France gives crypto firms extra time to be fully registered

France’s lower house approved an amendment allowing cryptocurrency firms to continue operations until the advent of the EU’s MICA law.

France’s National Assembly has passed an amendment that grants currently operating crypto companies additional time to become fully registered. The additional time also provides the authorities enough time for preparations in case more companies opt for registration.

registration in time

Currently, France has a two-tier system in which all crypto companies must first register as crypto asset providers with the national regulator Autorité des Marchés Financiers (AMF). While around 60 firms have already done so, none have opted for full authorisation, which requires a higher level of disclosure. However, after January 1, 2024, full certification will become mandatory for new market entrants before starting operations.

Meanwhile, market participants registered before this date will be able to continue without full recognition until the EU bill becomes law. The National Assembly noted that the EU Markets in Crypto Assets (MiCA) will mandate such approval at a later date. However, this will not come into force until 18 months after approval, planned for spring this year.

EU law postponed. Again

Earlier this month, the European Union announced that it would postpone the release of the draft MiCA for a second time until April 17, 2023. He said time would be necessary to translate the 400-page document into the 24 official languages ​​of the bloc, which are civil rights. The EU had initially delayed the release of the draft from November to February 2023, after finalizing the legislation in October 2022.

Meanwhile, the European Parliament’s Economic Affairs Committee approved the final implementation of the Basel III accords earlier this week. From January 2025, banks will have to “hold one euro of their own capital for every euro held in crypto”, according to the capital requirement standard.