MiCA Regulation: AMF Begins Accepting Applications for Authorization as a CASP

With just six months remaining until the implementation of the CASP under the European MiCA Regulation, the AMF has started accepting requests for authorization to operate as a CASP, effective from the summer of 2024. As we prepare for this significant change, it’s important to explore the main features of MiCA, its rollout schedule, and the types of providers that will be affected by these new rules.

The guide will cover the key information related to the subject and address any questions you might have.

Which services the authorization encompasses?

The demand regarding the authorization includes the following digital assets offerings:

1. Custody and management on behalf of customers;
2. Running a trading platform;
3. Conversion of virtual assets into fiat currency or another virtual assets;
4. Carrying out orders on behalf of customers;
5. Placement of assets;
6. Getting and transferring orders for digital assets on behalf of customers;
7. Advisory services;
8. Portfolio management;
9. Transfer services on behalf of customers.

Moreover, CASPs have to abide by various rules set up by MiCa. This regulation also dictates certain requirements based on the kind of offering provided.

Transition period for DASPs in France

Providers currently delivering offerings in France under the registration as Digital Asset Service Providers (DASPs), or those holding an optional authorization under the PACTE Law, will be granted a transition period. This period of time allows them until June 30, 2026, to secure authorization to carry on their operation past July 1 of the same year.

Nevertheless, the AMF would like to remark that both registration and optional authorization don’t allow to derive benefit from the European passport during the transition phase. Consequently, it is impossible for market participants having this status to provide their offerings until they get MiCa authorization.

Conclusion

Eventually, the acceptance of requests for authorization as a CASP marks a crucial milestone in the implementation of new regulatory structure. It aims to enhance the security and integrity of the digital asset market, making it essential for all stakeholders to comply with the new demands to thrive in this evolving landscape.