The Autorité des marchés financiers （AMF） in France has begun accepting applications for crypto asset service providers （CASPs） in preparation for the Markets in Crypto-Assets （MiCA） regulations, which will come into effect in six months.
Points
- The AMF is accepting CASP applications ahead of MiCA regulations.
- MiCA regulations will enforce uniform rules for AML, cybersecurity, and more.
- Firms must transition from PACTE to CASP authorization by July 1, 2026.
- CASP authorization allows operation across EU countries.
- The AMF encourages early preparation for the transition.
France’s financial markets regulator, the Autorité des marchés financiers （AMF）, is proactively accepting applications for crypto asset service providers （CASPs）, ahead of the Markets in Crypto-Assets （MiCA） regulations set to take effect in six months.
Starting December 30, firms offering any of ten crypto-related services will need CASP authorization, which imposes uniform rules for Anti-Money Laundering （AML）, Countering the Financing of Terrorism （CFT）, cybersecurity, and other business operations aspects.
France Gets a Head Start on Pan-European Rules
The new MiCA requirements will replace France’s current PACTE （Action Plan for Business Growth and Transformation） regime. Companies previously unregulated or with digital asset service provider authorization under PACTE have until July 1, 2026, to transition to CASP authorization. Over 100 firms will need to adapt to these new standards.
CASP authorization will grant firms a European “passport,” allowing them to operate in any EU country. The AMF highlighted that MiCA’s stipulations are stricter than those in French legislation, urging businesses to prepare early for compliance.
The AMF has been aligning national rules with MiCA regulations since 2023, aiming to facilitate a smooth transition for Digital Asset Service Providers （DASPs） to CASP status.
Crypto Firms Strive to Keep Up
Some companies have already started adapting to the upcoming MiCA regulations. For instance, Circle, the issuer of USD Coin （USDC）, announced in July that it had become MiCA compliant and would base its European headquarters in France. Additionally, Cardano has also met MiCA standards, reflecting the broader industry movement towards compliance.
The European Parliament passed MiCA legislation in April 2023, marking a significant step towards unified crypto regulations across Europe. As MiCA regulations come into force, firms are expected to enhance their operational transparency and security measures, fostering a safer and more reliable market for digital assets.
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