The Autorité des marchés Financiers (AMF) is reportedly modifying the provisions concerning its policy and General Regulation dealing with the system for digital asset service providers (DASPs). AMF Updates DASPs in line with the increased registration that the DDADUE Law released. The agency announced this in a recent press release. It noted that these changes are to be implemented from the 1^st of January next year.

AMF Updates DASPs: The French Regulator Follows MiCA Regulation to Modify Regulation Concerning DASPs

Another intention of these modifications is to anticipate the transformation of the markets in crypto-assets (MiCA) regulation by amending the provisions dealing with DASPs. The modifications that the AMF adopted have a couple of chief targets. One is to integrate into the policy and the General Regulation regarding the provisions dealing with the DASPs that are subject to necessary registration.

In addition to this, the changes include aligning the requirements specified for the licenses of DASPs and those related to European approval for crypto-asset service providers (CASPs). Apart from their alignment according to the MiCA regulation, the modifications also permit a fast-track process to be implemented for the CASP authorization. Moreover, the agency pointed out that the policy-related amendments for DASPs are subject to an extension to include exclusive issues that the market participants have raised.

The Agency Says the Entities Getting Licenses before January Will follow the Existing Agenda before the Date

The AMF General Regulation’s latest article 721-1-2 has been developed to increase the provisions that DASPs receive with DASP license. The agency added that the applicants must take into account the AMF General Regulation’s amendments in their filing for improved DASP registration. Furthermore, AMF reminded that the DASPs getting a license registration before the 1^st of January, 2024, will be benefited.

Trending Now: Commerzbank Completes Blockchain-Based Trade Finance Transactions

As per the AMF, such DASPs will be allowed to get benefits from its “grandfather” clause. It also mentioned that the respective DASPs will keep on following the agenda applicable before the above-mentioned date. While moving on, the agency also discussed the amendment of the instruction DOC-2019-23 (which describes the rules implemented on the DASPs). Its amendment concerns the documents necessary for expanded registration.