The French financial regulator, the Autorité des Marchés Financiers (AMF), is now open to scrutinizing applications of companies that want to register as crypto asset service providers (CASPs). With the markets in crypto assets (MiCA) legislation set to take full effect by year-end throughout Europe, CASPs must register in any of the bloc’s countries to operate legally in the EU. France has become the first major EU economy to accept CASP applications.
The AMF’s announcement read, “With six months to go until entry into application of the provisions on crypto-asset services under the European MiCA Regulation, the Autorité des Marchés Financiers (AMF) has now begun to accept applications for authorisation to become a crypto-asset service provider from 1 July 2024.”
CASPs must register with financial regulators to operate in the bloc from 30 December 2024 as MiCA kicks in. The same applies in France. Those operating in the country already registered under its PACTE legislation have time until 30 June 2026 to register under MiCA requirements if they wish to offer their services from 1 July 2026. While that applies to operating within France, CASPs must be aware of jurisdictional rules in other countries in the EU and how they are phasing into MiCA.
The AMF already has 74 crypto companies registered under its existing PACTE regime. France has previously been welcoming of the asset class and the firms offering services around it. Those offering services like asset custody, exchange, and more must obtain new licenses.
With this shift in crypto legislation in France, the regulator urged companies to begin their approval processes soon. “The requirements set by the European legislators for MiCA authorisation are more stringent than those stipulated in the French legislation in relation to ‘enhanced’ DASP (digital asset service provider) registration, and even more so as regards ‘simple’ DASP registration. The AMF therefore encourages interested parties to prepare as early as possible.”
