What Did the AMF Say About Crypto in France? A Full Breakdown of the New Regulatory

France has entered a decisive regulatory era for digital assets. As MiCA the European Union’s unified Markets in Crypto-Assets framework takes effect, the Autorité des marchés financiers (AMF) has issued a detailed doctrine reshaping how crypto firms operate in the country. 

This shift brings France’s long-standing PACTE law regime for digital asset service providers (DASPs/PSAN) into alignment with MiCA’s stricter, EU-wide expectations for crypto-asset service providers (CASPs/PSCA).

The outcome is a more structured, more demanding, and far more harmonized landscape for French crypto companies, one that promises investor safeguards while enabling regulated growth across the European market.

AMF’s New Policy: A Structural Reset for French Crypto

The AMF has formally clarified how PSANs will transition into the MiCA environment. The announcement marks the end of France’s national registration pathway and replaces it with a continent-wide authorization model.

Why This Matters

• France had one of the earliest crypto regulatory frameworks in Europe.

• MiCA now unifies the rulebook across the EU.

• The AMF is positioning French firms for mobility, consistency, and enhanced consumer trust.

This metamorphosis signals a future where regulatory clarity becomes not a burden, but a competitive asset.

Read Also: Global Crypto Regulation 2025: What You Must Know

Transitional Period: Continuity Without Disruption

The AMF introduced an 18-month transition window designed to prevent operational shock for existing providers.

Who Qualifies?

All PSANs that were registered or authorized before December 30, 2024 may continue operating until July 1, 2026, or until they receive (or fail to receive) MiCA authorization.

Key Conditions

• Firms must limit activities to those originally approved under their French PSAN program.

• Only legacy actors enjoy this grace period; new applicants must comply with MiCA immediately.

• The transition ensures continuity for custody, exchange, trading, and other core services without forced shutdowns.

This deliberate handoff reflects France’s pragmatic approach: evolve the rules without disrupting established operations.

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Key Policy Changes Announced by the AMF

The regulatory doctrine includes several significant updates across operational guidance, cybersecurity expectations, and compliance rules.

1. End of New PSAN Registrations

The PACTE era is officially closed.
New providers must obtain MiCA CASP authorization rather than PSAN registration.

2. Updated AMF Documentation

The AMF revised multiple foundational documents:

• DOC-2019-23: operational rules for digital asset providers

• DOC-2019-24: cybersecurity and resilience requirements

• DOC-2020-07: Q&A clarifying operational expectations

The AMF also introduced DOC-2025-05, a new instruction focusing on simplified MiCA authorization paths for eligible providers.

3. Scope, Conditions, and Ongoing Obligations

The doctrine clarifies:

• Transitional eligibility

• Limitations on activities

• Ongoing obligations for legacy firms

• Requirements for newcomers under MiCA

The reform is engineered to make France’s regulatory structure compatible with the EU’s uniform system while preserving its tradition of strong financial oversight.

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MiCA Authorization: The New Entry Point for Crypto in France

MiCA transforms crypto regulation from fragmented national regimes into a unified EU standard.

What Does MiCA Authorization Require?

Providers must secure approval from either:

• AMF, or

• ACPR (for certain financial services)

MiCA covers key services including:

• Custody

• Operation of trading platforms

• Exchange of crypto-to-fiat or crypto-to-crypto

• Order execution

• Portfolio management

• Transfer services

A Gateway to the EU

Once authorized, CASPs gain EU passporting, enabling cross-border operations across 27 Member States, something PSAN could not provide.

This elevates the competitive potential of French crypto firms, positioning them to scale beyond domestic borders.

Compliance Under MiCA: Stronger Protections and Higher Obligations

MiCA’s compliance architecture establishes significantly stricter rules than France’s previous framework.

Core Requirements

• Advanced AML/CFT controls

• Client due diligence (CDD) for all crypto services

• Enhanced due diligence (EDD) for higher-risk clients

• Suspicious transaction reporting (STR) to TRACFIN

• Clear governance and risk management

• Asset segregation and capital adequacy

• Transparency on fees, volumes, and risks

MiCA also introduces market abuse prohibitions for digital assets, placing insider trading, manipulation, and wrongful disclosures under explicit regulatory scrutiny.

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AML/CFT Evolution: A New Reporting Paradigm

France already maintains strict AML rules, but MiCA intensifies the expectations.

What Firms Must Do

• Conduct risk-based CDD, including ID and beneficial-owner verification.

• Monitor transactions continuously now extended clearly to crypto-to-crypto operations.

• File STRs for any suspicious activity.

• Freeze assets when required by law.

• Deploy documented compliance officers and risk classification models.

• Maintain procedures for detection, escalation, and reporting.

Travel Rule Enforcement

MiCA requires compliance with the Travel Rule for transfers above €1,000:

• Originator and beneficiary data must accompany the transfer.

• Providers must use interoperable systems.

• Sanctions and PEP lists must be screened in real time.

This harmonizes France with global FATF standards for financial crime prevention.

Implementation Timeline: Clear Deadlines Ahead

Legacy PSANs

• May continue operating until July 1, 2026.

• Must maintain existing AML/CFT duties until MiCA authorization is granted.

New Firms

• Must meet full MiCA requirements immediately.

• PSAN registration is no longer available.

Failure to Comply

Non-compliance can result in:

• Fines

• Administrative sanctions

• Prohibition from offering crypto services

France’s intent is unmistakable: ensure a secure, transparent, and harmonized crypto market aligned with EU ambitions.

Read Also: SEC’s 2025 Innovation Hub Shakes Up Crypto Regulations

Conclusion

The AMF’s clarification marks a pivotal moment for France’s digital asset landscape. By aligning PSAN operations with MiCA’s sweeping EU framework, France is not only modernizing its regulatory architecture but also enhancing the appeal of its crypto ecosystem for global players. 

The transition may be demanding, but the long-term payoff of a safer, scalable, and standardized marketplace positions France as a leading jurisdiction for regulated digital finance in Europe.

FAQ

How does MiCA change crypto regulation in France?

MiCA replaces France’s national PSAN regime with a unified EU authorization system, introducing stricter standards for compliance, investor protection, and operational transparency.

Can existing PSANs continue operating?

Yes. Legacy PSANs registered before December 30, 2024 can continue operating until July 1, 2026, as long as they follow their originally approved service scope.

Do new crypto firms still register as PSAN?

No. New entrants must obtain MiCA CASP authorization directly. The PSAN registration path is no longer available.

What are the biggest compliance changes under MiCA?

The major shifts include stricter AML/CFT controls, the Travel Rule, enhanced reporting to TRACFIN, stronger governance, market abuse rules, and capital/segregation requirements.

Who grants MiCA authorization in France?

The AMF or ACPR issues MiCA CASP authorizations, depending on the type of service offered, and approved firms receive EU passporting rights.

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