French regulator institution Autorite des Marches Financiers (AMF) made important statements regarding the regulation of MiCA legislation.
France’s financial regulator, AMF, made statements about the approval of MiCA, which was accepted by the European Parliament with a majority of votes on 20 April. The institution stating that they welcome the legislation in question decentralized finance (DeFi) And NFT stated that their products are not within the scope of the regulation.
On the other hand, AMF stressed that the commission will continue its detailed investigations on DeFi products and NFTs:
NFTs are excluded from the scope of MiCA Regulations unless they meet certain criteria specified in the text. However, crypto-asset services (DeFi) provided on a completely decentralized basis without intermediaries are also excluded from the scope of the text. The European Commission will be tasked with assessing the development of this new market and the need to propose a special regime for NFTs within 18 months of the text’s entry into force.
In this detailed text shared by the regulatory institution, the final stage of the law Council of Europe if accepted by July 2023will come into effect in in 2025 It was underlined that it would be valid within the scope of the whole of Europe.
“Fast switch” app for crypto companies
To comply with the new rules that come with MiCA, the AMF requires crypto companies to “fast passHe stated that he would have the option ”. This application, initiated by the regulatory body, is the relationship between companies with new obligations. aims to accelerate the integration. On the other hand, those already registered in France under MiCA Binance or Bitstamp companies such as they will have 18 months however, these companies will be able to continue to offer their services only to the French public during the 18-month period.
The regulator will also consider how to align provisions on reserves, conflicts of interest, retention and documentation with Europe.
Stating that the regulation will help make French and European crypto actors more competitive and provide better investor protection by creating a harmonized framework in Europe, AMF said this step for the healthy development of the industry pointed out its importance. In addition, providers authorized under the MiCA Regulation Can benefit from EU passport and will be able to offer their services in all EU countries.