Crypto License in France: MiCA (CASP) | BleuLex Law
Crypto license in France: the PSAN regime is closed. Get the MiCA (CASP) authorisation from the AMF. Connect with independent French lawyers. Free consultation.
We connect you with an independent lawyer registered with the French Bar.
In summary: The PSAN regime (PACTE law 2019) is closed: registration with the AMF has been shut since 30 December 2024 and the transitional regime expired on 30 June 2026. To provide crypto-asset services in France, you now need the MiCA authorisation (crypto-asset service provider), granted by the AMF after the opinion of the ACPR. Operating without authorisation exposes you to 2 years imprisonment and a EUR 30,000 fine. The authorisation opens a European passport.
CASP authorisations: where things stand (July 2026)
The French transitional period ended on 30 June 2026. Since 1 July 2026, the landscape has settled:
- Authorisation is mandatory: no player may provide crypto-asset services in France under the PSAN status alone anymore. Providers that had not obtained the CASP authorisation by the end of the transition were required to cease their activity in France — continuing without authorisation is a criminal offence (up to 2 years imprisonment and a EUR 30,000 fine).
- France ranks among the leading issuers of MiCA authorisations in the European Union: the experience built up by the AMF and the ACPR since the PACTE law makes it a recognised gateway to the European passport.
- Check your providers' status: the AMF publishes the list of authorised providers on its website (amf-france.org) — the official reference before engaging a partner or custodian.
- For applicants: preparing the file remains the decisive step. Our practical guide Obtaining the CASP Authorisation in France (MiCA) details the capital classes, the AMF/ACPR procedure and the common pitfalls.
This section was last reviewed on 25 July 2026.
Crypto-asset regulation in France
France was a pioneer in Europe with the PACTE law of 2019, which created the status of Digital Asset Service Provider (PSAN). This national regime is now closed: the applicable framework is the European MiCA regulation (Markets in Crypto-Assets), which harmonises crypto-asset regulation throughout the Union.
The PSAN regime, now historical
The PSAN status is no longer a route to enter the market:
- 30 December 2024: closure of PSAN registration with the AMF — no new application is accepted anymore.
- 30 June 2026: expiry of the transitional regime for already-registered PSANs, which were required to switch to the MiCA authorisation.
- Any activity must now be carried out under the MiCA authorisation. The PSAN regime is mentioned here for historical reference only.
The MiCA authorisation (crypto-asset service provider)
The crypto-asset service provider authorisation (CASP) is granted by the AMF (Autorité des marchés financiers), after the opinion of the ACPR (Autorité de contrôle prudentiel et de résolution). It covers in particular:
- 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 for crypto-assets
- Advice and portfolio management on crypto-assets
- Operation of a crypto-asset trading platform
- Transfer services for crypto-assets on behalf of clients
Capital requirements (MiCA)
The minimum capital required depends on the category of services provided. Own funds must at least equal the higher of the floor indicated or one quarter of the fixed overheads of the previous year.
| Class of services | Minimum capital |
|---|---|
| Class 1 — reception-transmission of orders, advice, execution, placing, transfer | EUR 50,000 |
| Class 2 — custody and administration, exchange of crypto-assets | EUR 125,000 |
| Class 3 — operating a trading platform | EUR 150,000 |
Penalties for operating without authorisation
Providing crypto-asset services without the required authorisation is a criminal offence: up to 2 years imprisonment and a EUR 30,000 fine, without prejudice to the administrative and financial sanctions that the AMF may impose. It is therefore essential to regularise your situation before starting any activity.
MiCA timeline
- June 2024: the rules on stablecoins (e-money tokens and asset-referenced tokens) came into application.
- December 2024: the full regime for crypto-asset service providers came into application and PSAN registration closed.
- 30 June 2026: end of the French transitional regime for already-registered PSANs.
- European passport: a MiCA authorisation allows you to operate across the 27 member states.
Authorisation process
The timelines below are given as an indication and depend on the quality of the file.
| Stage | Description | Indicative timeline |
|---|---|---|
| 1. Preparation | Compilation of the file, programme of operations, AML/CFT procedures and governance | Variable |
| 2. Filing with the AMF | Submission of the complete file to the AMF | — |
| 3. Completeness check | Verification of the completeness of the file by the AMF | ~25 working days |
| 4. Review and decision | Substantive analysis by the AMF, after the opinion of the ACPR, then decision | ~40 working days |
Compliance requirements
- Governance: honourable and competent directors (fit & proper)
- AML/CFT: robust anti-money-laundering procedures and reporting to TRACFIN
- Cybersecurity: protection of client assets and data
- Segregation: separation of client assets from own assets
- Transparency: white paper and marketing communications compliant with MiCA
AML/CFT obligations
The fight against money laundering and terrorist financing remains at the heart of the regulation:
- KYC: identification and verification of clients\' identity
- Vigilance: ongoing monitoring of transactions
- TRACFIN: suspicious activity reporting to the French financial intelligence unit
- Correspondent: appointment of a TRACFIN correspondent
- Training: ongoing staff training
- Record-keeping: archiving of documents for a minimum of 5 years
Why France for your crypto activity?
- Experienced regulators: the AMF and the ACPR have real crypto expertise
- Dynamic ecosystem: French Tech, Ledger and numerous startups
- EU access: MiCA passport to 27 member states
- Skilled workforce: blockchain engineers and developers
- Geographic position: favourable time zone Europe/Asia/Americas
Frequently Asked Questions
No. PSAN registration with the AMF has been closed since 30 December 2024, and the transitional regime for already-registered PSANs expired on 30 June 2026. The applicable regime is now the MiCA authorisation (crypto-asset service provider, "CASP").
The crypto-asset service provider authorisation provided for by the European MiCA regulation. It is granted by the AMF, after the opinion of the ACPR, and covers in particular custody, exchange, execution of orders, placing, advice and the operation of a trading platform.
The minimum capital depends on the services provided: EUR 50,000 for class 1 (reception-transmission of orders, advice, execution, placing, transfer), EUR 125,000 for class 2 (custody and administration, exchange of crypto-assets), EUR 150,000 for class 3 (operating a trading platform). Own funds must at least equal the higher of that floor or one quarter of the previous year's fixed overheads.
Providing crypto-asset services without the required authorisation is a criminal offence: up to 2 years imprisonment and a EUR 30,000 fine, without prejudice to the administrative sanctions that the AMF may impose.
As an indication, the AMF checks that the file is complete within around 25 working days, then reaches a decision within around 40 working days from a complete file. Actual timelines depend on the quality of the file and the exchanges with the AMF and the ACPR.
Providers must put in place robust procedures: customer identification (KYC), identity verification, transaction monitoring, suspicious activity reporting to TRACFIN, appointment of a TRACFIN correspondent and ongoing staff training.
Find Your Lawyer
Describe your project and we will connect you with a qualified lawyer.
- Free referral
- Response within 24 hours
- Verified lawyers
Free and without obligation — independent lawyers registered with the competent French Bar.