forge
The MiCA 2.0 proposed by the governor of the Bank of France
There have been calls for a new version of the MiCA regulation, referred to as MiCA 2.0. François Villeroy de Galhau, the governor of the Bank of France, and Christine Lagarde, the President of the European Central Bank, have both expressed support for this updated regulation. MiCA 2.0 would address areas such as DeFi, crypto lending, and staking.
– Calls for MiCA 2.0 regulation
– Governor of the Bank of France supports the new version
– President of the ECB also supports MiCA 2.0
– Proposed regulation would address DeFi, crypto lending, and staking
– No project related to MiCA 2.0 currently in progress
Hot Take
France’s alignment with the MiCA regulation is a significant step in creating a harmonized framework for crypto regulations in the European Union. The updated regulations aim to enhance the registration process for digital asset service providers and streamline the licensing requirements. Societe General’s crypto license approval showcases the progress being made in France. The proposal for MiCA 2.0 reflects the ongoing discussions about improving crypto regulation and addressing emerging areas of concern. Overall, these developments contribute to a more regulated and secure crypto landscape in Europe.
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