France Aligns Crypto Regulation with EU’s MiCA

The French crypto landscape is poised to undergo a significant transformation, as the Autorité des Marchés Financiers (AMF) recently announced their plans to align with the Europe’s MiCA directive starting January 1, 2024. This will involve compulsory registration protocols for Digital Asset Service Providers (DASPs), a newfound focus on conflicting interests, as well as expansive mandated disclosures, transparent arrangements with clients and administration of secure and resilient IT systems.

Registered outfits before the 2024 deadline will qualify to abide by the regulations of the statutes of years gone past – a vital “grand-father clause”. Although, MiCA’s approval in May 2023 sparked much controversy, with commentators wondering if the concept of stablecoins and the “DeFi” cottage market were adapted at the risk of a potential detriment to market stability and activities such as the overlap of traditional finance and DeFi.

The AMF congratulated French bank Société Générale’s SG Forge division in July for registering a DASP offering comprehensive crypto services such as the buying, selling, exchanging of digital assets and custody solutions – a display of reliable compliance, internal control, and cyber security.

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Robert Wilson author
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