The financial regulator of France, AMF announced on Thursday that the country has changed its rules for crypto companies to match the new rules set by the European Union.
MiCA is expected to start being enforced within the next 12 to 18 months for digital assets and companies that want to offer their services across the EU.
France, which already has its own strict system for giving licenses to crypto businesses, is making some adjustments to its rules so they match the MiCA requirements. France is actively encouraging crypto companies to register in the country, aiming to create a welcoming environment for them to operate within the EU’s guidelines.
“As a reminder, DASPs that obtained a simple registration before Jan. 1, 2024 benefit from a “grandfather” clause and continue to be subject to the framework applicable before this date,” the regulator said.
Starting from January 1, 2024, there will be new and improved rules for crypto companies to register in France. These rules are important for businesses that want to offer regulated services related to cryptocurrencies. If you’re a new company entering this field, you must follow these new rules.
The updated rules in the AMF General Regulation, which apply to companies providing services related to digital assets, include several important aspects
- Security and internal control; for companies to safeguard their operations and clients’ measures
- Systems for managing conflicts of interest; for systems to handle and prevent conflicts of interest within their operations
- Clear accurate and non-misleading information
- Public pricing policies
- Specific custody provisions
These changes help ensure that companies in the digital asset sector operate responsibly, protect clients’ interests, and maintain a fair and secure environment for both the companies and their customers.
Also Read: ESMA Publishes Consultative Paper on MICA Standards for Crypto Services
