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French Regulator Floats 'Fast-Track' Registration for Incumbents After MiCA's Passage
European Union countries are making the transition to a tough new crypto regime set by Brussels.
Existing crypto companies could get a “fast-track regime” to new European crypto rules, France's Financial Markets Authority, or AMF, said in a statement on Friday.
France recently toughened its crypto registration procedures in the wake of crypto exchange FTX's collapse and in preparation for the European Union’s Markets in Crypto Assets law. The European Parliament voted in favor of MiCA last week, and the rules are set to take effect starting around July 2023.
STORY CONTINUES BELOW
There will now be “consideration of a possible fast-track modular licensing" between France’s existing regime, known as PSAN, and MiCA, which includes much tougher governance, consumer-protection and financial-stability rules, the AMF said.
The regulator said it will also consider how to bring provisions on reserves, conflicts of interest, custody and documentation in line with Europe.
Under MiCA, companies already registered in France – such as crypto exchanges Binance or Bitstamp – will get an extra 18 months to comply with the stricter European norms.
“These players can, during this period, continue to offer their services solely to the French public,” the AMF said. The regulator is responsible for administering one of the most advanced set of crypto rules in Europe.
Read more: High Hopes for EU’s MiCA Law With Final Vote Imminent
Jack Schickler
Jack Schickler was a CoinDesk reporter focused on crypto regulations, based in Brussels, Belgium. He previously wrote about financial regulation for news site MLex, before which he was a speechwriter and policy analyst at the European Commission and the U.K. Treasury. He doesn’t own any crypto.
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
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