The Currency analytics
By Jean-Luc Maracon
Crypto companies without Mica approval must shut down by March 30, according to the French Financial Markets Authority.
The Mica approval has become the crux of the matter. Without it, operating legally in France is impossible.
The announcement has caused a real earthquake in the French crypto industry. Company leaders contacted describe it as a "hammer blow" and admit they're desperately seeking…
Paris-based Coinhouse is among those working day and night to secure approval. Their teams have intensified efforts and are collaborating directly with the AMF to finalize the…
The group France Fintech is stepping up and requesting an extension from the AMF. Related coverage: Bitcoin MVRV Ratio Drops to March.
According to them, extending the deadline would prevent "major economic disruptions." The AMF hasn't budged an inch so far. The authority remains firm: rules are rules, period.
KPMG analysts estimate that up to 30% of French crypto companies could be directly affected by the measure.
Binance France has recruited a team of legal experts to speed up its compliance process. The French subsidiary of the global crypto giant doesn't want to take any risks.
The law firm Gide Loyrette Nouel is organizing express seminars for its crypto clients.
On February 22, lawyers briefed their clients on the latest regulatory developments and possible implications. Everyone is looking for loopholes, angles to buy time.
Banks are also watching the situation closely. BNP Paribas is reevaluating its partnerships with the affected crypto companies.
On February 25, an informal meeting between the AMF and struggling companies took place. The authority hasn't moved on the deadline, but sources close to the discussions suggest…
The European Securities and Markets Authority (ESMA) supported the AMF on February 28. The European authority emphasizes the importance of Mica approval for market stability in…
Crypto exchanges Kraken and Crypto.com have already announced their temporary withdrawal from the French market while awaiting approval.
The Bank of France is closely observing this regulatory purge. The institution believes that cleaning up the crypto market strengthens the credibility of the French financial…