Letter from the DAJ – Publication of two ordinances relating to crypto-asset markets
Purpose: To provide clarifications on the legal framework for crypto-asset markets in France.
Background:
The French government adopted two ordinances on May 5, 2023, implementing the European Markets in Crypto-Assets (MiCA) Regulation. These ordinances aim to regulate the issuance, offer and provision of services related to crypto-assets in France.
Key Points:
- Definition of crypto-asset: An asset that meets the following criteria:
- Digital representation of value or rights that can be transferred or stored electronically
- Not issued or guaranteed by a central bank or public authority
- Not used primarily as a currency or payment instrument
- Obligations for crypto-asset service providers:
- Registration with the Financial Markets Authority (AMF)
- Compliance with anti-money laundering and countering the financing of terrorism (AML/CFT) regulations
- Provision of clear and concise information to investors
- Prohibition of misleading or deceptive practices:
- False or exaggerated claims about crypto-assets
- Omission of material information
- Enforcement and sanctions:
- The AMF has the authority to impose sanctions for violations, including fines and suspension or revocation of registrations
Impact:
These ordinances strengthen the legal framework for crypto-asset markets in France. They aim to:
- Protect investors by providing clear regulations and ensuring transparency
- Prevent market manipulation and abuse
- Promote innovation and the development of responsible crypto-asset markets
- Align with European regulations to harmonize the approach to crypto-assets across the EU
Next Steps:
The ordinances will enter into force on May 18, 2023. Crypto-asset service providers have 18 months to comply with the new requirements.
The AMF will issue additional guidance and regulations to provide further specifications and clarification.
Lettre de la DAJ – Publication de deux ordonnances relatives aux marchés de crypto-actifs
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