AMF Amends Crypto Regulations to Align with MiCA
The French stock market regulator, the Autorité des Marchés Financiers (AMF), has announced changes to local crypto regulations to align them with the European Union’s Markets in Crypto-Assets (MiCA) regime. The main amendments include the introduction of an enhanced registration framework for Digital Asset Service Providers (DASPs) and adjustments to align local DASP licensing requirements with MiCA.
Key Points:
- DASPs seeking a license in France will be assessed for various requirements, including security and internal control systems, conflict of interest management, accurate and transparent information, clear pricing policies, specific custody provisions, and a ban on using client assets without consent.
- MiCA is a harmonized set of crypto rules for companies operating within the EU. The framework was approved by the European Parliament in April and came into effect in June.
- The AMF’s amendments will come into effect from January 1, 2024, and aim to anticipate the transition to MiCA by adjusting provisions related to licensed DASPs.
Hot Take:
The AMF’s amendments to crypto regulations demonstrate France’s commitment to aligning with EU standards and ensuring the security and transparency of digital asset service providers. By introducing enhanced registration requirements and aligning licensing with MiCA, the AMF aims to create a robust framework for the crypto industry. These changes will play a crucial role in facilitating the growth and regulation of the crypto market in France and promoting investor confidence in the sector.
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