Regulatory AlertsFrance: crypto & digital assets regulation
RegulatedFrance: MiCA CASP licensing via AMF; ACPR supervises ART/EMT issuers
- Lead regulator
- Autorité des Marchés Financiers (AMF)
- Also involved
- ACPR (ART/EMT issuers) · TRACFIN (AML)
- Core law
- Regulation (EU) 2023/1114 (MiCA)
- Entry capital
- EUR 125,000 (CASP)
- Approval timeline
- 4 months (MiCA statutory limit)
- Customer assets
- Segregated from own funds
- Data protection
- GDPR · CNIL
- Sandbox
- Yes - PACTE sandbox
France regulates crypto-asset service providers (CASPs) under the EU Markets in Crypto-Assets (MiCA) Regulation. The AMF is the primary licensing authority for CASPs, while the ACPR supervises issuers of Asset-Referenced Tokens (ART) and E-Money Tokens (EMT). The regime requires strict cybersecurity, governance, and capital compliance.
Which licence do you need?
| Your activity | Requirement | Capital | Timeline | Authority |
|---|---|---|---|---|
| Exchange / trading platform | LicenceCASP[1][2] Requires cybersecurity compliance per DOC-2019-24 | EUR 125,000 | 4 months | AMF |
| Custody of client assets | LicenceCASP[1][2] Subject to DOC-2019-24 cybersecurity standards | EUR 125,000 | 4 months | AMF |
| Token issuance / public offering | LicenceART/EMT Issuer[3] ACPR mandates legal opinions per Instruction 2025-I-23 | Variable | 4 months | ACPR |
| Broker-dealer / OTC desk | LicenceCASP[1] OTC services fall under CASP authorization | EUR 125,000 | 4 months | AMF |
| Stablecoin issuance | LicenceART/EMT Issuer[3] EMTs supervised by ACPR; ARTs by ACPR | Variable | 4 months | ACPR |
| Crypto payments acceptance | LicenceCASP[1] Crypto payments subject to MiCA CASP rules | EUR 125,000 | 4 months | AMF |
| Mining / staking services | Uncertainverify with regulator MiCA does not explicitly regulate mining/staking | — | — | — |
| Advisory / portfolio management | Uncertainverify with regulator Crypto-advisory not explicitly defined in MiCA | — | — | — |
New — what changed recently
- 2025-07-02Fit and Proper Guidelines — Joint ABE/ESMA guidelines on management body fitness assessment became applicable.
- 2025-06-17DOC-2025-05 — AMF instruction detailing complete information for CASP authorization applications.[4]
- 2025-05-05EBA Guidelines Compliance — ACPR compliance with EBA guidelines on redemption plans and liquidity simulations.[5]
- 2024-12-23Withdrawal Procedures — ACPR standardized procedures for withdrawing approvals of crypto-asset entities.[6]
Market-entry checklist
- 1Prepare CASP ApplicationSubmit dossier to AMF including cybersecurity proof per DOC-2019-24.
- 2Secure Minimum CapitalEnsure EUR 125,000 own-funds are held for CASP authorization.
- 3Appoint Fit & Proper ManagementVerify management bodies meet ABE/ESMA fitness criteria.
- 4Implement Travel RuleAdopt EBA guidelines for crypto-asset transfer information requirements.
- 5Register with TRACFINMandatory AML/CFT registration for all crypto-asset service providers.
Sources
- DOC-2019-23 Regime Applicable to Digital Asset Service Providers · 2026-06-23
- DOC-2019-24 Digital Asset Service Providers - Cybersecurity Requirements Framework · 2026-06-23
- Instruction No. 2025-I-23 on the Legal Opinion Model for Tokens Referencing One or More Assets · 2025-12-22
- Information Deemed Complete for Crypto-Asset Service Provider Authorization Application Evaluation · 2026-06-23
- EBA Guidelines on Recovery Plans under Articles 46 and 55 of Regulation (EU) 2023/1114 · 2024-06-13
- 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