France is opening up to applications from crypto-asset service providers through its markets regulator, the Autorité des Marchés Financiers (AMF), as of July 1, ahead of the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework. MiCA, set to fully implement by December, aims to create a comprehensive regulatory environment for crypto-assets, including provisions for stablecoins. By June 30, 2026, all crypto-asset service providers must obtain MiCA authorization to continue operations.

Circle, the issuer of USD Coin (USDC) and Euro Coin (EURC), became the first global stablecoin issuer to achieve MiCA compliance in July. The AMF has outlined ten services requiring EU authorization, including the custody and administration of crypto-assets and the receiving and transmitting of orders for crypto-assets on behalf of clients. Providers must comply with regulations related to anti-money laundering, counter-terrorism financing, cybersecurity standards, and maintaining a good reputation and competence.

However, Bybit, a cryptocurrency exchange, has decided to withdraw from France due to regulatory challenges. As of August 2, French users cannot purchase new products or add to their positions on Bybit. The exchange requested users to wind down and close all open positions and withdraw their funds. Bybit was blacklisted by the AMF in May 2022 for not being authorized to provide digital asset services in France.

In June, Bybit extended its services to Mainland Chinese citizens living overseas, despite previous restrictions on serving Hong Kong residents. This move allows Chinese users living abroad to sign up on Bybit using their Chinese ID or passports.

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Source: blockhead.co

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