In a Friday statement , the French Financial Markets Authority stated that existing crypto companies may be eligible for a “fast track regime” in order to comply with new European crypto regulations.

In the wake of the collapse of the crypto exchange FTX, France has recently tightened its crypto registration procedure in preparation for the European Union’s Markets in Crypto Assets legislation. Last week, the European Parliament approved MiCA. The rules will take effect around July 2023.

AMF announced that “consideration will be given to a possible modular fast-track licensing” between France’s existing regime (known as PSAN) and MiCA. MiCA includes rules for much stricter governance, consumer protection, and financial stability, according to the AMF.

The regulator also said that it would consider ways to bring European provisions regarding reserves, conflicts of interests, custody, and documentation into line.

MiCA will give companies that are already registered in France, such as the crypto exchanges Binance and Bitstamp an additional 18 months to conform to stricter European standards.

The AMF stated that “these players can continue to offer services exclusively to the French people during this period.” The AMF is responsible for administering the most advanced crypto regulations in Europe.

The EU’s MiCA Law is nearing its final vote.

Sandali Handagama is the editor.