- Autorité des Marchés Financiers (AMF) began accepting applications from cryptoasset service providers on July 1.
- Popular crypto exchange Bybit has previously halted operations in France due to regulatory challenges.
- The Markets in Crypto-Assets (MiCA) regulatory framework sets a daily transaction cap on stablecoins like $USDC and $USDT.
On August 2, French markets regulator AMF began accepting registration applications from cryptoasset service providers. The announcement included ten cryptoasset services requiring EU authorization by December.
France is the first country to accept applications under MiCA, six months before the framework takes effect.
AMF Encourages Interested Companies ‘Prepare as Early as Possible’
The MiCA regulation requires EU cryptoasset service providers to obtain authorization and comply with strict cybersecurity and anti-money laundering rules.
However, it might be too late for the crypto exchange giant Bybit. Regulatory and licensing challenges forced Bybit to cease operations in France on August 2.
The requirements set by the European legislators for MiCA authorization are more stringent than those stipulated in the French legislation in relation to ‘enhanced’ DASP registration, and even more so as regards ‘simple’ DASP registration.AMF
MiCA Stablecoin Caps
Stablecoin provisions and stringent capital requirements under MiCA will take effect on June 30, and the full regulation will come into force this December.
The European Banking Authority (EBA) released a Final Report regarding asset-referenced tokens (ARTs) on June 19. According to new rules, USD-referenced ‘e-money’ tokens like $USDC and $USDT are capped at 1M transactions by volume or €200M by value.
The Big Picture
Will the AMF’s early adoption of MiCA applications speed up compliance efforts and increase crypto awareness?
Will new rules foster or hinder the crypto ecosystem’s development? We’ll have to wait and see.
References
- MiCA Regulation: AMF now accepting applications for authorisation as a CASP (AMF)
- Final Report (European Banking Authority)
Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
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