France’s lower house approved an amendment allowing cryptocurrency firms to continue operation until the advent of the EU’s MiCA legislation.
France’s National Assembly has passed an amendment providing crypto companies currently operating with additional time to become fully registered. Should more companies choose to register, the additional time also provides authorities with sufficient time for preparations.
Registering in Time
Currently, France has a two-tier system in which all crypto companies must first register as crypto asset providers with national regulator Autorité des Marchés Financiers (AMF). While around 60 firms have already done so, none have opted for full authorization, which requires higher levels of disclosure. However, after Jan. 1, 2024, full certification will become mandatory for new market entrants before they can begin operation.
Meanwhile, market participants registered before this date will be able to continue without full accreditation until the EU bill becomes law. The national assembly noted that the European Union’s Markets in Crypto Assets (MiCA) would subsequently make such approval mandatory. However, it will not enter into force until 18 months after its planned approval for spring this year.
EU Legislation Postponed. Again
Earlier this month, the European Union announced that it would be postponing the draft’s release for MiCA a second time, until April 17, 2023. They said the time would be necessary to translate the 400-page document into the bloc’s 24 official languages, which are citizens’ rights. After finalizing the legislation in Oct. 2022, the EU had initially delayed the release of the draft in Nov. to Feb. 2023.
Meanwhile, the European Parliament’s economic affairs committee approved the final implementation of the Basel III accords earlier this week. According to the capital requirement standard, banks will have to “hold a euro of their own capital for every euro they hold in crypto,” from January 2025.
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