MiCA review: The AMF, ACPR, Banque de France and French Treasury publish their joint proposals

The publication is not binding and no immediate compliance deadline is indicated, so direct near-term obligations are limited. However, compliance teams should treat it as a horizon-scanning priority, particularly firms with EU crypto authorisations, stablecoin activity, custody services or cross-border ambitions. Actions include assessing exposure to French and EU crypto markets, reviewing governance and controls against likely review themes such as authorisation, market abuse, consumer protection, operational resilience and cross-border supervision, and engaging through trade bodies or supervisory channels.

Firms should also monitor for divergence between the UK and EU regimes. The proposals may create opportunities for well-governed firms to shape the review and position themselves for clearer EU requirements, while weaker compliance models face greater medium-term risk.