Ahead of the MiCA law in Europe that comes into effect after a span of six months, France has decided to accept applications of new crypto firms under the same crypto regulatory rules.
Autorité des marchés financiers (AMF), the main financial markets regulator in France, has published a press release. The announcement, pertaining to the MiCA crypto regulatory law in Europe, shares details for new crypto service providers. The AMF will start accepting new applications for crypto service providers under Europe’s crypto regulatory rules six months before the MiCA law kicks in.
The AMF listed ten crypto services that will come under the purview of the MiCA law. Apart from these specific services, crypto service providers will have to follow common rules on issues such as anti-money laundering. These applications for new crypto firms will also be for those who wish to start their services post-December 2024.
Crypto firms are currently operating in France and other European countries under country-specific laws in Europe. In France’s case, it is the PACTE regime. Starting next year, the MiCA law will subsume all other crypto regulatory laws. However, the firms will get transition time to June 2026 to get MiCA authorization.
Summing up its decision, the AMF said, “With six months to go until entry into application of the provisions on crypto-asset services under the European MiCA Regulation, the Autorité des Marchés Financiers (AMF) has now begun to accept applications for authorization to become a crypto-asset service provider from 1 July 2024.”
The MiCA is one of the first comprehensive regulatory regimes for the crypto sector. Moreover, it is also meant for the entire European Union, leading to benefits for the entire region. With Europe leading the narrative on crypto regulations, other countries are also deliberating on their own crypto laws.
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