French Regulator Floats 'Fast-Track' Registration for Incumbents as MiCA Rules Bed in

Existing crypto companies could get a “fast-track regime” to new European crypto rules, the country’s Financial Markets Authority (AMF) said in a Friday statement.

France recently toughened its crypto registration procedures in the wake of FTX's collapse, and in preparation for the European Union’s Markets in Crypto Assets law, MiCA.

The European Parliament voted in favor of MiCA last week, and the rules are set to take effect starting aroundJuly 2023.

There’ll now be “consideration of a possible fast-track modular licensing" between France’s existing regime, known as PSAN, and MiCA, which includes much tougher governance, consumer-protection and financial-stability rules, theAMF said.

The regulator said it will also consider how to bring provisions on reserves, conflicts of interest, custody, and documentation in line with Europe.

Under MiCA, companies already registered in France – such asBinanceorBitstamp– will get an extra 18 months to comply with the higher European norms.

“These players can, during this period, continue to offer their services solely to the French public,” the said the AMF, responsible for administering one of the most advanced crypto regimes currently in effect in Europe.