Cryptocurrency companies in France have recently been facing tougher registration proceedings with the arrival of the Financial Markets Authority (AMF) statement. This was in response to the collapse of FTX Exchange and to make room for the European Union’s Markets in Crypto Assets (MiCA) Law, set to take effect around 2023. To make this transition smoother, the AMF is introducing considerations for a possible “fast-track” modular licensing between the framework of France’s existing regime (PSAN) and the more complex and stringent MiCA.

The proposed fast-track regime would ease the process between PSAN and MiCA, granting eighteen months of grace to all currently registered entities, such as Binance and Bitstamp, allowing them to continue operating and servicing the French public exclusively. This will contractually assume the necessary transition to the higher European regulations for crypto companies.

The AMF scheme is necessary because of the added burden of governance, protection for consumers, financial stability and additional provisions required as a signatory of MiCA. The prevalence of MiCA will be unique within Europe and it is hoped that the fast-track approach will give companies in France the direction on how to make this transition as seamless as possible.

The attitudes and regulations for cryptocurrencies in Europe have been growing significantly in the past few years. MiCA marks the latest step in making the continent a prime destination for cryptocurrency and blockchain organizations, in addition to the earlier steps of other countries in the EU, such as Malta and Estonia. France’s readiness to transition towards MiCA through the proposed fast-track licensing and its already high refined blockchain regulations undoubtedly positions it to compete as a top destination in the EU and possibly beyond.



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