๐ Breaking News: French Regulator Accepts Crypto Service Provider Applications Ahead of MiCA Rollout! ๐
The Autoritรฉ des Marchรฉs Financiers (AMF), France's financial markets regulator, has taken a proactive step by **accepting applications for authorization as a crypto asset service provider (CASP)** under the European Markets in Crypto-Assets (MiCA) Regulationยน. Here's what you need to know:
1. MiCA Regulation: MiCA is a comprehensive framework that aims to harmonize crypto regulations across the European Union. It covers aspects like Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and cybersecurity.
2. CASP Authorization: Starting from December 30, 2024, firms providing ten crypto-related services must obtain CASP authorization. This ensures uniform rules and compliance with MiCA requirements.
3. Transition Period: Firms previously regulated under France's PACTE regime or holding digital asset service provider authorization have until July 1, 2026, to transition to CASP status. Over 100 such firms fall into this category.
4. European Passport: Once authorized in one EU country, firms gain the right to operate across all EU member states. This passport system enhances cross-border business opportunities.
5. Early Preparation: The AMF encourages interested parties to prepare early, as MiCA's requirements are more stringent than French legislationยน. Being proactive ensures a smooth transition.
๐ Industry Response: Some firms have already taken steps to comply. Circle, the issuer of USD Coin (USDC), announced MiCA compliance and set up its European headquarters in France. Cardano has also declared adherence to MiCA regulationsยน.
๐ Market Impact: This move enhances investor confidence and market stability, positioning France as a crypto-friendly hub.
Remember, staying informed and adapting to regulatory changes is crucial for long-term success in the crypto space. ๐#NewsAboutCrypto #newstable #MarketDownturn #Write2Earn!
