France’s financial regulator, the Autorité des Marchés Financiers (AMF), announced on Thursday that it has amended its registration requirements for crypto firms to better align with the European Union’s new Markets in Crypto Assets (MiCA) regulation. The changes, which will take effect from Jan. 1, 2024, are mandatory for new players looking to provide any regulated services. The AMF also noted that firms that have already been operating in the country with approval will be able to take advantage of a fast track procedure towards authorization.
The modified provisions of the AMF General Regulation for digital asset service providers cover security and internal control systems, systems for managing conflicts of interest, clear, accurate, and non-misleading information, public pricing policies, specific custody provisions (segregation of client assets vs. own assets), and bans firms from using client assets without their express prior consent.
The AMF recently awarded its first crypto license to Société Générale’s crypto division, and firms like Binance and Hex Trust are registered with the regulator.