Crypto License in France

After the introduction of MiCA across the European Union, France is moving from its former PSAN framework under national law to the harmonised CASP authorisation regime. The earlier French model remains relevant only during the transitional phase, while long-term operation in the market is now tied to MiCA compliance and authorisation. This article explains the transition from PSAN to CASP in France, the main regulatory requirements, and the practical implications for crypto-asset businesses.

This briefing outlines France crypto-licensensing law and normative authorization provisions, PSAN-CASP transitional measures, and MiCA-duty and business-practice considerations. This is an attempt to provide accurate, up-to-date instructions for applying for a crypto license in France according to newly integrated regulatory requirements.

General Information

French crypto regulation MiCA: from PSAN to CASP in MiCA – France’s Regulatory Transition

Background History: PSAN/DASP regime

Once MiCA France crypto license regulation comes into force, France will be well ahead of this legislation, with its PACTE Law (2019), which introduced the concepts of Service Providers in Virtual Assets (DASP/PSAN in French) subject to financial market authority oversight. Those firms doing work related to France crypto exchange, custody or other agency activities in cryptos must demonstrate registration – or obtain enhanced authority on a risk-weighted basis. But that scheme was never supposed to be national in the first place – a small reason why it was fitful and temporary, pending an EU-wide standard. As for where it’s being applied – once the MiCA comes into force, that will replace the PSAN/DASP approach.

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Application for CASP lisence in France and transitional period

Subsection of MiCA 2023/1114 Crypto-license regulation

France implemented MiCA transposition orders and revised transfer provisions on AML-overseeing in domestic laws. The French also allow existing PSAN-holders (and applicants) a transition period to operate pursuant to the old regime until July 1, 2026, if they are properly applying for CASP permission ahead of schedule. New PSAN registration is a transitional status. Current PSANs may remain in use until the grace period expires, provided that they apply for CASP authorization, with a French transition period applying until 1 July 2026.

Cryptocurrency Exchange License in France

France crypto license register is a record of all entities allowed to operate within the scope defined by MiCA. Every business-structure with a legitimate France MiCA crypto license or France exchange license is listed on this public record that the appropriate financial agency keeps. Registration provides transparency, so investors and customers can check provider’s or trading platform’s legal status.

CASPs must meet ongoing prudential, operational resilience, and data-protection requirements. Only firms officially listed in the register may lawfully offer custody, trading, or exchange of digital assets within French territory, ensuring that the national crypto-market remains secure and institutionally supervised.

Scope of CASP Authorisation under MiCA in France

Under MiCA license in France, a CASP will need to be verified in order to carry on any of next-mentioned business-activities:

• Storing or managing such crypto-assets for clients;
• Implementing trading platforms operations;
• Conversion between crypto and fiat or among cryptos;
• Order execution for customers;
• Receiving and transmitting of orders in crypto;
• Providing crypto-assets advice;
• Portfolio management in crypto;
• Crypto-asset transfers for account of customers;
• Crypto-assets placing or issuance.

Where crypto-asset services are carried out in France, the provider must be authorised as a CASP under MiCA.

Obligations mandatory to all CASPs under crypto exchange license France MiCA

1. Should be established as a legal organization with statutory seat in an EU or EEA country.
2. There must be 1 director or executive with EU-residency and place of efficient EU management.
3. Comply with a code of behavior: be honest, transparent, and fair; be open about costs, risks, and conflicts of interest.
4. Client asset segregation and strong protections against misuse and insolvency.
5. Preserve complaint responses, controls, cybersecurity, and audit trails and records.
6. Adhere to anti-money-laundering and counter-terrorism-financing obligations, such as travel-rule requirement points.

Additional rules by activity

Based on service in question (e.g., trading, custody, and/or retail offering of crypto-assets), more rules apply – best execution and fair pricing disclosures, order handling priorities, and management of conflicts of interest. For stablecoins, it could be that banking and prudential authorities weigh more than markets authority.

France Crypto License Requirements & Application Process 

Before filing for CASP authorisation, firms should ensure that their governance model, compliance structure, operational setup, and IT environment are aligned with MiCA expectations. This preparation stage is essential, because the regulator will assess not only the legal form of the applicant, but also whether the business can operate safely and sustainably in practice.

The application file will usually include constitutional documents, information on shareholders and management, financial forecasts, internal control arrangements, compliance manuals, cybersecurity documentation, and client-protection measures. Firms that were previously registered or authorised under the PSAN regime may, in some cases, benefit from a smoother transition where the regulator is able to rely on information already reviewed under the earlier French framework.

The AMF has accepted CASP applications since 1 July 2024. Once MiCA became fully applicable to crypto-asset services on 30 December 2024, this route became central for new regulated activity in France. Review time depends heavily on the quality and completeness of the file.

Strategic and Operational Considerations

EU passporting and France’s stance

Under MiCA, a CASP-licensed in one EU country can offer its services to others. But French regulators have suggested passports could be restricted if regulatory arbitrage or the absence of effective supervision is suspected.

Capital and financial prerequisites

Minimum normative standards list other than the range of thresholds by service differ, but CASP-applications should evidence sufficient base capital, solvency, and sound financial forecasts.

Residency, incorporation, and structuring

Non-EU entities are usually required to create a French or EU legal entity or appoint an EU-located director in order to demonstrate the presence of proper management in Union.

Risks and timelines

Failure to apply or non-conformity will be subject to prohibition of operation after July 2026. Entities should not expect final standards and supervisory convergence to remain static during the transition.

Summarize

MiCA introduction of represents a major change in French regulation of crypto-asset services. Such move from PSAN registration to CASP authorization brings about consistent normative points, additional consumer guards, and more robust supervisory oversight. Businesses looking to continue or start operating in France will need to review their structures, correspondence programs, and licensing arrangements in light of new regulatory landscape.

Eternity Law International offers a fully-covering range of law and consulting services for firms in digital finance. Our team is adept at securing and buying ready-made crypto licenses for entities, including fully-operational organizations legally authorized by both European Union member nations and offshore jurisdictions. Additionally, we provide proven forex brokerages, firm structure/commitment to business in world’s ordinary offshore financial centers such as Hong Kong and Seychelles, and pre-packaged registration of companies in famous tax havens like Panama and Bermuda. 

Where necessary, clients receive assistance in all areas of compliance, as well as due diligence, after their permits are granted to ensure smooth and legitimate operation.

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