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

This is a significant development for firms involved in crypto-asset activities across the EU, as it signals potential regulatory adjustments that could impact compliance frameworks, operational processes, and market access. While the proposals are not yet binding, they provide early insight into the direction of travel for MiCA implementation and may influence forthcoming EU-level discussions. Compliance teams should monitor these developments closely, assess the potential implications for their crypto-asset products and services, and consider engaging with industry consultations to shape the final rules.

Firms should also review their current MiCA compliance arrangements to identify any gaps that may arise from the proposed changes. The joint nature of the proposals from key French authorities underscores the importance of a coordinated approach to crypto regulation, and firms should expect increased supervisory focus on areas such as governance, risk management, and consumer protection. Proactive engagement and preparation will be key to mitigating risks and leveraging opportunities in the evolving regulatory landscape.