In Europe, the major and recently enacted legislation regarding crypto is the MiCA regulation (Markets in Crypto-Assets).
Published in the Official Journal of the European Union on June 9, 2023, most of its provisions will be applicable from December 30, 2024. The rules regarding stablecoins will even come into effect earlier, on June 30, 2024.
This regulation aims to establish a harmonized regulatory framework at the European level for crypto-assets, particularly governing:
* The public offering and admission to trading of tokens.
* The provision of services on crypto-assets by service providers (PSAN).
* The prevention of market abuse in crypto-assets.
In France, an ordinance dated October 15, 2024, has been adopted to adapt French law to the implementation of the MiCA regulation. This ordinance aims to:
* Adapt the current national regime of PSAN until its gradual phasing out in favor of the MiCA regime by July 1, 2026.
* Clarify the competencies of the Financial Markets Authority (AMF) and the Prudential Control and Resolution Authority (ACPR) concerning licensing and supervision of sector players.
* Adapt the applicable framework regarding solicitation, advertising, and commercial influence for crypto-assets.
Thus, the MiCA regulation is the recently voted and implemented European reference law regarding crypto-assets, and France has taken steps to integrate it into its national law.
