Key Points
- France has updated its crypto licensing rules to match MiCa legislation
- The new amendments will come into effect on January 1, 2024, around the same time as the MiCA legislation
Applicants for DASP regulatory licenses in France starting in the year 2024 will have to follow MiCA legislation as the country has updated its licensing regime. The Eurozone is expected to enforce MiCA regulation in 2024, ushering in a new era of regulated blockchain and crypto adoption.
France ramps up crypto licensing rules to match MiCA
A press release from Autorité des Marchés Financiers (AMF), France’s main financial authority ushers in new policies that will see digital asset service providers take an “enhanced” registration process to comply with crypto licensing rules to match MiCA legislation.
The new registration requirements are captured by the AUMF’s article 721-1-2 of the MAF General Regulation that will include systems for managing conflict of interests, more disclosure obligations, and prohibition to use client assets without their consent, among others.
While these regulations were set in on January 1, 2024, any crypto exchange licensed before the new amendments will benefit from much lighter requirements set, which is protected by a “Grandfather clause” that comes as a simpler version of the MiCA regulatory framework.
Keep watching Fintech Express for more updates on this and other fintech-related developments.