Adapting how crypto exchanges operate under the new regulation won’t be easy, but it might make it easier for them to get bank accounts in Europe.

The European Union’s landmark crypto regulation, Markets in Crypto Assets (MiCA), won’t see a final vote in the European Parliament until April, stalling the process for the new rules to be enforced. 

France’s financial markets authority Autorité des marchés financiers (AMF) is the latest entity in the country calling for regulation of cryptocurrency operators.

As per a recent Financial Times report, France may reconsider its easy licensing regime for digital asset providers, following recent market failures such as FTX’s demise. The development would call into question France’s efforts to position itself as one of Europe’s most pro-crypto nations.

In light of FTX’s collapse, activities of off-shore crypto companies operating in the EU are under a microscope for the bloc's regulators.

In a recent statement, the European Parliament said its members would shortly “vote on adopting the regulation on markets in crypto-assets (MiCA).” According to the parliamentary body’s think tank, the envisaged regulations are expected to provide “legal certainty for crypto-assets not covered by existing EU legislation.” A crypto counselor, Paulius Vaitkevicius, said any regulation of crypto is likely to result in more capital and talent coming into the space.

European Securities and Markets Authority (ESMA) Risk Analysis &amp; Economics Department head Steffen Kern <a href="https://www.esma.europa.eu/sites/default/files/library/public_statement_to_econ_sk.pdf" target="_blank">told</a> the committee that ESMA “has neither regulated nor supervised FTX” and has no “information on the company beyond what is in the public domain.” The ESMA does not see significant risks to the broader financial sector from the collapse of FTX given small portion of the total market represented by crypto and the limited connections between crypto and traditional finance.

The dramatic collapse of FTX crypto exchange has turned regulators’ heads around the world. In the European Union, many policy experts came forward claiming that the bloc’s highly anticipated Markets in Crypto-Assets legislation could have cushioned the blow or prevented the events that led up to the crash.