Crypto companies operating in France were urged to prepare for tough European Union standards by a senior official from the country's Financial Markets Authority (AMF) on Wednesday.
AMF Secretary-General Benoît de Juvigny confirmed the country would be winding down its lighter national registration regime for crypto service providers.
France has sought to set itself apart as a crypto hub, and companies such as Crypto.com and Binance have already registered under its legal regime.
As of 2024, that system will be replaced by the EU Markets in Crypto Assets (MiCA) framework – which goes much further than the anti-money laundering checks currently carried out by France to include guarantees intended to ensure investor protection, market integrity and financial stability.
“The time for registering under the French regime … will soon come to an end,” Juvigny told a Fintech event in Paris hosted by the AMF and France's central bank. “I invite stakeholders to look, as of now, for the level...
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