economie.gouv.fr,Lettre de la DAJ – Publication de deux ordonnances relatives aux marchés de crypto-actifs

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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