According to the country's's Financial Markets Authority( AMF) in a statement released on Friday, existing crypto companies may be able to adopt new European crypto regulations quickly.
Following the demise of FTX and in anticipation of the European Union's's Markets in Crypto Assets law, MiCA, France recently tightened its crypto registration procedures.
MiCA received support from the European Parliament next month, and the regulations are expected to go into effect starting around July 2023.
The AMF stated that there will now be awareness of a potential fast-track flexible licensing" between France's's existing program, known as PSAN, and MiCA, which includes much tougher management, consumer-protection and financial-stability guidelines."
The governor stated that it would also take into account how to comply with European standards regarding reserves, conflicts of interest, prison, and documentation.
Companies with French registrations, like Binance or Bitstamp, may receive an additional 18 months under MiCA to abide by the stricter European standards.
These players may continue to provide their services exclusively to the European community during this time, the AMF, which is in charge of running one of the most sophisticated bitcoin regimes currently in place in Europe.
Sandali Handagama edited the text.
