The French financial regulatory authority has begun accepting applications for authorization as a crypto asset service provider under the European Markets in Crypto-Assets (MiCA) Regulation, ahead of its implementation in December 2024. This regulation mandates prior authorization for market participants offering crypto asset services in the EU, with strict adherence to anti-money laundering, cybersecurity, and governance rules.

AMF Begins Accepting Crypto Service Provider Applications Ahead of MiCA Regulation Implementation

The Autorité des Marchés Financiers (AMF), the French regulatory authority responsible for overseeing financial markets, announced on Aug. 2 that it has started accepting applications for authorization as a crypto asset service provider (CASP) under the European Markets in Crypto-Assets (MiCA) Regulation. Noting that this move comes months before MiCA goes into effect, the regulator explained:

From 30 December 2024, the European MiCA Regulation will require market participants wishing to offer crypto asset services in the European Union to obtain prior authorisation.

The regulation covers 10 specific services, including the custody and administration of crypto assets, operating trading platforms, exchanging crypto assets, and providing advice and portfolio management. Additionally, service providers must adhere to strict rules regarding anti-money laundering, cybersecurity, and governance, among other areas.

During the transition period ending June 30, 2026, existing French providers can continue their activities without a European passport but must secure MiCA authorization to operate beyond July 2026.

The French regulator emphasized that MiCA’s requirements are stricter than those in French legislation for Digital Asset Service Providers (DASPs). The AMF stressed:

The requirements set by the European legislators for MiCA authorisation are more stringent than those stipulated in the French legislation in relation to ‘enhanced’ DASP registration, and even more so as regards ‘simple’ DASP registration.

The AMF urges interested parties to prepare early and advises potential applicants to familiarize themselves with MiCA’s key aspects, implementation timeline, and specific obligations for service providers, as detailed in an in-depth publication on their website.

Source : Bitcoin News - Aug 6, 2024