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Fintech Licensing Hub

France

France regulates crypto under MiCA through Ordinance 2024-936 and Decree 2025-169 amending the Code monétaire et financier, with the AMF as competent authority for CASPs and the ACPR for asset-referenced and e-money token issuers; building on its pioneering PSAN/PACTE regime, France took the full 18-month transition to 1 July 2026. Payments and e-money run under the Code monétaire et financier, supervised by the ACPR, with the Instant Payments Regulation and DORA in force and PSD3/PSR moving toward adoption. Gambling is regulated by the Autorité nationale des jeux (ANJ): online sports betting, horse-race betting and poker are licensed, online casino remains prohibited, and FDJ and PMU hold monopolies on lotteries and retail betting — and France is in the euro area and banking union, taxes individual crypto gains at the 30% PFU flat tax, and runs a JONUM pilot for Web3 games.

Available licences

Crypto-Asset Service Provider authorisation (AMF under MiCAR)

Custody, operation of a trading platform, exchange of crypto-assets for funds or other crypto-assets, execution, placing, reception and transmission of orders, advice, portfolio management and transfer services require AMF authorisation under Article 63 MiCAR, with the ACPR involved on AML/CFT. Existing PSAN holders may use a simplified fast-track; an authorisation passports across the EEA.

Asset-Referenced Token (ART) issuer authorisation (ACPR)

Public offering or admission to trading of a token referencing a basket of values, rights or currencies requires authorisation as an ART issuer under Title III MiCAR, with reserve, custody and disclosure requirements, supervised by the ACPR.

E-Money Token (EMT) issuer (credit institution or EMI; ACPR)

EMTs (including fiat-backed stablecoins) may be issued only by an authorised credit institution or e-money institution, with redemption at par; the ACPR is the competent authority, and France was an early venue for MiCA-compliant euro and dollar stablecoins via the EMI route.

Article 60 MiCAR notification route (existing financial entities)

Credit institutions, investment firms, e-money and payment institutions, fund managers and other authorised entities may provide specified crypto-asset services by filing the common AMF/ACPR notification for the services their existing authorisation covers.

Payment Institution authorisation (ACPR under the Code monétaire et financier)

A licence to provide payment services, supervised by the ACPR; CASPs offering EMT-related payment services typically also need a payment-institution authorisation (with a lightened dossier where they limit the activity to EMT services).

E-Money Institution authorisation (ACPR)

A licence to issue electronic money and provide related payment services, with EUR 350,000 minimum initial capital, supervised by the ACPR.

Account Information and Payment Initiation Services (ACPR)

Open-banking providers — account information and payment initiation service providers — fall within the Code monétaire et financier, supervised by the ACPR, with strong customer authentication under PSD2.

Banking authorisation (ACPR and the ECB/SSM)

Deposit-taking and lending require a banking licence; in the banking union the European Central Bank grants the licence and directly supervises significant institutions, with the ACPR supervising less-significant ones.

Investment firm authorisation (AMF / ACPR — MiFID II)

Investment services in financial instruments require authorisation under the Code monétaire et financier transposing MiFID II, supervised by the AMF and ACPR.

Online betting and poker licence (ANJ)

A licence under the 2010 Gambling Act to offer online sports betting, online horse-race betting or online poker to French players; open to EEA-based operators meeting ANJ eligibility and player-protection requirements. Online casino games are not licensable.

Land-based casino authorisation (Ministry of the Interior)

Physical casinos operate under a separate regime licensed by the Ministry of the Interior (with the Service central des courses et jeux), not by the ANJ.

JONUM experimental approval (ANJ)

A three-year pilot framework (from 2026) for games with monetisable digital objects (Web3/NFT games), allowing certain blockchain-based games to operate under ANJ supervision without a full gambling licence, subject to player-protection, AML and reward-cap conditions.

Detailed overview

France at a glance

France combines a twin-peaks supervisor, a pioneering crypto heritage and a tightly controlled, heavily taxed gambling market. Crypto is supervised by the AMF (CASPs) and ACPR (ART/EMT issuers) under the Code monétaire et financier as amended for MiCA; the transitional regime expired on 1 July 2026. Payments run under the Code monétaire et financier with the ACPR as supervisor and the Instant Payments Regulation and DORA in force. Gambling is regulated by the ANJ, with online casino prohibited and FDJ and PMU holding monopolies. The euro is the currency, and France sits inside the euro area and banking union.

Crypto regime under MiCA — twin-peaks, PSAN heritage:

  • MiCA + national implementing law — Regulation (EU) 2023/1114 (MiCAR); Ordinance 2024-936 of 15 October 2024 and Decree 2025-169 of 21 February 2025, amending the Code monétaire et financier
  • Competent authorities — the AMF for CASP authorisation and supervision; the ACPR for ART and EMT (stablecoin) issuers, prudential matters and AML coordination
  • Grandfathering — closed. France adopted the full 18-month transition to 1 July 2026: PSANs registered (simple or enhanced) or authorised under the PACTE law on 30 December 2024 could continue until then or until their MiCA application was decided; new entrants had to apply directly. The AMF reminded providers of the 1 July 2026 deadline on 5 February 2026
  • PSAN heritage — France's PACTE-law regime (simple registration, enhanced registration and optional authorisation) was among Europe's most mature pre-MiCA frameworks, with over 100 PSANs registered; MiCA's requirements are stricter still
  • Article 60 notifications — already-authorised financial entities may notify the AMF and ACPR (common form) to provide crypto-asset services within their existing authorisation
  • AML/CFT — French AML rules apply, coordinated by the ACPR; the EU AML package (Regulation (EU) 2024/1624 / AMLR, with AMLA in Frankfurt) applies from 10 July 2027
  • TFR / DORA — the Travel Rule (Regulation (EU) 2023/1113) applies from 30 December 2024 and DORA from 17 January 2025
  • Tax — individual crypto gains from occasional activity are taxed under the 30% flat tax (PFU: 12.8% income tax + 17.2% social contributions), with disposals up to EUR 305 a year exempt and crypto-to-crypto exchanges not taxed; professional activity is taxed as non-commercial profits (up to 45%). Corporate income tax is 25%

Payments and e-money regime (ACPR-led):

  • PSD2 — Directive (EU) 2015/2366; transposed in the Code monétaire et financier, supervised by the ACPR
  • Payment Institution licensing — initial capital EUR 20,000 (money remittance), EUR 50,000 (payment initiation) and EUR 125,000 (other payment services)
  • EMD2 / E-Money Institution — Directive 2009/110/EC; EUR 350,000 initial capital; stablecoin (EMT) issuers must be EMIs or credit institutions
  • Instant Payments Regulation (Regulation (EU) 2024/886) — euro instant payments: receiving applicable from 9 January 2025 and sending from 9 October 2025
  • DORA (Regulation (EU) 2022/2554) — applicable from 17 January 2025, with the ACPR as competent authority
  • PSD3 / PSR — Commission proposals of 28 June 2023; provisional political agreement reached 27 November 2025, with final compromise texts published 23 April 2026 and formal adoption expected during 2026; the package will repeal PSD2 and EMD2 and fold e-money institutions into payment institutions, with PSD3 transposed nationally and the PSR directly applicable after a phased timeline
  • Banking — in the banking union the ECB grants banking licences and directly supervises significant institutions, with the ACPR supervising less-significant ones
  • Currency: euro (since 1999/2002); no exchange controls

Gambling regime — ANJ-regulated, online casino prohibited:

  • Gambling Act (Loi n° 2010-476 of 12 May 2010) and Ordinance 2019-1015 — opened online sports betting, horse-race betting and poker to licensing and created the ANJ (operational 2020)
  • Licensed online verticals — online sports betting, online horse-race betting and online poker, open to EEA-based ANJ-licensed operators
  • Prohibited — online casino games (slots, roulette, blackjack) remain illegal; a proposal to legalise them was withdrawn in October 2024 and, despite continued debate, none has been adopted
  • Monopolies — FDJ (lotteries, retail and online, plus retail sports betting) and PMU (retail horse-race pool betting), whose annual programmes the ANJ approves
  • Land-based casinos — licensed separately by the Ministry of the Interior
  • JONUM — a three-year pilot (from 2026) for monetisable-digital-object (Web3/NFT) games under ANJ supervision, with reward caps and player-protection conditions
  • Tax — gross-gaming-revenue based and among the highest in Europe, increased in July 2025 alongside a new advertising tax
  • Minimum age — 18; mandatory real-time data archiving accessible to the ANJ; ISP blocking of unlicensed sites
  • No EU passport — gambling is licensed nationally

Last verified: July 2026. Reference rate: USD 1 = EUR 0.87 (EUR 1 = USD 1.15).

France is a twin-peaks, euro-area jurisdiction: crypto runs under MiCAR with the AMF for CASPs and the ACPR for stablecoins, payments sit under the Code monétaire et financier with the ACPR, and gambling is an ANJ-regulated market that licenses online betting and poker but prohibits online casino.

Is there a crypto licence in France?

Yes. France applies MiCAR through the Code monétaire et financier, with the AMF authorising CASPs and the ACPR authorising ART/EMT issuers. The transitional regime expired on 1 July 2026, so operating now requires an AMF authorisation, a valid MiCA passport, or an Article 60 notification.

The legal foundation:

  • Regulation (EU) 2023/1114 (MiCAR) — the directly applicable EU framework for offerings, admission and crypto-asset services
  • Ordinance 2024-936 and Decree 2025-169 — implement MiCAR in the Code monétaire et financier and designate the AMF and ACPR
  • French AML rules — coordinated by the ACPR, with FIU reporting (TRACFIN)
  • Regulation (EU) 2023/1113 — Travel Rule for crypto-asset transfers

Structure:

  • A French entity with fit-and-proper management and qualifying shareholders
  • MiCAR own-funds floors by class — EUR 50,000 (Class 1), EUR 125,000 (Class 2), EUR 150,000 (Class 3) — paid up in cash in a French credit institution
  • AML systems, a white paper for in-scope offerings, custody and client-asset segregation, market-abuse surveillance for trading platforms, suitability for advice, DORA-aligned ICT documentation, and the updated business plan — coordinated between the AMF and ACPR

Operational reality:

  • France offers deep capital markets, an experienced supervisor and a simplified fast-track for existing PSANs, but the AMF is thorough and the documentation bar is high
  • Personal crypto taxation is moderate and relatively favourable (30% flat tax, crypto-to-crypto untaxed), though professional-trader classification changes the picture
  • New activity should be structured through an AMF authorisation, a valid passport or an Article 60 notification — not the closed transitional regime

Official CASP roadmap: The AMF publishes a dedicated MiCA "in-depth" resource setting out the services in scope, the application procedure, the simplified fast-track for existing PSAN holders, and the timetable; it has accepted CASP applications since early 2025, maintains white lists of registered and authorised providers, uses a common notification form with the ACPR, and confirmed (5 February 2026) that the transition ended 1 July 2026.

Payments & E-money (ACPR — PSD2 / EMD2)

Best for payment, remittance, acquiring, wallet and open-banking operators that want a large, EU-credible euro-area base.

What it is: Authorisation as a payment institution or e-money institution under the Code monétaire et financier, supervised by the ACPR and passportable across the EEA.

Who it suits: Money-remittance and transfer providers, acquirers, card and wallet issuers, payment-initiation and account-information providers, and e-money issuers (including stablecoin issuers, who must be EMIs or credit institutions).

Covers: The payment services under the Code monétaire et financier — incoming and outgoing transactions, transfers, card and instrument-based payments, money remittance, payment initiation and account information — plus issuance of electronic money.

Operational requirement: A French entity; minimum initial capital by service type; ongoing own-funds and safeguarding of client funds; strong customer authentication; AML/CFT; DORA operational-resilience obligations; a Banque de France opinion on payment-instrument security; and fit-and-proper management.

Headline figures

  • Primary instruments: Code monétaire et financier (PSD2 / EMD2); Instant Payments Regulation (EU) 2024/886; DORA (Regulation (EU) 2022/2554)
  • Regulator: ACPR (authorisation and supervision; DORA competent authority)
  • Entry capital: payment institutions EUR 20,000 / 50,000 / 125,000 by service type; e-money institutions EUR 350,000
  • Instant payments: euro instant payments receiving from 9 January 2025 and sending from 9 October 2025
  • Reform pipeline: PSD3 / PSR — political agreement November 2025, compromise texts April 2026, adoption expected during 2026; EMD2 to be repealed and EMIs folded into payment institutions
  • Currency: euro (euro-area member); no exchange controls

Is there a gambling licence in France?

Partly. The ANJ licenses online sports betting, horse-race betting and poker for EEA operators, but online casino games are prohibited; lotteries and retail betting are FDJ and PMU monopolies, and land-based casinos are licensed by the Ministry of the Interior.

The legal foundation:

  • Gambling Act (Loi n° 2010-476 of 12 May 2010) — the licensing framework for online betting and poker
  • Ordinance 2019-1015 (2019) — created the Autorité nationale des jeux (ANJ)
  • ANJ — licensing and supervision of online betting, poker and the FDJ/PMU programmes; the Ministry of the Interior licenses land-based casinos

Structure:

  • ANJ licences cover online sports betting, online horse-race betting and online poker; operators must be EEA-based and meet strict player-protection and data requirements
  • Online casino games are not licensable; lotteries and retail betting are reserved to FDJ, and retail horse-race pool betting to PMU
  • The JONUM pilot allows certain Web3/NFT games under ANJ supervision without a full gambling licence

Gambling — Online betting and poker licence (ANJ)

Best for established online sports-betting, horse-race-betting or poker operators; the market is open but online casino is closed and taxes are high.

What it is: An ANJ licence to offer online sports betting, online horse-race betting or online poker to French players.

Who it suits: EEA-based operators able to meet ANJ eligibility, player-protection, data-archiving and AML requirements.

Covers: The licensed online verticals only — not online casino games.

Operational requirement: Real-time data archiving accessible to the ANJ, player-protection and self-exclusion tools, strict marketing compliance, AML/CFT and responsible-gambling measures.

Headline figures

  • Primary instruments: Gambling Act (Loi n° 2010-476); Ordinance 2019-1015; annual Finance Acts
  • Regulator: ANJ (online betting, poker, FDJ/PMU programmes); Ministry of the Interior (land-based casinos)
  • Tax: gross-gaming-revenue based, among Europe's highest, increased in July 2025 with a new advertising tax
  • Scope: online sports betting, horse-race betting and poker licensable; online casino prohibited
  • Monopolies: FDJ (lotteries and retail betting); PMU (retail horse-race pool betting)
  • Player protection: minimum age 18; mandatory data archiving; ISP blocking of unlicensed sites
  • Innovation: JONUM pilot for monetisable-digital-object games (from 2026)

Costs and timelines at a glance

  • Crypto: MiCAR via Ordinance 2024-936 and Decree 2025-169, AMF for CASPs and ACPR for ARTs/EMTs; own-funds floors EUR 50,000 / 125,000 / 150,000 by class; Article 63 timeline of a 25-working-day completeness check plus a 40-working-day decision; transitional regime closed 1 July 2026
  • Payments primary instruments: Code monétaire et financier (PSD2 / EMD2); Instant Payments Regulation (EU) 2024/886; DORA
  • Payments regulator: ACPR; banking licences via the ECB/SSM (banking-union member)
  • Reform pipeline: PSD3 / PSR — agreement November 2025, compromise texts April 2026, adoption expected during 2026
  • Gambling: ANJ-licensed online betting and poker; online casino prohibited; FDJ/PMU monopolies; high GGR taxation
  • Tax: corporate income tax 25%; individual crypto gains taxed at the 30% PFU flat tax (crypto-to-crypto untaxed)
  • Currency: euro (euro-area and banking-union member); no exchange controls
  • FX: USD 1 = EUR 0.87 (EUR 1 = USD 1.15)

Who France suits and who it does not

Suitable for

  • Crypto exchanges, custodians and token issuers wanting a MiCAR CASP authorisation from an experienced supervisor in a deep market, with EEA passporting and a simplified fast-track for existing PSANs
  • Stablecoin issuers seeking an ACPR EMT/EMI route in an early-mover jurisdiction
  • Already-licensed banks, investment firms, payment and e-money institutions that can add crypto-asset services through the Article 60 notification route
  • Payment, remittance, acquiring, wallet and open-banking operators seeking a large euro-area base
  • Online sports-betting, horse-race-betting and poker operators able to meet ANJ requirements, and Web3 game studios exploring the JONUM pilot

Not suitable for

  • Firms wanting a light-touch crypto regime — the AMF is thorough and MiCA is stricter than the former PSAN registration
  • Providers relying on a former PSAN registration — the transition closed on 1 July 2026, and operating without authorisation carries criminal penalties
  • Online casino operators — online casino games remain prohibited in France despite continued debate
  • Operators seeking to enter the lottery or retail-betting markets — these are FDJ and PMU monopolies
  • Payment or e-money firms expecting to avoid EU prudential, safeguarding, DORA or AML obligations

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