France: the AMF reaches out to crypto firms fleeing the American market

Europe is taking a giant step in regulating the crypto-asset industry with the introduction of MiCA standards, thus providing a transparent legal framework for this market. This is precisely the kind of action crypto firms are hoping to see from US regulators. While the latter still seem to hesitate to take this route, the Financial Markets Authority (AMF) is rolling out the red carpet and inviting crypto firms wishing to set up outside the USA to bet on France.

Crypto firms that wish to do so are welcome in France

In the space of a month, the regulation of cryptoassets has changed in Europe. The MiCA crypto law was passed last April. Very recently, the text received the approval of the member countries of the European Union.

From now on, therefore, the European crypto market has a legal framework governing its operation. A unique advance in the world, which should benefit all crypto companies who want it, once in force.

By hearing, crypto firms can take advantage of French crypto regulations which, too, has made particular progress recently. This is clearly stated by the Autorité des marchés financiers (AMF).

The message seems to be aimed at crypto firms that target favorable territories for their activities. This is particularly the case of the companies Coinbase or Binance, which have announced their desire to relocate from the American market. This is because of the regulations deemed to be very unfavourable.

In a recent media outing, Benoît de Juvigny, the AMF’s secretary general said: “In France, we are proud to be pioneers [de la réglementation crypto, Ndlr]. If American players want to benefit, in the very short term, from the French regime, and from 2025 from European arrangements, they are obviously welcome. We have good relations and good discussions with our American counterparts”.

The French crypto market, still risky

It is true that France stands out as one of the European countries where crypto firms are specifically well anchored. Indeed, there are some 74 officially registered crypto companies. This number is also set to increase.

But shadow points, potentially risky, still remain. Because whole sections of crypto regulations are still under study. This is the case, for example, of the rules governing the relationships of firms with influencers. The same goes for measures to govern financial services that do not have a central entity. To this fears about innovation in the sector that French crypto regulations would threaten to destroy.

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