AMF Updates Crypto Regulations to Comply with MiCA
The Autorité des Marchés Financiers (AMF), France’s financial markets regulator, has made changes to local crypto regulations in order to align with the European Union’s Markets in Crypto-Assets (MiCA) regime. Here are the key points:
1. Enhanced Registration Framework: The AMF has introduced an enhanced registration framework for digital asset service providers (DASPs) in France. This framework includes requirements such as adequate security and internal control systems, conflict of interest management, clear and accurate information, public pricing policies, and specific custody provisions.
2. Changes to Licensing Requirements: The AMF has also modified the licensing requirements for DASPs. These changes will evaluate DASPs for various criteria, including client asset management and consent.
3. Effective from January 1, 2024: The enhanced registration framework will go into effect from January 1, 2024. New firms seeking to offer regulated services in France will be required to comply with this framework.
4. Fast Track Procedure for Existing Providers: Digital asset service providers already operating in France will benefit from a fast track procedure for authorization under the new framework.
5. Transition to MiCA: The AMF’s changes are part of the country’s preparation for the MiCA regime. MiCA is a comprehensive set of rules for digital assets approved by the European Parliament, and France, along with other EU countries, is implementing these regulations.
In conclusion, the AMF has updated its crypto regulations to comply with the MiCA regime and introduced an enhanced registration framework and modified licensing requirements for DASPs in France. These changes will take effect from January 1, 2024, and aim to facilitate a smooth transition to the European regulation on markets in crypto-assets.
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