France -- Regulatory Status Regulatory Overview

France has a comprehensive regulatory approach to cryptocurrencies and virtual assets, treating them as legal but not legal tender, with strict requirements for service providers. This framework evolved from national laws like the PACTE Act and now aligns with the EU's Markets in Crypto-Assets (MiCA) regulation through recent adaptations.[1][2][3]

Primary Regulatory Bodies

• Autorité des Marchés Financiers (AMF): Primary authority for registering/licensing Crypto-Asset Service Providers (CASPs, formerly Digital Asset Service Providers or DASPs), supervising crypto offerings (except stablecoins), and enforcing investor protection, AML, and financial regulations.[2][3][4]
• Autorité de Contrôle Prudentiel et de Résolution (ACPR): Oversees prudential supervision, AML compliance (with AMF), stablecoin issuers (e.g., authorizing Circle France, Schuman Financial, Société Générale Forge), and certain DLT infrastructures.[2][3][4]
• Banque de France (BdF): Monitors stablecoins used as payment means and specific DLT setups; coordinates with AMF/ACPR.[4]
• TRACFIN: Handles suspicious transaction reports for AML/CFT.[1][4]

Key Legislation and Dates

• Ordinance No. 2016-1635 (December 2016): Added crypto platforms to AML obligations under Article L.561-2 of the Monetary and Financial Code (MFC).[1]
• Ordinance No. 2017-1674 (effective December 8, 2017): Enabled blockchain registration for unlisted securities.[1]
• PACTE Act (Act No. 2019-486, May 22, 2019): Introduced DASP registration with AMF and ICO framework; foundation for current rules.[1][2][3]
• French adaptations to MiCA: Order (October 15, 2024), Decree (February 21, 2025), Law (April 30, 2025); replaced DASP regime with CASP licensing, integrated electronic money tokens (EMTs), and aligned with EU standards. Over 100 DASPs registered previously.[3][4]
• DAC8 implementation (Finance Bill 2025, effective January 1, 2026): Requires CASPs and tied providers to report user crypto transactions to tax authorities.[4]
• AML/CFT for CASPs (since December 30, 2024): Mandates KYC, transaction monitoring, and sanctions compliance.[4]

Crypto trading and exchanges are permitted but heavily regulated: CASPs must obtain AMF/ACPR authorization, comply with AML/CFT (including risk-based due diligence and TRACFIN reporting), cybersecurity, and investor protections; DeFi providers are generally exempt from licensing. Stablecoins face extra scrutiny (e.g., ACPR authorization for EMTs, concerns over non-euro pegs), with proposals for private wallet reporting (>€5,000) under review.[2][3][4][5] France promotes euro stablecoins while pushing MiCA tightening.[3][5][6]