France Proposes EU to Strengthen Control over Crypto Exchanges

The French authorities are urging the European Union to expand the powers of financial regulators for the automated detection of illegal cryptocurrency platforms. The French Ministry of Finance, the Bank of France, the AMF, and the ACPR have published joint proposals as part of the review of the MiCA regulation. The proposals include gathering information from websites, enhancing control over the advertising of crypto services, and expanding oversight at the EU level. One of the initiatives is to grant national regulators and ESMA the right to use web scraping to identify platforms providing services without a license. The French authorities also propose to more clearly define that advertising crypto services may indicate active customer engagement in the EU, limiting the possibility of circumventing MiCA requirements through reverse solicitation. The transitional period for obtaining licenses under MiCA rules ends on July 1, 2026, after which unlicensed providers must cease operations in the EU. France also proposes to review the timelines for processing license applications, strengthen the role of ESMA, and revise the criteria for direct supervision. If these changes are implemented, regulators will be able to more actively detect illegal platforms and verify their activities.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.