The French Financial Markets Authority has outlined plans to align its existing regulations for licensing and supervising crypto companies with the new MiCA law recently adopted by the European Union.
The AMF has announced that it has developed a transition plan following the approval of the draft law by the European Parliament.
The plan includes the potential for accelerated licensing of cryptocurrency operators and a shift from national to MiCA rules.
The agency aims to harmonize provisions on necessary reserves, storage, documentation, and conflict of interest for crypto companies that want to operate in France.
Crypto firms that were previously registered in the country, like Bitstamp or Binance, will have 18 months to restructure their operations and comply with the new EU guidelines.
While their activities will be temporarily limited to France, according to local officials.
The MiCA law, which received the European Parliament’s approval last week, will introduce new regulations for the crypto industry across Europe, and it’s set to become effective in July 2023.