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France’s financial markets authority, Autorité des marchés financiers (AMF), has commenced accepting applications for Crypto Asset Service Providers (CASPs) in advance of the Markets in Crypto-Assets (MiCA) regulations set to take effect in six months.
Starting December 30, firms offering any of the ten designated crypto-related services will need CASP authorization. This new authorization will introduce uniform rules covering Anti-Money Laundering, Countering the Financing of Terrorism, cybersecurity, and other operational aspects.
France is proactively preparing for the MiCA regulations, which will supersede the country’s existing PACTE (Action Plan for Business Growth and Transformation) regime. Firms previously regulated under PACTE or those not subject to regulation will have until July 1, 2026, to transition to CASP authorization. Over 100 firms are expected to undergo this transition.
Without CASP authorization, these firms will lack a European “passport” allowing them to operate across the EU. MiCA’s framework permits firms authorized in one EU country to operate throughout the union. The AMF has highlighted that MiCA’s requirements are more stringent compared to French legislation, urging interested firms to prepare well in advance.
The AMF has been proactive in aligning national regulations with MiCA standards and facilitating the transition for Digital Asset Service Providers (DASPs) since 2023.
In anticipation of MiCA, some firms have begun their compliance journey. For instance, USD Coin issuer Circle announced in July its adherence to MiCA regulations and its decision to establish its European headquarters in France, having already secured DASP registration.
MiCA regulations governing stablecoins have been in effect since June 30, prompting cryptocurrency exchanges and companies like Cardano to align with these standards.
The European Parliament passed the MiCA legislation in April 2023, marking a significant step towards comprehensive crypto regulation in the EU.
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