The number of registered digital asset service providers (DASP) in France increased by 110% in 2022.
According to the French financial markets ombudsman, who represents the non-governmental organization Autorité des marchés financiers (AMF), the number of registered DASPs increased from 28 to 59 in 2022.
The license to operate as a digital asset provider in the country is required for:
- providing custodial services for third-party digital assets;
- buying or selling digital assets for fiat currency;
- trading digital assets;
- exchanging digital assets;
- using platforms for trading digital assets.
The report notes that registration requirements for digital asset service providers will soon be tightened. And next year, they’ll be replaced by the European Union’s Markets in Crypto-Assets (MiCA) bill.
The ombudsman also reported an increase in DASP-related mediations. According to the AMF, the number of digital asset-related cases brought to the ombudsman grew from 44 to 54, and the number of cases handled went from 6 to 17. The most common complaints handled by the AMF in 2022 were related to crypto staking terms.
It’s worth noting that the AMF can only participate in mediation when the DASP is licensed. Moreover, the report points out that the AMF doesn’t intervene in fraud cases that may fall under the regulatory rules applicable to crypto-assets, nor does it handle derivatives cases.
Earlier this year, France launched an ambitious project to introduce cryptocurrency payments through Ingenico terminals with Binance Pay, which will allow local residents to pay in crypto for goods and services.
