Following the recent adoption of the cryptocurrency-focused Markets in Crypto Assets Legislation (commonly known as “MiCA“) by the European Parliament, more countries have been observed imitating the EU’s actions and embracing MiCA.
Notably, France is currently the newest nation to join in on the increasing MiCA adoption. The French regulator, L’Autorité des marchés financiers (AMF), stated on Friday that it is considering offering registered enterprises in the area a “Fast Track” path to MiCA compliance.
AMF To ‘Fast Track’ MiCA For Registered Firms
The regulatory framework for cryptocurrencies in France now divides businesses into two groups. A “simple” registration process is required for all businesses, although a higher level of authorisation is optional and requires more information. Companies will nevertheless be subject to requirements under the MiCA legislation that are identical to those of the more stringent authorization level.
All 60 of the AMF-registered crypto firms in France are regulated under the relaxed option and will remain that way until they are ported over to MiCA regulation. The AMF has previously stated that any crypto firm that registers after January 2024 will have to do so under the more stringent option.
The AMF has said that it will see to it that its current rules are amended to ease the switch to MiCA. As the regulation’s development moves further, it will also work with the European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA).
