Regulation (MiCA). As of December 2024, MiCA is set to enforce standardized licensing and tighter Anti-Money Laundering (AML) protocols for crypto firms across the European Union (EU). However, members of the Electronic Money Association, including Revolut, PayPal, and several other crypto entities, are advocating for an 18-month transition period, which could potentially be subject to alteration by individual member states.
Their plea for this extended period is primarily aimed at allowing ample time for all concerned parties to adequately prepare for and comply with the regulatory framework. While Ireland has already expressed its intention to adhere to the full 18-month transition period for crypto service providers, major crypto entities like Gemini, Coinbase, and Binance have already established a presence in the country, thereby necessitating compliance with MiCA regulations.
Meanwhile, France has been proactive in updating its crypto regulations since August 2023, and the Autorité des marchés financiers (AMF) is working on implementing the enhanced registration of digital asset service providers (DASPs) under the DDADUE law. These changes, scheduled to take effect from 1 January 2024, aim to align the licensing requirements for DASPs with the European standards specified by MiCA. Such preemptive measures in France aim to streamline the adaptation process, potentially setting an example for other EU member states.
