France: crypto & digital assets regulation

Who regulates

• Autorité des Marchés Financiers (AMF)

  Primary supervisor for CASP authorization, market conduct, cybersecurity, and DLT market infrastructure.

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• Autorité de Contrôle Prudentiel et de Résolution (ACPR)

  Prudential supervisor for credit institutions, payment institutions, and issuers of asset-referenced tokens (ARTs) and e-money tokens (EMTs).

  ^{[12][13][14][15][16][17][18][19]}

Core laws & rules

• Regulation (EU) 2023/1114 (MiCA) (2023)

  The core EU framework governing crypto-assets, establishing harmonized rules for CASPs, ARTs, and EMTs, which France implements through national instructions.

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Licensing & registration

• Crypto-Asset Service Provider (CASPs)

  Authorization required for services such as custody, exchange, and operation of trading platforms. Applications are evaluated under AMF Instruction DOC-2025-05, with strict cybersecurity (DOC-2019-24) and fit-and-proper requirements. Timeline: Applications evaluated from June 17, 2025, under updated AMF doctrine.

  ^[3][1][2][4]

• Asset-Referenced Token (ART) and E-Money Token (EMT) Issuers

  Subject to prudential authorization by the ACPR, requiring standardized legal opinions, redemption plans, and recovery plans compliant with EBA guidelines. Timeline: Requirements standardized under ACPR Instructions 2025-I-23 and 2025-I-14.

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Restrictions & warnings

• Strict travel rule compliance is mandated for crypto-asset transfers, requiring specific information to accompany transactions and detect missing data.

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• Management bodies and qualified shareholders must pass rigorous fit-and-proper assessments aligned with joint EBA/ESMA guidelines.

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• Token issuers referencing assets must submit standardized legal opinions to the ACPR under Articles 17 and 18 of MiCA.

  ^[12]

Direction of travel

• Regulatory focus is shifting towards enhanced supervisory practices for market abuse detection, DLT market infrastructure standardization, and strict enforcement of cybersecurity and operational resilience.

  ^[7][19][11]

Sources

1. DOC-2019-24 Digital Asset Service Providers - Cybersecurity Requirements Framework · 2026-06-23
2. DOC-2019-23 Regime Applicable to Digital Asset Service Providers · 2026-06-23
3. Information Deemed Complete for Crypto-Asset Service Provider Authorization Application Evaluation · 2026-06-23
4. Joint ABE and ESMA Guidelines on the Assessment of the Fit and Proper Status of Members of the Management Body of Token Issuers and Crypto-Asset Service Providers · 2026-06-23
5. ESMA Guidelines on the conditions and criteria for qualifying crypto-assets as financial instruments · 2026-06-23
6. ESMA Guidelines on Reverse Solicitation, Crypto-Asset Transfers, Security Protocols, and Suitability and Periodic Reporting · 2026-06-23
7. ESMA Guidelines on supervisory practices to prevent and detect market abuse under the Crypto-Assets Regulation · 2026-06-23
8. DOC-2025-01 Notification Procedures for Documents Related to a Public Offer or Admission to Trading of a Crypto-Asset · 2025-01-01
9. AMF Position DOC-2025-02: EBA Guidelines on Internal Policies, Procedures and Controls for Restrictive Measures · 2025-01-01
10. DOC-2024-07 Administration of Financial Securities Registered in a Distributed Ledger Admitted to Trading on a DLT Market Infrastructure · 2024-01-01
11. ESMA Guidelines on Standardised Forms, Templates and Formats for DLT Market Infrastructure Authorisation Applications · 2023-01-01
12. Instruction No. 2025-I-23 on the Legal Opinion Model for Tokens Referencing One or More Assets · 2025-12-22
13. Instruction No. 2025-I-14 regarding reporting on issuers of asset-referenced tokens and e-money tokens under Titles III and IV of Regulation (EU) 2023/1114 · 2025-10-16
14. ACPR Compliance with EBA and ESMA Guidelines on Fitness Assessment for Management Bodies and Qualified Shareholders of ART Issuers and CASPs · 2025-05-05
15. ACPR Compliance with EBA Guidelines on Recovery Plans under Articles 46 and 55 of Regulation (EU) 2023/114 · 2024-12-23
16. ACPR Compliance with EBA Guidelines on Common Reference Parameters for Liquidity Crisis Simulation Scenarios (EBA/GL/2024/08) · 2024-12-23
17. Implementation of EBA Guidelines on information requirements for fund transfers and certain crypto-asset transfers under Regulation (EU) 2023/1113 (EBA/GL/2024/11) · 2024-12-18
18. Instruction No. 2024-I-16 of 17 December 2024 on the withdrawal of approval, authorization or registration of financing companies, third-party financing companies, investment firms, payment institutions, account information service providers, electronic money institutions, credit managers or token issuers referring to one or more assets · 2024-12-17
19. Implementation of ESMA Guidelines on Standardized Forms, Formats and Templates for DLT Market Infrastructure Authorization Applications (ESMA 70-460-213) · 2023-04-21
20. AMF Position DOC-2024-08: EBA Guidelines on Information Requirements for Certain Crypto-Asset Transfers · 2024-01-01