French Legislature Passes MiCA Rules Package
PARIS, FR – France’s National Assembly passed bill #1098 by a 109-71 vote to enforce the Markets in Crypto Assets (MiCA) regulations package on French crypto companies. As of Wednesday, the bill awaits President Emmanuel Macron’s signature to become law.
The new rules require crypto companies to post their trade volumes in real-time and settle all trades made within 24 hours of a transaction. Moreover, companies must hold crypto assets and customer funds and obtain a universal operating license. MiCA will be enforced locally in France by the national regulator, Autorité des Marchés Financiers.
MiCA was drafted by the European Union in 2019 and will soon affect crypto companies throughout the continent. The regulations have taken the forefront in Europe after the collapse of several crypto exchanges in 2022.
In January, France extended licensing deadlines for crypto companies to ease the burden of requirements on new and existing crypto businesses.
