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Policy

France Opens for MiCA Applications, First Among Biggest EU Economies

The French regulator has in the past welcomed crypto companies to register with it.

By Camomile Shumba
AccessTimeIconAug 2, 2024 at 4:04 p.m. UTC
Updated Aug 2, 2024 at 4:06 p.m. UTC
(Pourya Gohari / Unsplash)
(Pourya Gohari / Unsplash)
  • The French markets regulator said it started accepting applications for crypto asset services provider licenses on July 1.
  • MiCA is set to come into force by December, and companies will need to be licensed under the regime by July 2026 to continue offering services in the European Union.

The French markets regulator said it started accepting applications for crypto asset services provider (CASP) licenses on July 1, the first major European Union economy to do so, as more provisions of the bloc's Markets in Crypto Assets (MiCA) rules are set to take effect at the end of the year.

In a post on its website on Friday, the Autorité des Marchés Financiers (AMF) noted 10 aspects of the legislation that kick in on Dec. 30, including providing custody and administration of crypto-assets on behalf of clients and operating a crypto-asset trading platform.

The AMF has welcomed crypto companies in the past, and in May last year already had 74 companies registered under its own regime. Regulators in other large EU economies including Germany, Italy and Spain have not posted any official announcements on the process.

Companies wishing to offer services in the European Union after July 2026 will need a CASP license under MiCA.

Edited by Sheldon Reback.

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Camomile Shumba
Camomile Shumba

Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.

Follow @camomileshumba on Twitter