Crypto Regulation in France Paves the Way for European MiCA Framework and Innovation
The new Markets in Crypto Assets (MiCA) regulatory framework in Europe draws inspiration from France’s existing regulatory regime, according to Jerome de Tychey, President of Ethereum France. The framework closely resembles France’s Digital Asset Service Provider (DASP) test framework, requiring registration and accreditation as a PSAN (Prestataire de service sur actifs numériques). MiCA has received positive feedback and could serve as a model for US regulation, according to SEC Commissioner Hester Peirce.
Obtaining a DASP license is mandatory for digital asset custody, buying or selling digital assets with legal tender, trading digital assets, and operating a crypto trading platform. Some major exchanges like Binance and Crypto.com have secured DASP licenses in France, and Coinbase has expressed similar plans.
While Tychey believes France is leading the way, it’s still too early to determine the impact of French and European crypto regulation on innovation. The introduction of a new regulatory framework for “Exchangeable In-Game Items” in France and upcoming MiCA implementation are expected to shape the crypto industry. The 2024 Olympics in Paris may prompt EthCC, a crypto conference, to explore new locations, including Brussels closer to European regulators.
Clever Robot News Desk 7th June 2023