What was the French PSAN regime before MiCA?

Before MiCA, France operated the PSAN (Prestataires de Services sur Actifs Numériques) regime under the PACTE law of 2019. Initially, PSAN registration was voluntary for most services. From 2022–2023, certain PSAN services became mandatory (AML-regulated activities). France was one of the most active EU member states in developing national crypto regulation ahead of MiCA, resulting in a significant number of PSAN-registered operators. Importantly, PSAN registration does not automatically convert to a MiCA CASP authorization — PSAN holders must apply for full CASP authorization with the AMF. France's MiCA transitional period runs until 1 July 2026.

France Crypto License | AMF CASP Authorization Under MiCA 2026

France Crypto License: AMF CASP Authorization — The EU's Second Largest Economy

France is the EU's second largest economy with 68 million consumers and one of Europe's most active crypto markets. The AMF (Autorité des marchés financiers) and ACPR jointly regulate crypto-asset service providers under MiCA, building on France's pioneering PSAN regime introduced under the PACTE law. A France CASP authorization provides access to a major domestic market plus full EU passporting across 27 member states. Capital from €50,000. Timeline 4–6 months.

France as a CASP Hub: The PSAN Legacy and MiCA Transition

France was among the first EU member states to introduce comprehensive national crypto regulation. The PACTE law of 2019 established the PSAN (Prestataires de Services sur Actifs Numériques) regime, making France an early mover in creating a structured framework for crypto-asset service providers. The AMF built up significant regulatory expertise through the PSAN registration and approval process, positioning France well for smooth MiCA implementation.

The French crypto market is substantial — France has consistently ranked among the top EU countries for crypto adoption, with major exchanges, DeFi projects, and institutional crypto investors operating from Paris and other French cities. La Défense, Europe's largest purpose-built business district, hosts numerous financial services firms alongside the AMF and ACPR headquarters. For international firms seeking access to French retail and institutional clients, a France-domiciled CASP provides the strongest regulatory and commercial foundation.

France's PSAN Regime: A Head Start on MiCA

Unlike many EU member states, France did not wait for MiCA. The PSAN regime — launched under the 2019 PACTE law — required crypto firms serving French clients to register with the AMF for AML purposes (mandatory from 2022) and offered voluntary AMF approval for enhanced credibility. This means France entered the MiCA era with a body of regulated operators, experienced AMF reviewers, and established compliance frameworks — translating into shorter, more predictable CASP authorization timelines compared to jurisdictions building from scratch.

France's large domestic market is a key differentiator. While smaller EU jurisdictions primarily attract firms seeking a cost-effective passporting base, France offers both: direct access to one of Europe's largest crypto consumer markets and the full EU passporting network. French retail clients are sophisticated consumers of financial services, and the AMF has detailed guidance on serving them appropriately — including specific crypto advertising rules and French-language requirements.

AMF/ACPR CASP Requirements

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Legal Entity

SAS (Société par Actions Simplifiée) — flexible governance, widely used for regulated financial services startups in France. SA (Société Anonyme) for larger or publicly-oriented operations. Incorporation via the Registre du commerce et des sociétés (RCS): typically 1–2 weeks.

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Capital (MiCA Art. 67)

€50,000–€150,000 MiCA minimum own funds depending on CASP service categories. AMF may require higher capital for complex or high-volume business models. Annual statutory audit required. Capital must be maintained on an ongoing basis.

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AML/KYC (ACPR)

Full AML/CTF program under French monetary and financial code (Code monétaire et financier) and MiCA Art. 92. ACPR supervises AML compliance for CASPs. MLRO (Responsable de la conformité) appointment required. ACPR takes AML seriously — robust program expected.

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Governance

AMF fitness and honorability requirements for management. Minimum two senior managers. Real substance in France required — at least senior management and key decision-making functions must be genuinely exercised from France. AMF conducts detailed governance reviews.

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Advertising Pre-Notification

Mandatory pre-notification to AMF before crypto advertising to French retail clients. AMF has issued detailed crypto marketing guidance including required risk warnings, prohibited claims, and social media/influencer rules. Non-compliant advertising triggers AMF enforcement even for foreign CASPs.

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French Language Requirements

Retail client contracts, terms and conditions, and marketing materials must be in French (Loi Toubon). All AMF/ACPR regulatory correspondence in French. International groups must plan for French-language compliance documentation and client-facing materials from day one.

MiCA Capital Requirements (Art. 67)

CASP Service Category	Minimum Capital	Notes
Class 1 (advice, reception/transmission, transfer)	€50,000	AMF may require higher for large volumes
Class 2 (+ execution, placing, portfolio management)	€125,000	Plus ongoing own funds requirement
Class 3 (+ custody, operation of trading platform)	€150,000	ACPR additional prudential review

CASP Service Category

Minimum Capital

Notes

Class 1 (advice, reception/transmission, transfer)

€50,000

AMF may require higher for large volumes

Class 2 (+ execution, placing, portfolio management)

€125,000

Plus ongoing own funds requirement

Class 3 (+ custody, operation of trading platform)

€150,000

ACPR additional prudential review

Application Process: France CASP License

Pre-Application AMF Engagement

The AMF maintains detailed published guidance for CASP applicants and encourages pre-application dialogue. Crypto License Europe arranges pre-application meetings with AMF staff to align on business model classification, documentation requirements, and governance expectations — significantly reducing surprises during formal review.

SAS/SA Formation & Substance

Incorporate French SAS or SA via RCS. Appoint qualified management with genuine French presence. Establish registered office and operational address in France (Paris or major regional city). Open French corporate bank account — note that banking relationships for crypto firms can require advance planning; start early.

Compliance Documentation (French)

Prepare full compliance dossier in French: AML/CTF program per Code monétaire et financier and MiCA Art. 92, governance documents, DORA ICT risk framework, client asset safeguarding policy, French-language client contracts and marketing templates, AMF advertising pre-notification procedures.

AMF Application Submission

Submit CASP application via AMF portal. The AMF has a structured application process informed by its PSAN experience. Applications must be complete and in French. AMF formally acknowledges completeness and the 65 working day MiCA review clock begins. ACPR is consulted in parallel on AML/prudential matters.

AMF/ACPR Joint Review

AMF reviews CASP service authorization; ACPR reviews AML compliance and prudential matters. May include management interviews and requests for additional information. AMF's PSAN experience means it asks targeted, specific questions. Budget 4–6 months total — potentially faster for well-prepared applications.

Authorization & EU Passporting

AMF issues CASP authorization. ESMA registration. Activate EU passporting via AMF notification — access all 27 EU member states. French CASP can serve EU clients in Germany, Netherlands, Spain, Italy, and all other EU states without separate local licenses.

PSAN→CASP Transition: Not Automatic

Existing PSAN-registered operators must apply for full MiCA CASP authorization — PSAN registration does not automatically convert to CASP status. However, PSAN holders benefit from a recognized compliance history with the AMF, which can support a more efficient CASP application. France's MiCA transitional period allows PSAN operators to continue operating until 1 July 2026 or until an authorization decision is issued. PSAN holders should begin CASP applications well in advance of this deadline to avoid operational gaps.

Frequently Asked Questions

Which regulator issues the France crypto license?

France has a dual-regulator model. The AMF (Autorité des marchés financiers) is the lead authority responsible for CASP authorization and conduct supervision. The ACPR (Autorité de contrôle prudentiel et de résolution) handles AML/CTF and prudential supervision. Applications are submitted to the AMF, which coordinates with the ACPR. Both regulators have experience with crypto firms from the PSAN regime.

What was the PSAN regime and does it convert to CASP?

PSAN (Prestataires de Services sur Actifs Numériques) was France's pre-MiCA national crypto regime, introduced by the PACTE law of 2019. Initially voluntary for some services, PSAN registration became mandatory for AML-regulated activities from 2022–2023. France had significant PSAN activity, making it one of the most regulated EU crypto markets before MiCA. PSAN status does not automatically convert to MiCA CASP authorization — existing PSAN operators must apply for CASP. The transitional period runs until 1 July 2026.

What language requirements apply for French clients?

French law requires that retail client contracts, terms and conditions, and marketing materials directed at French consumers be in the French language (Loi Toubon and consumer protection law). All regulatory correspondence with the AMF and ACPR is conducted in French. International groups establishing French CASPs must plan for French-language compliance documentation, client-facing materials, and internal regulatory communications from the outset.

What are AMF advertising pre-notification rules for crypto?

The AMF requires mandatory pre-notification before broadcasting crypto-asset advertising or promotional content to French retail clients. Under French rules implementing MiCA and domestic consumer finance advertising standards, all crypto marketing communications targeting French consumers must be notified to the AMF before publication. The AMF has issued detailed crypto advertising guidance covering required risk warnings, prohibited claims, and specific social media and influencer marketing requirements. Non-compliance risks AMF enforcement even against foreign CASPs targeting French consumers.

How long does France CASP authorization take?

France CASP authorization typically takes 4–6 months. The AMF has substantial experience with crypto regulation from its years running the PSAN regime, making it one of the more prepared EU regulators for MiCA CASP applications. The formal statutory review period is up to 65 working days (MiCA Art. 63) from a complete application. Well-prepared applications from experienced operators — particularly former PSAN-registered entities — can achieve authorization at the lower end of this range.

Paris: Gateway to Europe's Second Largest Economy and a Pioneering Crypto Market

France's combination of a large domestic market, early-mover regulatory framework, and EU passporting rights makes it an attractive primary jurisdiction for crypto firms with European growth ambitions. Unlike licensing in smaller EU states purely for passporting purposes, a French CASP authorization delivers immediate access to one of Europe's largest and most sophisticated consumer markets alongside the full EU single market network.

The French crypto ecosystem is well-developed. Paris hosts a growing number of blockchain and Web3 companies, accelerated by Station F — Europe's largest startup campus — and active government support for digital innovation. The AMF's detailed CASP guidance and PSAN regulatory track record mean that the authorization process, while rigorous, is predictable and well-documented compared to many EU regulators operating under MiCA for the first time.

Crypto License Europe works with international firms entering the French market — from initial jurisdictional analysis and SAS formation through AMF/ACPR application, French-language compliance documentation, advertising pre-notification procedures, and EU passporting activation. We have experience navigating France's dual-regulator model and the specific AMF/ACPR requirements that distinguish France from other EU jurisdictions.