FameEX Hot Topics | French Regulator Starts Accepting Crypto Service Provider Applications in Preparation for MiCA Regulation

The French financial regulatory authority, Autorité des Marchés Financiers (AMF), has started accepting applications for authorization as crypto asset service providers (CASPs) under the European Markets in Crypto-Assets (MiCA) Regulation. This comes in advance of MiCA's implementation in December 2024, which will require market participants offering crypto asset services in the EU to obtain prior authorization. The regulation mandates compliance with strict anti-money laundering, cybersecurity, and governance rules.

Announced on August 2, the AMF's decision to begin the application process early aims to prepare market participants for MiCA's requirements. From December 30, 2024, anyone wishing to offer crypto asset services within the European Union must be authorized under MiCA. 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. Service providers must adhere to stringent rules concerning 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 AMF highlighted that MiCA’s requirements are stricter than those in French legislation for Digital Asset Service Providers (DASPs). The regulator noted that the European legislators' standards for MiCA authorization surpass those set by French law for 'enhanced' DASP registration and are significantly more stringent compared to '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. Detailed information can be found in an in-depth publication on the AMF's website, aimed at helping market participants navigate the new regulatory landscape. This proactive approach is intended to ensure a smooth transition to the new regulatory framework and to maintain the integrity and security of the crypto asset market in the European Union.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.