France’s Monetary and Financial Code digital asset services regime is the national framework that first governed prestataires de services sur actifs numériques (PSAN/DASP) and now connects French law to the EU Markets in Crypto-Assets Regulation (MiCA). As of July 6, 2026, the operative Chapter X of Book V of the Code monétaire et financier is in force as a MiCA-aligned regime for prestataires de services sur crypto-actifs (PSCA/CASP), while the earlier national DASP registration and optional licensing provisions have been phased out.
The framework originated in the PACTE Law of May 22, 2019, which inserted a dedicated digital-asset chapter into the Monetary and Financial Code. Article 86 of that law defined digital assets and digital asset services and created a regulatory architecture for providers engaged in custody, buying or selling digital assets for legal tender, crypto-to-crypto exchange, trading platform operation, order reception and transmission, portfolio management, advice, underwriting, and guaranteed or non-guaranteed placement.
Key Provisions of the French Digital Asset Services Regime
Scope and provider status
The current Code provision now uses the MiCA concept of crypto-assets. Article L.54-10-1 provides that, for Chapter X, crypto-assets are those covered by Regulation (EU) 2023/1114. This aligns the French statutory perimeter with the EU CASP framework rather than maintaining the former standalone PSAN service taxonomy as the basis for ongoing activity.
Mandatory CASP authorization
Article L.54-10-4 prohibits the professional provision of crypto-asset services by a person that has not been authorized to provide those services under Article 59 of MiCA. Article L.54-10-7 directs CASP authorization applications to the AMF and provides for ACPR input on internal controls, AML/CFT policies, management fitness, and related prudential or conduct concerns, depending on the applicant and services.
French penal provisions also support the authorization perimeter. Article L.572-23 provides penalties for a CASP that fails to notify the AMF that it no longer meets authorization conditions or gives inaccurate information, and for breach of the prohibitions in Article L.54-10-4.
Legacy PSAN/DASP registration and licensing
Before the MiCA transition closed, the French DASP regime required AMF registration, with ACPR clearance, for core services including custody, fiat-to-crypto purchase or sale, crypto-to-crypto exchange, and operation of a digital asset trading platform. AMF materials also described optional licensing for France-established providers that accepted broader organization, financial resources, IT resilience, internal control, conflicts, claims-handling, AML/CFT, and conduct requirements.
For custody services, former Code provisions required client agreements, custody policies, mechanisms to return digital assets or access to them, segregation of client holdings from the provider’s own holdings, and limits on use of client assets or private keys without prior express consent. Those provisions remain relevant for historical context and transition review, but the continuing service-provider regime is now MiCA-based.
Status and Timeline
MiCA’s CASP regime began applying on December 30, 2024, subject to transitional measures for providers that were already operating under national law. France used a transition for PSAN/DASP firms through July 1, 2026. On July 6, 2026, the AMF stated that since July 2 the transition between the French PACTE framework and MiCA was over, and that the European framework applies to all actors without distinction.
The AMF also reported on July 6, 2026 that France had authorized 31 CASPs and that 283 CASPs had been authorized across the European Union. The same notice said the AMF would continue to examine new authorization applications and supervise CASP professional and conduct obligations.
Jurisdictional Impact
For CryptoSlate taxonomy purposes, this profile should be treated as a France-specific regulatory regime linked to the broader EU MiCA framework. It is most relevant to licensing and registration, AML/CFT, custody, consumer protection, and market-structure perimeter coverage. It should not be read as legal advice or as a substitute for checking the AMF register, the ESMA register, or the current version of the Monetary and Financial Code.
