France: fintech & payments regulation

Regulated

France fintech & payments: ACPR/AMF dual oversight under PSD2 and MiCA

Lead regulator:: ACPR
Key law:: Monetary and Financial Code (implementing PSD2 and EU MiCA)
Last updated:: 2026-07-12

France maintains a comprehensive regulatory framework for fintech and payments, primarily supervised by the Prudential Control and Resolution Authority (ACPR) for payment institutions, electronic money institutions, and crypto-asset service providers. The Autorité des Marchés Financiers (AMF) plays a key role in overseeing digital asset service providers and market infrastructure. The regime is anchored in the Monetary and Financial Code, which transposes EU directives including PSD2 and the EU Crypto-Asset Market Regulation (MiCA).

Licensing is mandatory for payment services, e-money issuance, and crypto-asset activities. The ACPR has standardized application procedures and recently updated requirements for MiCA compliance, including specific instructions for token issuers and service providers. The AMF provides detailed guidance on registration and approval dossiers for digital asset service providers.

Notable restrictions include strict reporting obligations for fees, transaction volumes, and major incidents, as well as enhanced due diligence for cross-border activities. The regulatory direction of travel emphasizes transparency, consumer protection, and alignment with evolving EU standards, including recent updates to TARGET system participation and MiCA implementation details.

Who regulates

ACPR
Primary supervisor for payment institutions, electronic money institutions, and crypto-asset service providers; handles prudential oversight and authorization.
^[1][2][3]
AMF
Supervises digital asset service providers (registration/approval) and market infrastructure; issues doctrine on crypto-asset services.
^[4][5]
Banque de France
Manages TARGET system participation conditions and liquidity rules for payment service providers.
^[6][7]

Core laws & rules

Monetary and Financial Code (2024)
The core national legislation implementing EU PSD2 and MiCA, governing payment institutions, e-money institutions, and crypto-asset service providers. It establishes licensing requirements, prudential rules, and conduct standards.
^[3][8]
EU MiCA (Regulation 2023/1113) (2023)
The EU Crypto-Asset Market Regulation, implemented in France via ACPR instructions, governing asset-referenced tokens, e-money tokens, and crypto-asset service providers.
^[3][9]
PSD2 (Directive 2015/2366) (2015)
The Payment Services Directive 2, transposed into French law, regulating payment institutions, electronic money institutions, and account information service providers.
^[10][11]

Licensing & registration

Payment Institution
Authorization required for payment services. ACPR issues standardized forms and procedures for application, simplified authorization, and exemptions.
^[12][13]
Electronic Money Institution
Authorization required for e-money issuance. ACPR mandates specific application forms and reporting via the Unified Financial Reporting System (SURFI).
^[14][15]
Crypto-Asset Service Provider (CASPs)
Registration or approval required under MiCA. AMF issues instructions on dossier completeness and own-funds requirements. ACPR handles withdrawals of registration.
^[4][5][2]
DLT Market Infrastructure
Authorization required for operating DLT market infrastructure. ESMA guidelines on standardized forms are implemented by ACPR.
^[16][17]

Restrictions & warnings

Payment service providers must annually report fee levels for transfers, instant transfers, and payment accounts, as well as the volume of rejected transactions.
^[1]
Strict reporting requirements for major incidents, fraud data, and security measures under PSD2 guidelines, including operational and security risks.
^[10][18][11]
MiCA implementation requires specific information for fund transfers and crypto-asset transfers, including enhanced due diligence for missing or incomplete payer/payee information.
^[9][19]
TARGET system participation requires compliance with harmonized conditions, including eligibility criteria, liquidity transfer rules, and strict maximum holding limits for non-bank entities.
^[7][6]

Direction of travel

Regulatory focus remains on MiCA implementation, with ongoing updates to ACPR instructions for token issuers and service providers, and AMF guidance on digital asset services.
^[3][5]
Continued alignment with EU-wide standards, including EBA guidelines on payment delays, fraud reporting, and major incident notification, ensuring robust supervisory convergence.
^[20][18]
Expansion of TARGET system eligibility to include non-bank payment service providers and investment firms, indicating a trend towards broader access to central bank payment infrastructure.
^[7]

Sources

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This guide is compiled automatically from 20 primary-source documents published by France's regulators, reviewed by RegAlert, and refreshed monthly (last updated 2026-07-12). It is not legal advice — always confirm requirements with the regulator or local counsel before acting.