France Joins EU with MiCA Adoption for Crypto Regulations

• The European Parliament recently approved Markets in Crypto Assets (MiCA) legislation to regulate the cryptocurrency sector.
• France is now the latest country to join in on the increasing MiCA adoption by exploring a “Fast Track” route for registered companies in the region.
• The French Financial Markets Authority (AMF) has announced that it will ensure its existing regulations are updated to facilitate the transition to MiCA and collaborate with other European authorities on further development of MiCA.

European Parliament’s Adoption of Market in Crypto Assets (MiCA)

The European Parliament recently adopted the crypto-focused Markets in Crypto Assets Legislation, also known as ‘MiCA’, which aims to regulate the cryptocurrency sector and improve competition between French and European businesses. Other countries such as Ukraine have followed suit, embracing MiCA regulation.

France Joins In On Increasing MiCA Adoption

France is now the latest country that has joined in on the increasing MiCA adoption. On Friday, French Regulator, L’Autorité des marchés financiers (AMF) announced it’s pondering a “Fast Track” route to the MiCA compliance for registered companies in the region.

AMI To ‘Fast Track’ MiCA For Registered Firms

The AMF has announced that it will explore the possibility of a “fast-track” option for registered companies as it transitions from its existing domestic regulation to comply with newly adopted European-wide rules under MiCA legislation comparable to those of an optional higher level of authorization requiring additional disclosure.

Existing Regulatory Framework For Cryptocurrencies In France

France already has an existing regulatory framework for cryptocurrencies, classifying companies into two distinct tiers. All companies must undergo a “simple” registration process while an optional higher level of authorization necessitates additional disclosure.

Conclusion

The AMF has stated that it will ensure its existing regulations are updated to facilitate transition into complying with MiCAs standards and collaborate with other European authorities on further development of this groundbreaking new regulation which will increase competitiveness between French and European players whilst ensuring better protection for investors.

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