To print this article, all you need is to be registered or login on Mondaq.com.
On August 10, 2023, French securities regulator Autorité
des marchés financiers (AMF) published a
press release announcing amendments to Book VII of its General
Regulation as it relates to digital assets service providers
(DASPs) to be consistent with the enhanced registration
requirements introduced by the DDADUE
Law. These amendments to the AMF General Regulation are also
intended to align the requirements for DASP licensing with
cryptoasset service provider authorization under the European
Union’s
Markets in Crypto-Assets Regulation (MiCA).
Under the new regime, all DASPs seeking licensing will be
evaluated on the following dimensions currently used to evaluate
DASPs seeking “enhanced” registration: security and
internal control management, conflicts of interest management,
information accuracy, public pricing policies, custody provisions
(i.e., segregation of client and own assets), information
technology systems, and prohibitions on using client assets without
prior express consent.
These AMF General Regulation amendments will apply to licenses
issued on or after January 1, 2024. DASPs that obtained a simple
registration prior to that date will continue to be subject to the
previous regulatory framework.
Cryptoassets will likely be subject to greater scrutiny and
regulatory enforcement in the near future as more country-level
regulators amend their rules in anticipation of the European
Union’s transition to MiCA. Winston & Strawn’s
multijurisdictional
Digital Assets & Blockchain Technology Group will continue
to monitor developments and provide clients and friends of the firm
with updates as they become available. Please contact your Winston
relationship partner to discuss European regulations and licensing
requirements.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
POPULAR ARTICLES ON: Technology from United States
Credit: Source link