France’s AMF Aligns with ESMA Guidelines on Crypto Asset Expertise
The French Financial Markets Authority (AMF) has announced its adherence to new guidelines from the European Securities and Markets Authority (ESMA) regarding the knowledge and competence of personnel working with crypto-asset service providers (CASPs). This move is a key step in implementing the Markets in Crypto-Assets (MiCA) regulation across the European Union.
MiCA and the Necessitate for Qualified Personnel
The MiCA regulation, which came into force in June 2023, aims to establish a uniform set of rules for crypto-assets within the EU. A core component of this regulation is ensuring that firms offering crypto-asset services have staff with the necessary expertise to act in the best interests of their clients. These new ESMA guidelines, adopted on January 28, 2026, detail the specific criteria for evaluating and maintaining that expertise.
Differentiated Standards for Information vs. Advice
The ESMA guidelines recognize a distinction between personnel providing informational services about crypto-assets and those offering personalized advice. The requirements for knowledge and competence differ accordingly. CASPs must ensure their staff understand and apply internal policies and procedures designed to comply with MiCA.
Specifically, the guidelines mandate a minimum number of training hours per year, varying based on the role. Those providing only information require less training than those offering investment advice. This tiered approach acknowledges the different levels of responsibility and potential risk associated with each function.
Organizational Requirements for Ongoing Competence
Beyond initial training, the guidelines emphasize the importance of ongoing professional development. CASPs are expected to establish systems for evaluating, maintaining, and updating the knowledge and skills of their personnel. The ESMA guidelines include practical examples to aid in implementation.
Impact on Crypto-Asset Service Providers
These guidelines will be applicable starting July 28, 2026, to all CASPs authorized in the EU, whether through full licensing or a notification process. This includes firms issuing asset-referenced tokens (ARTs) and providing other crypto-asset services. The AMF’s alignment with ESMA’s standards contributes to a harmonized regulatory landscape across the EU.
What Does This Mean for the Future of Crypto Regulation?
The focus on personnel competence signals a broader trend towards professionalizing the crypto industry. As MiCA continues to be implemented, People can expect increased scrutiny of firms’ internal controls and a greater emphasis on investor protection. The Bank of France has even advocated for granting ESMA direct oversight of major crypto firms, further solidifying the role of centralized regulatory bodies.
The AMF’s adoption of these guidelines, alongside similar moves by authorities in Austria and Italy, demonstrates a coordinated effort to strengthen the EU’s regulatory framework for crypto-assets. This proactive approach aims to foster innovation while mitigating risks and ensuring market integrity.
FAQ
Q: When do these ESMA guidelines arrive into effect?
A: July 28, 2026.
Q: Who do these guidelines apply to?
A: All crypto-asset service providers (CASPs) authorized in the EU.
Q: Is there a difference in training requirements based on job role?
A: Yes, personnel providing investment advice require more training than those providing only informational services.
Q: What is MiCA?
A: MiCA (Markets in Crypto-Assets) is a regulation that institutes uniform EU market rules for crypto-assets.
Q: Where can I find more information about MiCA?
A: You can find more information on the ESMA website.
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