France looks to fast-track the adoption of MiCA France crypto cryptocurrency
- Following the adoption of the Markets in Crypto-Assets regulation by the European Parliament on April 20, regulators in France have proposed a “fast track” option for licensed crypto firms in the country to get licensed under the new law.
Based on the way the legislation was crafted, the MiCA law will not go into effect for 18 months from the date it enters into force. The European Council is scheduled to do its final vote on the legislation on July 1, which means that the earliest the law will not go into effect is January 2025. Delayed enforcement was chosen in order to allow companies to prepare for the transition.
PSANs currently operate under the PACTE law, which was enacted by French regulators in May 2019 and established a specific regime for offering token sales to the public and for providers of digital asset services. Even though the text of MiCA is formalized, legislators in the EU still have more work to do on the crypto front as several high-profile sectors of the cryptocurrency ecosystem are not addressed by the law.According to the AMF, “The European Commission will be responsible for assessing the development of this new market and the need to propose a specific regime for NFTs within 18 months of the entry into force of the text.
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