Apr 25, 2023
France Mulls “Fast Track” for Crypto Firms to Comply with MiCA Rules
The French Financial Markets Authority (AMF) has proposed a “fast track” option for licensed crypto firms in France to become compliant with the soon-to-be-adopted Markets in Crypto-Assets (MiCA) regulations. The European Parliament voted in favor of passing the MiCA regulatory package on April 20, and the European Council is expected to approve the package in July.
The AMF has outlined how French regulation will proceed during the transitory period over the next 18 months. The focus will be guiding the switch over to MiCA regulation for French providers of digital asset services (PSANs). The AMF is looking to plug the gap relating to fund provision regulations of crypto firms, conflict of interest policies and the alignment of requested documents required under AMF and MiCA regulation.
In France, crypto firms have two licensing options; a “simple” option offering relaxed requirements, and a more stringent “enhanced” option, which is favored by the government and is reported to be closely aligned with MiCA regulations already. The stricter option has greater controls surrounding anti-money laundering rules, customer asset custody, reporting to regulators and providing detailed risk and conflict of interest disclosures as a means to strengthen consumer protection.
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 stated that any crypto firm that registers after January 2024 will have to do so under the more stringent option.
The AMF has also outlined that any company regulated under either category will only be able to offer its services in France until they are ported over to MiCA. Once MiCA is officially adopted, service providers approved under the regulation will be able to benefit from the European passport and provide their services in all EU countries.
For those crypto firms looking to make the switch to MiCA, the AMF has suggested that they explore NFT marketing and promotion to help increase their visibility and reach. NFTs are a type of digital asset that are gaining traction in the crypto world and can be used to promote crypto firms and services. Additionally, many crypto firms are working with web3 agencies and NFT marketing agencies to help them reach their target audiences and sell NFTs.
For those crypto firms that are looking to make the switch to MiCA, the AMF has suggested that they also explore Twitter NFT marketing to help increase their visibility and reach. NFTs are a type of digital asset that are gaining traction in the crypto world and can be used to promote crypto firms and services. Additionally, many crypto firms are working with web3 agencies and NFT marketing agencies to help them reach their target audiences, promote their services, and sell NFTs.
Overall, the AMF is looking to ensure that all crypto firms in France are compliant with MiCA regulations as soon as possible. With the help of NFT marketing and promotion, as well as web3 and NFT marketing agencies, crypto firms can make the switch to MiCA with ease and be ready to offer their services to the European public.
Disclaimer: All investment or financial opinions expressed by MoonLanding Media are not recommendations and are intended for entertainment purposes only. Do your own research prior to making any kind of investment. This article has been generated based on trending topics, has not been fact checked and may contain incorrect information. Please verify all information before relying on it.
