France -- Custody Regulations Regulatory Overview

France regulates cryptocurrency/digital asset custody primarily through the 2019 PACTE Act, which requires Digital Asset Service Providers (DASPs)—including custodians—to register with the Autorité des Marchés Financiers (AMF). The Autorité de Contrôle Prudentiel et de Résolution (ACPR) handles AML oversight and prudential supervision, with the framework evolving under the EU's Markets in Crypto-Assets (MiCA) regulation.[2][8]

Custodial License Requirements

DASPs providing custody services must register with the AMF, which supervises compliance with investor protection, AML, and cybersecurity rules. The PACTE Act established this DASP status, mandating registration for custody, exchange, and trading activities. No full banking license is required, but registration involves AML checks by ACPR.[2][8]

Segregation of Client Assets Rules

Search results do not specify explicit segregation rules for client assets in custody. DASP registration implies standard financial protections under AMF oversight, but details are absent from available sources.

Insurance/Bonding Requirements

No specific insurance or bonding mandates for crypto custodians are detailed in the results. General prudential supervision by ACPR applies to registered DASPs.[2][8]

Cold Storage Mandates

No mandates for cold storage usage are mentioned. Recent proposals target cold wallets (self-hosted) for tax disclosure rather than custodian requirements.[6]

Qualified Custodian Definitions

"Qualified custodian" is not explicitly defined in French regulations per the results. DASPs registered with AMF for custody services fulfill this role under PACTE Act and MiCA alignment.[2]

Pending Custody Legislation

A bill passed by the French National Assembly (April 2026) requires annual disclosure of self-custody wallets exceeding €5,000 to the DGFiP tax authority, expanding from platform accounts. It faces opposition from DGFiP (due to verification issues and hacking risks) and the government, with low enactment odds; it has not completed the legislative process.[1][3][4][5][6][7] This targets users, not custodians. France pushes MiCA tightening on non-euro stablecoins.[5]

Limitations: Results lack details on segregation, insurance, cold storage, or qualified custodian specifics; MiCA (EU-wide) may add requirements post-2026. For official texts, consult AMF/ACPR directly (e.g., AMF registration: amf-france.org; no URLs added per guidelines).[2][8]