The Autorité des Marchés Financiers (AMF) became the first European regulator to officially require all crypto companies in the region to obtain a digital asset service provider (DASP) license in compliance with MiCA regulations.
France’s financial market regulator announced that all crypto companies operating or intending to operate in the region must secure a DASP license under the new rules set out in the MiCA bill. The AMF opened the application process for registration on July 1, 2024.
Currently, crypto companies operating in France only need to comply with the requirements of the Action Plan for Business Growth and Transformation (PACTE). Under the new rules, from July 1, 2026, all companies previously registered under PACTE must obtain a DASP license to comply with the new EU regulations.
France is the first region where the financial regulator officially announced a change in crypto registration policy. Earlier, only Estonian authorities proposed a bill to establish legal requirements for cryptocurrency service providers, which is awaiting approval in a parliamentary vote before officially coming into force.
Companies in France providing the following types of services will need to obtain a DASP license:
- custody of crypto-assets on behalf of clients;
- crypto trading;
- exchange of crypto-assets for fiat;
- exchange of cryptocurrencies for other digital assets;
- trading of crypto-assets on behalf of clients;
- placement of digital assets;
- accepting and transmitting orders for cryptocurrencies on behalf of clients;
- advising on digital assets;
- portfolio management on crypto-assets;
- transfer services for cryptocurrencies on behalf of clients.
The AMF representatives stressed that the new license will allow crypto companies registered in France to provide their services legally across all other EU countries.
The regulator also stressed that the application process was initiated much earlier than other jurisdictions due to the presence of over 100 companies registered under PACTE that will need time to obtain the DASP license.
The MiCA bill was passed by the European Parliament in 2023. Some of its regulations came into force in 2024, and full implementation of the bill is expected to be completed by late 2026. EU regulators warned users that their interests can only be fully protected by the MiCA bill once it’s fully in force.
