France Updates Crypto Rules to Match EU's new MiCA Guidelines
France updates crypto rules to match EU's new MiCA guidelines. New and existing firms to follow changes from 2024.
France has changed its rules for crypto companies to match the European Union's new guidelines, said the French financial watchdog, AMF. The European Union has new rules called MiCA for digital currencies, and all member countries will start using them in the next 12-18 months. France is making its rules ready for these changes and is inviting crypto companies to register there.
From Jan. 1, 2024, these updated rules will be important for new crypto companies in France. Companies that already got approval in France before this date can use a fast track procedure to meet the new requirements. The AMF mentioned that companies which signed up before 2024 can still follow the old rules.
The new rules cover many areas like how companies handle conflicts, how they keep their customer's assets safe, and how they price their services. Importantly, companies can't use their customer's assets without asking them first.
Recently, the AMF gave its first crypto license to a part of Societe Generale bank. Other big companies like Binance are also registered with the AMF.
