As a seasoned financial analyst with over two decades of experience navigating the ever-evolving landscape of global finance, I find the recent move by the Autorité des Marchés Financiers (AMF) to accept applications from crypto asset service providers (CASPs) a pivotal moment for the European Union.
The Autorité des Marchés Financiers (AMF), the French financial regulator, is now welcoming applications from companies seeking to offer crypto asset services. As the Markets in Crypto Assets (MiCA) legislation will be fully enforced across Europe by year-end, these companies must register in any EU member state to legally operate within the European Union. France is the first significant economy in the EU to accept applications from Crypto Asset Service Providers (CASPs).
“Starting six months before the implementation of cryptocurrency service regulations under the European MiCA Regulation in July 2024, France’s financial markets authority, the AMF, has now started accepting applications for permission to operate as a crypto-asset service provider.”
Starting December 30, 2024, Cryptocurrency Asset Service Providers (CASPs) will need to register with financial authorities to function within the European Union (EU), as the Markets in Crypto-Assets (MiCA) regulations take effect. This also applies to France. Any providers currently registered under the French PACTE legislation have until June 30, 2026, to comply with MiCA requirements if they wish to continue offering their services from July 1, 2026. It’s crucial for CASPs to understand and adhere to the jurisdictional rules in other EU countries as they phase into MiCA regulations.
Under the current PACTE framework, the Autorité des Marchés Financiers (AMF) currently hosts 74 cryptocurrency companies. Historically, France has been receptive towards this financial asset class and the businesses involved in its management. However, any entities providing services such as asset storage, trading, and related activities are now required to secure new licenses.
With the recent changes in crypto regulations in France, the regulatory body is advising companies to start their application processes promptly. This is because the rules set by European legislators for MiCA authorization are stricter than those outlined in French law for ‘enhanced’ and even more stringent for ‘simple’ digital asset service provider (DASP) registration. The AMF, therefore, suggests that potential applicants should start their preparations as soon as possible.
Read More
- CKB PREDICTION. CKB cryptocurrency
- EUR INR PREDICTION
- PBX PREDICTION. PBX cryptocurrency
- IMX PREDICTION. IMX cryptocurrency
- PENDLE PREDICTION. PENDLE cryptocurrency
- USD VND PREDICTION
- TANK PREDICTION. TANK cryptocurrency
- USD DKK PREDICTION
- ICP PREDICTION. ICP cryptocurrency
- GEAR PREDICTION. GEAR cryptocurrency
2024-08-05 21:14