FameEX Hot Topics | French Regulator Opens Crypto Service Provider Applications Ahead of MiCA Regulation

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

Announced on August 2, the AMF's early application process aims to ready market participants for MiCA's stringent requirements. From December 30, 2024, all entities wishing to provide crypto asset services within the European Union must be authorized under MiCA. The regulation encompasses 10 specific services, including the custody and administration of crypto assets, operating trading platforms, exchanging crypto assets, and offering advice and portfolio management. Compliance with rigorous anti-money laundering, cybersecurity, and governance standards is mandatory for service providers.

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 emphasized that MiCA’s standards are more rigorous than those in current French legislation for Digital Asset Service Providers (DASPs). The regulator noted that the European legislators' requirements for MiCA authorization exceed those set by French law for 'enhanced' DASP registration and are significantly more stringent compared to 'simple' DASP registration.

The AMF encourages interested parties to begin preparations early and advises potential applicants to acquaint themselves with MiCA’s key aspects, implementation timeline, and specific obligations for service providers. Detailed information is available in an in-depth publication on the AMF's website, designed to assist market participants in navigating the new regulatory landscape. This proactive approach aims to ensure a smooth transition to the new regulatory framework and uphold the integrity and security of the crypto asset market within 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.