CASP Authorisation in France (MiCA): a Guide

What is the CASP (PSCA) authorisation?

The crypto-asset service provider authorisation (CASP; « PSCA » in French) is the authorisation provided for by the European MiCA regulation (Markets in Crypto-Assets). In France it is granted by the AMF (Autorité des marchés financiers), after the opinion of the ACPR (Autorité de contrôle prudentiel et de résolution).

The authorisation covers in particular the following services:

• Custody and administration of crypto-assets on behalf of clients
• Exchange of crypto-assets for funds or for other crypto-assets
• Execution, reception-transmission and placing of orders
• Advice and portfolio management on crypto-assets
• Operation of a trading platform
• Crypto-asset transfer services

Once obtained, the authorisation opens a European passport: the provider can offer its services across the 27 member states subject to notification, without applying for an additional local licence.

Who needs the authorisation?

Any business providing one of the services listed above in France on a professional basis. The decisive point since 2026: there is no alternative status anymore.

• 30 December 2024: closure of PSAN registration (PACTE law) with the AMF — no new application was accepted after that date.
• 30 June 2026: expiry of the French transitional period. Registered PSANs that had not obtained the CASP authorisation by that date were required to cease their activity in France.
• Since 1 July 2026: the CASP authorisation is the only framework for operating. Providing services without it is a criminal offence — up to 2 years imprisonment and a EUR 30,000 fine — without prejudice to AMF administrative sanctions.

How much capital and own funds should you plan?

MiCA groups the services into three classes, each with a capital floor. That floor is only a starting minimum: own funds must at all times equal at least the higher of the class floor or one quarter of the fixed overheads of the previous year.

Class	Services covered	Minimum capital
Class 1	Reception-transmission of orders, advice, execution, placing, transfer	EUR 50,000
Class 2	Custody and administration, exchange of crypto-assets (+ class 1 services)	EUR 125,000
Class 3	Operation of a trading platform (+ class 1 and 2 services)	EUR 150,000

Practical consequence: for a structure with significant fixed costs (team, infrastructure, compliance), the quarter-of-overheads test quickly becomes more demanding than the class floor. The financing plan must demonstrate it over time, not just on filing day.

How does the procedure before the AMF work?

The procedure has four phases. The durations given are orders of magnitude, not commitments.

1. Preparing the file (variable — often the longest phase): a detailed programme of operations service by service, organisation and governance, identity and good repute of directors and shareholders, AML/CFT framework, client-asset segregation policy, IT security, business continuity plan, financial projections and demonstration of own funds.
2. Filing with the AMF.
3. Completeness check: the AMF verifies that the file is complete, within around 25 working days. An incomplete file goes back into a completion loop — this is where the most weeks are lost.
4. Review and decision: substantive analysis by the AMF, after the ACPR's opinion, then a decision within around 40 working days from the complete file. Follow-up questions suspend or stretch this period in practice.

The AMF publishes the list of authorised providers on its website (amf-france.org) — the reference for checking any player's status.

How should you anticipate real-world timelines?

The regulatory timeline (~25 + ~40 working days) only measures the AMF phase on a complete file. A project's full calendar in practice includes:

• The prior legal structuring: French company, capitalisation, governance (see our guide Starting a Company in France);
• Drafting the programme of operations and internal policies — several weeks to several months depending on the organisation's maturity;
• The question-and-answer loops with the AMF and the ACPR;
• Recruiting the key functions (compliance, CISO), which the regulator often expects before deciding.

A well-prepared file is won upstream: the quality of the first filing largely determines the total duration.

Common pitfalls in authorisation files

• Filing an incomplete application to "get in the queue": every completeness loop adds weeks and erodes the file's credibility.
• Under-sizing own funds by looking only at the class floor and forgetting the quarter-of-fixed-overheads test — frequent among growing structures.
• Façade governance: genuinely involved directors, a real presence in France, staffed key functions. A theoretical org chart does not survive the review.
• Generic AML/CFT procedures: the framework must be calibrated to your services, clients and flows (KYC, transaction monitoring, suspicious-activity reports to TRACFIN, a designated TRACFIN correspondent).
• Neglecting the ACPR side: the ACPR's opinion notably covers prudential aspects — treating it as a formality is a mistake.
• Starting activity before authorisation: beyond the criminal risk, it is a disqualifying signal for the regulator.

What happens after authorisation?

The authorisation is a living status, not a diploma. An authorised provider must at all times:

• Maintain its own funds at the required level (floor or quarter of overheads);
• Operate the AML/CFT framework: ongoing vigilance, reports to TRACFIN, staff training, record-keeping (5 years minimum);
• Ensure segregation of client assets and system security;
• Notify the AMF of significant changes (directors, shareholders, services);
• Comply with MiCA's transparency and marketing rules.

For an overview of the applicable framework, see our page Crypto License in France: MiCA (CASP). And if your project involves a group structure, our guide The French Holding Company usefully completes the picture.