France Enhances Registration Requirements for Crypto Firms
The country’s financial regulator AMF has announced that it will be implementing “enhanced” registration requirements for digital asset service providers starting from January 1, 2024. This move comes as France aims to align its regulations with the European Union’s new Markets in Crypto Assets (MiCA) regulation. These enhanced requirements will be mandatory for new players entering the market, while existing firms will have a fast track procedure for authorization.
Key Points:
- France is aligning its registration requirements for crypto firms with the EU’s MiCA regulation.
- The enhanced requirements will be effective from January 1, 2024.
- New players in the market will need to comply with these requirements to provide regulated services.
- Existing firms will have a fast track procedure for authorization.
- The AMF has modified provisions covering security, internal controls, conflicts of interest, information disclosure, pricing policies, and custody provisions.
Hot Take:
France’s decision to enhance its registration requirements for crypto firms shows its commitment to aligning with the EU’s regulations. By doing so, it aims to provide a clear framework for the digital asset industry and attract more companies to register in the country. This move reflects the growing importance of regulatory compliance in the crypto space and sets a precedent for other countries to follow suit.
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