MiCA in France
To operate legally in France (and eventually across the EU) after 30 December 2024, a crypto‑startup must secure MiCA authorisation from the AMF. The process focuses on demonstrating robust governance, AML/CTF, cyber‑security, and service‑specific safeguards. Applications are already being accepted, and early, comprehensive preparation is essential to meet the stricter MiCA standards and to benefit from the future EU passport.
Supervisory body – Applications are examined by the Autorité des Marchés Financiers (AMF). The AMF opened its authorisation window on 1 July 2024, six months before MiCA’s crypto‑asset‑service provisions start to apply.
Legal framework – MiCA (Markets in Crypto‑Assets Regulation) becomes the single European rulebook for crypto‑asset services on 30 December 2024; national regimes such as France’s PACTE “DASP” registration will cease to be sufficient for new entrants after that date.
From 30 December 2024, any firm that intends to offer one or more of the ten regulated crypto‑asset services in the EU must hold a MiCA authorisation issued by an EU competent authority (in France, the AMF). The regulated services are:
-
Custody and administration of crypto‑assets for clients
-
Operation of a crypto‑asset trading platform
-
Exchange of crypto‑assets for funds (fiat)
-
Exchange of crypto‑assets for other crypto‑assets
-
Execution of crypto‑asset orders for clients
-
Placement of crypto‑assets
-
Reception and transmission of crypto‑asset orders for clients
-
Advice on crypto‑assets
-
Portfolio management of crypto‑assets
-
Transfer services for crypto‑assets on behalf of clients
-
Regardless of the specific service(s) selected, every applicant must demonstrate:
-
Robust anti‑money‑laundering / counter‑terrorist‑financing (AML/CTF) controls
-
Adequate cyber‑security arrangements
-
Good repute and competence of management and key function holders
-
Sound conduct of business, governance and conflict‑of‑interest frameworks
-
Where relevant, proper segregation of client assets and custody of funds
MiCA also imposes additional, service‑specific obligations that will be assessed during the AMF review.
-
Milestone
-
1 July 2024 – AMF starts accepting MiCA applications
-
30 December 2024 – MiCA comes into force for crypto‑asset services
-
30 June 2026 – Transition deadline for existing French DASPs
Simple/enhanced DASP registration or optional DASP authorisation does not confer an EU passport during the transition. Until MiCA authorisation is granted, services must remain compliant with each host Member State’s rules.
-
The AMF notes that MiCA requirements are more stringent than those for France’s “enhanced” DASP registration and significantly higher than for “simple” registration. Early, thorough preparation is therefore essential. Applicants should:
-
Map the intended business model to the ten regulated services listed above.
-
Document organisational arrangements that meet MiCA’s common standards (see §3).
-
Build evidence files (policies, procedures, internal controls, IT‑security measures, fit‑and‑proper assessments, financial projections).
-
Compile service‑specific safeguards (e.g., custody procedures, order‑execution policies, portfolio‑management mandates).
-
Submit the complete application package to the AMF from 1 July 2024 onwards via the regulator’s dedicated portal.
-
After authorisation, CASPs must uphold the common MiCA obligations continuously and keep the AMF informed of any material changes. The AMF stresses that compliance will be monitored more closely than under prior national regimes and encourages firms to adopt a proactive supervisory dialogue.
-
Start early – Gathering the documentation and controls required by MiCA will take longer than under France’s previous PACTE framework.
-
Design with scale in mind – MiCA authorisation grants an EU passport once approved, so structuring controls to match multi‑jurisdictional operations from day one avoids costly retro‑fits.
-
Bridge the transition responsibly – If you already hold a DASP registration, plan to maintain separate local licences in other EU states until MiCA authorisation is secured; the French registration alone will not suffice for cross‑border activity.
-
Leverage the AMF’s “In‑depth” guidance – The regulator has published further explanatory material (currently available in French) to support applicants; consult it alongside internal legal advice.
-
Behind Licentium
Our Edge
Licentium is a specialized platform that connects crypto-asset issuers and service providers with an international network of lawyers, regulatory consultants, and former supervisors. Projects can map applicable rules in key jurisdictions through a single interface, obtain jurisdiction-specific launch advice, arrange the drafting of white papers and licensing applications, and schedule ongoing compliance health-checks. The platform’s curated expert pool spans financial services, data protection, and corporate law, enabling founders to address cross-border requirements—from MiCA in the EU to securities, AML, and consumer-protection regimes elsewhere—within coherent project timelines and budgets.
