Marchés de crypto-actifs : le règlement MiCA adopté par le Parlement européen

On 20 April 2023, the European Parliament adopted the Markets in Crypto Assets (MiCA) regulation.
As part of the EU Digital finance package, the MiCA regulation aims to regulate crypto-assets that are not currently covered by existing European regulations on financial instruments and products. Its goal is to create a balanced European regulatory framework that protects European investors.
The regulation covers the offering and admission to trading of crypto-assets, including stablecoins, as well as the provision of services in relation to such assets. It also includes a framework for the prevention and prohibition of market abuse in crypto-assets that will apply to anyone involved in trading these assets. The regulation will replace the national frameworks put in place by EU member states, including the French framework introduced by the PACTE law of 22 May 2019.
Under the MiCA regulation, CASPs will be required to obtain mandatory licensing with requirements similar to those of the optional licensing regime for DASPs under France’s current framework. Providers licensed under the MiCA regulation will be able to benefit from the European passport and provide their services in all EU countries.
NFTs are excluded from the scope of the MiCA regulation, unless they meet certain criteria mentioned in the text. The European Commission will be tasked with reviewing developments in relation to this aspect and assessing the need to propose a specific regime in relation to NFTs within 18 months of the text’s entry into force.
DeFi services on crypto-assets provided in a fully decentralized manner without intermediaries are also excluded from the scope of the text. The Commission will also review developments in relation to decentralized finance and assess the potential to develop rules in this area.
The AMF is preparing the transition towards MiCA and contributing to the drafting of implementing technical standards and guidelines that are to be published by ESMA before entry into application of the text. The AMF welcomes the adoption of the text and the progress made in the European legislative process, as this regulation will increase the competitiveness of French and European players by creating a harmonised European framework and ensure better protection for investors.
The French parliamentary Law of 9 March 2023 (DDADUE Law), contained provisions adapting French law to various European Union legislative requirements in relation to economic, health, labor, transport and agricultural matters, and clarified certain provisions relating to MiCA. It establishes an additional transitional period of 18 months after entry into application of a European crypto regulation, during which DASPs with either a „simple“ registration, an „enhanced“ registration, an optional license, or those providing services referred to under 5° of Article L. 54-10-2 of the MFC may continue to offer their services to the French public.
In addition, within one year of the enactment of the DDADUE Law, the government is empowered to adopt by decree any measure intended to adapt the provisions of national law to ensure their consistency and compliance with MiCA. In consultation with stakeholders, the AMF will adapt its General Regulation and its policy documents to facilitate the transition of DASPs towards MiCA by aligning capital requirements, documentation, conflicts of interest policy, digital asset custody policy, and clarifying the respective roles of the AMF and ACPR.