France PSAN Registration: AMF Tokenization Framework

Overview

France was among the first EU member states to develop a bespoke regulatory framework for digital assets, through the Loi Pacte (Action Plan for Business Growth and Transformation, Law No. 2019-486 of May 22, 2019). The Pacte Law introduced the PSAN (Prestataire de Services sur Actifs Numériques — Digital Asset Service Provider) registration regime and the ICO visa system into French law — providing the first formal legal framework for crypto-asset businesses and token issuance in a major European economy.

The framework has evolved since 2019: initial PSAN registration was voluntary for some service categories; mandatory registration requirements were progressively expanded; and from December 30, 2024, MiCA’s CASP authorization regime supersedes the PSAN framework. France’s national PSAN-to-MiCA transition represents the most complete national-to-EU framework transition in Europe, given the maturity of the PSAN registration base.

Primary Regulator: AMF

The Autorité des Marchés Financiers (AMF) is France’s securities and financial markets regulator. The AMF administers the PSAN regime, the ICO visa process, and serves as France’s MiCA National Competent Authority (NCA). The ACPR (Autorité de Contrôle Prudentiel et de Résolution — Prudential Supervision and Resolution Authority, the banking supervisor) coordinates with the AMF on matters involving credit institution activities.

PSAN Registration: Service Categories

Under the Pacte Law (Articles L. 54-10-1 to L. 54-10-5 of the Code Monétaire et Financier), PSAN activities include:

1. Conservation of digital assets or private keys for third parties
2. Purchase/sale of digital assets against legal tender
3. Exchange of digital assets for other digital assets
4. Operation of a digital asset trading platform
5. Reception and transmission of orders in digital assets
6. Portfolio management of digital assets
7. Underwriting of digital assets
8. Placement of digital assets

Mandatory registration: From January 2024, registration with the AMF was mandatory for providers of activities 1 and 2 (custody and fiat exchange). Activities 3–8 became mandatory through progressive regulatory expansion.

Capital requirements: AMF PSAN registration requirements vary by activity. For custody and exchange services, minimum capital of €150,000 applies — aligned with MiCA’s minimum for comparable CASPs.

Fit-and-proper: PSAN registrants must demonstrate fit-and-proper status for beneficial owners (>25% holding), directors, and senior managers. The AMF applies enhanced scrutiny to individuals with prior enforcement history or criminal records.

Registration process: AMF PSAN registration typically takes two to four months for complete applications. The AMF has published a detailed PSAN registration guide and conducts pre-registration consultations for complex applicants.

Optional PSAN Authorization (Agrément)

The Pacte Law created an optional AMF authorization (agrément PSAN) that goes beyond registration — providing enhanced legitimacy for businesses seeking to distinguish themselves on compliance quality. Authorised PSANs are subject to: conduct of business rules, capital adequacy ongoing requirements, professional insurance, client money protection requirements, and AMF periodic reporting.

As of 2024, authorization was held by a small number of French PSANs — primarily those targeting institutional clients for whom the enhanced authorization provides a meaningful compliance signal.

ICO Visa Regime

France also introduced an optional ICO visa (visa of the AMF for initial coin offerings) under the Pacte Law. An ICO visa is granted where:

• The issuer is a legal entity (incorporated in France or with a French branch)
• The white paper satisfies AMF content requirements (project description, rights attached to tokens, smart contract technical description, risk factors, and financial information)
• The issuer implements an AML/CFT procedure for the offering

The ICO visa is not mandatory — issuers may conduct token offerings without it — but it provides an AMF endorsement that facilitates marketing to institutional investors and demonstrates regulatory engagement. Visa-holders may use an AMF-approved marketing mention.

Security Tokens Under French Law

Tokens representing financial instruments — Titres Financiers (financial securities) under French law — are regulated as securities and fall outside the PSAN framework, subject instead to the full Autorité des Marchés Financiers financial instrument regulation:

• Prospectus requirements (or applicable exemptions under the Prospectus Regulation)
• Investment service provider (PSI — Prestataire de Services d’Investissement) authorization for dealing, managing, and advising
• Custodian requirements under the AIFMD (for fund tokens) or Custodian Directive

France enacted ordinance amendments in 2017 and 2020 specifically enabling the use of DLT for the registration and transfer of unlisted financial securities — Titres Non-Cotés on DLT. This created a French-law equivalent of Germany’s eWpG for unlisted securities, permitting DLT-based share and bond registries.

MiCA Transition: PSAN to CASP

From December 30, 2024, MiCA’s CASP authorization regime replaced the PSAN framework as the primary regulatory structure for digital asset service providers in France. The AMF has:

• Confirmed that registered PSANs benefit from MiCA’s transitional grandfathering (until December 30, 2025)
• Published a CASP authorization guide with AMF-specific documentation requirements
• Established a CASP supervisory team within AMF’s digital finance division

French PSANs must complete their MiCA CASP authorization applications before the grandfathering window closes. The AMF is expected to be an active MiCA supervisor, consistent with its reputation for rigorous market supervision.

AML/KYC Requirements

French PSANs and MiCA CASPs are subject to:

• Code Monétaire et Financier AML provisions implementing AMLD: CDD, EDD, ongoing monitoring, STR reporting to TRACFIN (Traitement du renseignement et action contre les circuits financiers clandestins — France’s FIU)
• Travel Rule: France applies the EU Transfer of Funds Regulation (TFR) zero-threshold requirement from December 30, 2024
• Sanctions: AMF and ACPR coordinate on sanctions compliance; OFAC, EU consolidated list, and French national designations required

Compliance Checklist: France Tokenization Operations

• If currently PSAN-registered: file MiCA CASP authorization application with AMF before December 30, 2025 grandfathering deadline
• If new entrant: apply directly for MiCA CASP authorization with AMF; prepare €150,000 minimum capital (or higher based on activity)
• If issuing digital assets to the public: consider AMF ICO visa for enhanced institutional credibility; prepare AMF-compliant white paper
• If dealing in financial instrument tokens (Titres Financiers): obtain PSI authorization from AMF; comply with prospectus or exemption requirements
• Implement AMLD AML/CFT program: CDD, EDD, transaction monitoring, TRACFIN STR reporting
• Implement EU Travel Rule under TFR (zero threshold)
• Establish French legal entity (SAS or SA for regulated activities); appoint locally-qualified MLRO and compliance officer
• Obtain AMF MiCA EU passport into target member states via CSSF/NCA notification process

Authority References

• ESMA — AMF MiCA NCA coordination
• EUR-Lex — MiCA Regulation
• BIS — European digital asset regulation

For France vs. Luxembourg MiCA authorization comparison, see the Licensing Matrix. For PSAN and CASP definitions, see the Regulatory Encyclopedia. For the broader MiCA framework, see our MiCA analysis.