The French financial regulator, the Autorité des Marchés Financiers (AMF), is now accepting applications from companies that want to become crypto asset service providers (CASPs). This move comes ahead of the Markets in Crypto Assets (MiCA) legislation, which will be fully implemented by the end of the year across Europe. CASPs need to register in any EU country to operate legally within the bloc, and France has taken the lead by opening its doors to CASP applications.
In a recent announcement, the AMF stated, “With six months left until the provisions on crypto-asset services under the European MiCA Regulation come into effect, the AMF is now welcoming applications for authorization to become a crypto-asset service provider starting from July 1, 2024.”
CASPs must register with financial regulators by December 30, 2024, as MiCA regulations come into force. The same deadline applies in France. Companies already registered under France’s PACTE legislation have until June 30, 2026, to comply with MiCA requirements if they want to continue offering services from July 1, 2026. While these deadlines pertain to operating within France, CASPs must also be aware of the regulatory landscape in other EU countries and their transition to the MiCA framework.
Currently, the AMF has 74 crypto companies registered under the existing PACTE regime. France has been known for its openness to crypto assets and related services. Companies involved in activities such as asset custody and exchange will need to secure new licenses under the new regulations.
In light of these changes in crypto legislation, the AMF is urging companies to initiate the authorization process promptly. The European requirements for MiCA authorization are more rigorous than the current French legislation for both ‘enhanced’ and ‘simple’ digital asset service provider registration. Therefore, the AMF advises interested parties to prepare well in advance.
As the deadline for MiCA compliance approaches, companies in the crypto space should take proactive steps to ensure they meet the regulatory standards set by the EU. By obtaining proper authorization and adhering to the new rules, CASPs can continue to operate legally and contribute to the growing crypto ecosystem in France and across the European Union.
