The French Financial Markets Authority has been considering the potential to move its crypto firms to MiCA through a fast transition.
Although the European Council is yet to approve the Markets in Crypto-Assets (MiCA) regulation, the French Financial Markets Authority (AMF) hopes to regulate the nation’s crypto companies in accordance with the Act’s regulations in the near future.
The financial regulator is going through multiple options for quick transition of their firms under the MiCA regulations after the European Parliament passed the historic bill.
The French Financial Markets Authority (AMF) referred to the MiCA’s text and said, “Crypto-asset services provided in a totally decentralized manner without an intermediary (Decentralized Finance or DeFi) are excluded from the scope of the text, but the Commission will carry out an assessment of the development of decentralized finance and its regulatory framework. The AMF welcomes this adoption of the text and the progress of the European legislative process.”
It went on to say that the regulation will increase the competitiveness of French and European businesses by harmonizing Europe’s regulatory environment and improving investor safety and protection.
Currently, the government in France puts more focus on the more stringent registration option for crypto firms as it also matches to a large extent with MiCA standards, although there are now two alternatives for registration for crypto companies in France. The first option is a straightforward registration with lighter requirements.
These crypto firms form the group of French providers of digital asset services (PSANs), and now, they are being fast-tracked toward the MiCA regulation.