Self-custodial wallet / non-custodial software in France
Publisher of software where users hold their own private keys. The publisher never holds, controls, or has access to user funds.
Self-custodial wallet is conditionally permitted in France without local incorporation, subject to AML obligations and none licensing burden.
Verdict Details
- Permitted
- conditional
- Local entity required
- No
- Licensing burden
- None
- Last updated
- 2026-07-13
AML Obligations
- No AML/CFT obligations attach to the publisher of self-custodial wallet software, because the publisher never holds, controls, or has access to user funds or private keys — the activity does not constitute a CASP/VASP service under MiCA or the former PACTE/DASP regime.
- A publisher's software does not trigger custody (€50k min capital), exchange (€150k min capital), or any other listed MiCA activity under fr.licensing.custody or fr.licensing.exchange.
Key Restrictions
- The software must be genuinely non-custodial — the publisher may never hold, control, or have access to users' private keys or crypto-assets.
- The wallet software cannot offer integrated exchange, conversion, or transfer services where the publisher acts as intermediary, or else CASP licensing would be triggered.
- If the software monetises via optional hosted/custodial add-ons (e.g. fiat on-ramp managed by a third party), the publisher itself may avoid CASP status, but the bundled ecosystem may face AMF scrutiny on a case-by-case basis.
- DAC8 reporting obligations (effective Jan 1, 2026) may apply to 'tied providers' — unclear whether pure non-custodial software publishers fall within scope; legal analysis recommended.
Key Risks
- Scope creep risk: AMF or ACPR could recharacterise a non-custodial wallet as a 'transfer service' or 'custody service' if the software includes integrated fiat on-ramps, swap features, or any degree of control over keys/funds.
- DAC8 ambiguity: The Finance Bill 2025 (fr.licensing.dac8-implementation-finance-bill-2025) extends reporting obligations to CASPs and tied providers — it is untested whether pure software publishers are 'tied providers' for tax reporting.
- Consumer-protection exposure: French consumer law (Code de la consommation) likely applies to software licensing; potential liability for security flaws, loss of funds due to bugs, or misleading claims about security.
- No grandfathering: If the wallet adds any custodial feature in a future version, the publisher would immediately need CASP authorization with the 6-month transition window (now largely expired).
Evidence
This verdict synthesizes the following facts. Each fact links to its primary source(s).
AMF — CASP authorization — most experienced EU NCA for crypto. Circle chose France for EU MiCA authorization.
MiCA Regulation (EU) (2023) — CASP authorization, comprehensive crypto regulation
PACTE Law (Loi PACTE) (2019) — Prior PSAN/DASP regime — EU's most mature pre-MiCA framework, replaced by MiCA
CUSTODY: CASP authorization — custody is a licensed MiCA activity (EUR 50,000 minimum capital)
EXCHANGE: CASP authorization — EUR 150,000 minimum capital for trading platforms
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.
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.
PACTE Act (Act No. 2019-486, May 22, 2019): Introduced DASP registration with AMF and ICO framework; foundation for current rules.
DAC8 implementation (Finance Bill 2025, effective January 1, 2026): Requires CASPs and tied providers to report user crypto transactions to tax authorities.
PACTE Law (Loi PACTE, 2019): Introduced mandatory registration for DASPs (e.g., crypto exchanges, custodians, wallet services, crypto-to-crypto platforms) and imposed AML standards.
EU Fifth AML Directive (5AMLD): Implemented in France in January 2020, requiring AML/CFT policies, CDD, and registration for all crypto firms serving French clients.
Markets in Crypto-Assets Regulation (MiCA): Enhances transparency, security, and AML for crypto providers; DASPs must transition to CASP licensing with minimum capital (€125,000–€350,000) and FATF Travel Rule compliance.
Verdict Attribution
- Source:
- AI-Generated · Unreviewed
- AI synthesized:
- 2026-07-13 (deepseek-chat)
- Last updated:
- 2026-07-13
- Confidence:
- medium
This verdict was produced by an AI model from the underlying facts. Confirm with counsel before relying on it for material decisions.
Conditional — A pure self-custodial wallet software publisher (no custody of keys or funds, no integrated exchange/transfer services) does not trigger CASP/VASP licensing or AML obligations under French/MiCA law, but faces risks of recharacterisation if features expand, and must assess DAC8 tax-reporting applicability.
Questions this verdict aims to answer
- Does software publishing trigger VASP / MSB classification?
- Do AML obligations attach when no custody exists?
- What disclosure or consumer-protection rules apply?