French regulator says it is accepting applications for crypto-asset service providers
French markets regulator AMF said it is open to applications from crypto-asset service providers, prior to additional rules of the EU’s Markets in Crypto Assets (MiCA) becoming live on December 30.
The French regulator, Autorité des Marchés Financiers, said in a post on its website that it had begun to accept applications as of July 1, about six months in advance of the MiCA rules taking effect.
The AMF listed 10 crypto-asset services that will require EU authorisation from December 30.
They include providing custody and administration of crypto-assets on behalf of clients, operating a trading platform for crypto-assets, exchanging crypto-assets for funds, exchanging crypto-assets for other crypto-assets, and executing crypto-asset orders on behalf of clients.
Additionally, such services include placing of crypto-assets, receiving and transmitting orders for crypto-assets on behalf of clients, providing advice on crypto-assets, providing portfolio management on crypto-assets, and finally, providing transfer services for crypto-assets on behalf of clients.
Crypto-asset service providers will also have to comply with requirements regarding anti-money laundering and countering terrorist financing, cyber security obligations, and where applicable, requirements involving custody of funds and segregation of assets, according to the AMF.
Transition periods will be allowed under some circumstances, but all EU providers must obtain MiCA authorisation by July 2026.
Global crypto exchange Bybit said last week that in response to developments by the French regulator, it would stop offering products and services to French nationals and residents, though it planned to eventually secure the appropriate authorisation, DL News reported.
