Is crypto legal in France? Rules & regulation (2026)
Crypto is regulated in France.
Crypto-assets are legal in France and regulated under the EU MiCA framework, which has applied in full since 30 December 2024 (with stablecoin Titles III/IV in force since 30 June 2024). The AMF authorises Crypto-Asset Service Providers (CASPs), while the ACPR supervises issuers of asset-referenced tokens (ARTs) and e-money tokens (EMTs). A national transitional period allowing pre-existing PSAN/DASP-registered providers to continue operating without a MiCA authorisation ends on 1 July 2026.
Legal framework
EU Markets in Crypto-Assets Regulation (MiCA, Reg. 2023/1114) as nationally implemented by Ordinance 2024-936 (15 Oct 2024) and Decree 2025-169 (21 Feb 2025), integrated into the French Monetary and Financial Code; supervised by the AMF (Autorité des marchés financiers) and the ACPR (Autorité de contrôle prudentiel et de résolution). The legacy PSAN/DASP regime created by the 2019 PACTE law remains transitional.
Status by sub-area
Stablecoins
In forceMiCA Titles III (ART) and IV (EMT) have applied since 30 June 2024 and are nationally implemented in France. The ACPR authorises and supervises issuers; EMTs may only be issued by credit institutions or electronic money institutions, with reserve, redemption-at-par and own-funds requirements.
Exchanges / VASP
In forceCrypto exchanges and other Virtual Asset Service Providers must obtain CASP authorisation from the AMF under MiCA; the AMF began accepting applications in 2024. The legacy PSAN/DASP regime is being phased out, with the transition deadline set at 1 July 2026.
Token Offerings
In forcePublic offerings of crypto-assets other than ARTs/EMTs are governed by MiCA Title II, requiring a notified white paper and conduct/marketing rules. Tokens qualifying as financial instruments fall under EU prospectus / MiFID II rules. The French PACTE-era optional AMF visa for utility-token ICOs remains for offerings outside MiCA.
Custody
In forceCustody of crypto-assets on behalf of clients is one of the ten regulated services under MiCA and requires CASP authorisation. The AMF requires a detailed custody policy and strict segregation of client assets from the CASP's proprietary holdings.
DeFi
PartialGenuinely decentralised protocols are expressly outside MiCA's scope, and France has no dedicated DeFi statute. The AMF has issued a discussion paper and summary of responses, advocates internationally coordinated rules under a 'same activity, same risk, same outcome' principle, and is exploring smart-contract certification with the ACPR.
Still pending: Dedicated DeFi statute pending; smart-contract certification framework under exploration
Tax
In forceCrypto-asset taxation is codified in the French General Tax Code (CGI), principally Article 150 VH bis for occasional individual disposals (single flat-rate tax of 30%). Professional/habitual trading is taxed as BIC business income; mining and certain staking income are treated as non-commercial income (BNC). Reporting obligations include foreign-account declarations and the EU DAC8 framework.
How to get a crypto license in France
To provide crypto-asset services in France you need a MiCA CASP authorisation (Crypto-Asset Service Provider), supervised by the Autorité des marchés financiers (AMF), under the EU Markets in Crypto-Assets Regulation (MiCA), Title V.
- Authority
- the Autorité des marchés financiers (AMF)
- License required
- a MiCA CASP authorisation (Crypto-Asset Service Provider)
- Framework / law
- the EU Markets in Crypto-Assets Regulation (MiCA), Title V
- Minimum capital
- €50,000–€150,000 minimum, by service class (Class 1/2/3)
- Timeline
- about 40 working days of substantive review; 1–3 months for a well-prepared application
- Cost
- an application fee of roughly €5,000–€25,000, plus ongoing supervisory fees
- Passporting
- Yes: a single MiCA CASP licence passports across all 27 EU member states.
What a crypto license in France covers
- Custody and administration of crypto-assets for clients
- Operating a trading platform for crypto-assets
- Exchanging crypto-assets for funds, or for other crypto-assets
- Executing orders for crypto-assets on behalf of clients
- Reception and transmission of orders, and placing of crypto-assets
- Advice and portfolio management on crypto-assets
- Transfer services for crypto-assets on behalf of clients
Step by step: getting a crypto license in France
Incorporate a legal entity with a registered office in the member state, with at least one director resident in the EU.
Build the application file: programme of operations, business plan, governance, AML/CFT, ICT resilience and client-asset segregation.
Submit the application to the national competent authority.
Completeness check: the authority has 25 working days to confirm the file is complete and request anything missing.
Substantive assessment: the authority has 40 working days to grant or refuse the authorisation.
Once authorised, notify the passport to the host member states you intend to serve, then begin operating across the EU.
Documents required in France
- Programme of operations describing each crypto-asset service you will provide
- Business plan with three-year financial projections
- Evidence of prudential safeguards (own funds or qualifying insurance)
- Governance arrangements, organisational chart and internal-control description
- AML/CFT policies and the appointment of a compliance officer
- ICT security, business-continuity and DORA-aligned resilience policies
- Custody and client-asset segregation arrangements
- Complaints-handling procedure and conflict-of-interest policy
- Fit-and-proper evidence for directors and qualifying shareholders (CVs, criminal-record certificates)
Ongoing obligations in France
- Maintain prudential safeguards and own funds at or above the class minimum
- Keep client crypto-assets segregated from the firm's own assets
- Run continuous AML/CFT monitoring, screening and suspicious-activity reporting
- Keep marketing communications fair, clear and not misleading
- Operate complaints handling and manage conflicts of interest
- Meet ICT resilience and incident-reporting duties under DORA
- File periodic reports to the national competent authority
Key points: crypto & digital assets in France
MiCA in force; AMF as competent authority
MiCA applies in France as of 30 December 2024 for CASP-related provisions. The AMF is the competent authority for CASP authorisation and supervision, with the ACPR consulted on prudential matters.
End of PSAN transitional regime on 1 July 2026
Pre-existing French DASPs (PSANs registered under the 2019 PACTE law) may continue services without MiCA authorisation only until 1 July 2026; after that date unauthorised provision is a criminal offence (up to 2 years imprisonment and €30,000 fine).
Stablecoin (ART/EMT) supervision by ACPR
Issuers of asset-referenced tokens and e-money tokens must be authorised by the ACPR; only credit institutions and electronic money institutions may issue EMTs. Société Générale-FORGE, Circle France and Schuman Financial are among the first ACPR-authorised EMT issuers.
DeFi: no dedicated regime, AMF advocates global rules
MiCA does not cover fully decentralised protocols. The AMF has published a discussion paper and summary of responses on DeFi, supports internationally coordinated regulation under a 'same activity, same risk, same outcome' principle and is exploring smart-contract certification with the ACPR.
Tax: Article 150 VH bis CGI - flat tax for individuals
Occasional disposals of digital assets by individuals are taxed under Article 150 VH bis CGI, subject to the single flat-rate levy (PFU) at 30% (12.8% income tax + 17.2% social levies). Crypto-to-crypto swaps are tax-deferred until fiat conversion or purchase of goods/services; total disposals up to €305/year are exempt.
Token offerings: optional AMF visa for utility tokens
France's PACTE law created an optional AMF visa for public offerings of utility tokens (white paper review); offerings without the visa remain legal but cannot use general solicitation. Tokens qualifying as financial instruments fall outside this regime and are governed by EU prospectus and MiFID II rules.
Crypto license in France: FAQ
Do you need a license to run a crypto business in France?
Yes. To provide crypto-asset services in France you need a MiCA CASP authorisation (Crypto-Asset Service Provider), supervised by the Autorité des marchés financiers (AMF), under the EU Markets in Crypto-Assets Regulation (MiCA), Title V.
Which authority issues crypto licenses in France?
The Autorité des marchés financiers (AMF).
How much does a crypto license cost in France?
An application fee of roughly €5,000–€25,000, plus ongoing supervisory fees.
How long does it take to get a crypto license in France?
Typically about 40 working days of substantive review; 1–3 months for a well-prepared application.
What documents do you need for a crypto license in France?
The application file centres on programme of operations describing each crypto-asset service you will provide; business plan with three-year financial projections; evidence of prudential safeguards (own funds or qualifying insurance); governance arrangements, organisational chart and internal-control description; plus fit-and-proper evidence for directors and qualifying shareholders.
What is the application process for a crypto license in France?
Incorporate a legal entity with a registered office in the member state, with at least one director resident in the EU. Build the application file: programme of operations, business plan, governance, AML/CFT, ICT resilience and client-asset segregation. The authority then assesses the file and, once authorised, you can begin operating.
Does a France crypto license work in other EU/EEA countries?
Yes: a single MiCA CASP licence passports across all 27 EU member states.
Timeline of decisions
- Decision
- Decision
- Decision
- Decision
- Law · officialDecree 2025-169 adapts French law to MiCA
France enacted Decree 2025-169 on crypto-asset markets, completing the domestic legal adaptation (alongside Ordinance 2024-936) that aligns the French regime and AMF/ACPR powers with the EU MiCA Regulation.
AMF
- Law · officialMiCA becomes fully applicable to crypto service providers in France
The EU Markets in Crypto-Assets Regulation took full effect for crypto-asset service providers (CASPs); new entrants must now obtain a MiCA CASP authorisation to operate, with a European passport across the EU.
AMF
- Guidance · officialAMF opens MiCA CASP authorisation applications
The AMF began accepting applications for CASP authorisation under MiCA, including a simplified fast-track procedure for existing DASPs, ahead of the regulation's full application; stablecoin (Titles III/IV) rules applied from 30 June 2024.
AMF
- Decision · officialBinance France obtains PSAN registration
Binance France SAS secured AMF registration as a digital asset service provider (with ACPR agreement), a high-profile milestone; French users later faced restrictions on derivatives and leveraged products not covered by the PSAN regime.
data.gouv.fr (AMF whitelist)
- DecisionCoinhouse becomes France's first registered PSAN
Coinhouse (and Coinhouse Custody Services) received the AMF's first mandatory DASP registration (E2020-001) for buy/sell against fiat and custody, operationalising the PACTE regime created in 2019.
Fintech Finance
- DecisionNanterre court rules Bitcoin a fungible, consumable asset
In Paymium v. BitSpread, France's first instance commercial court of Nanterre gave the first French legal characterization of bitcoin, treating it as fungible and consumable like currency, shaping how crypto loans and ownership are treated.
Clifford Chance
- Decision · officialAMF grants France's first ICO visa
The AMF issued its first optional approval (visa) for an initial coin offering to the fintech French-ICO, the first use of the PACTE Law's voluntary token-offering regime designed to give investor guarantees.
AMF
- Law · officialPACTE Law creates the PSAN regime for digital-asset service providers
Law 2019-486 (PACTE) established France's pioneering national framework for crypto-asset providers (PSAN), with mandatory AMF registration for custody and crypto-fiat exchange from 1 January 2020 plus an optional licence. It was the template later superseded by EU MiCA.
AMF
- Law · officialPACTE Law creates the PSAN/DASP and ICO framework
Law 2019-486 (PACTE) established France's pioneering crypto regime: mandatory AMF registration for exchange and custody providers, optional licensing for other DASPs, and an optional ICO visa, the foundation of the current framework.
AMF
Sources
- amf-france.org/en/news-publications/depth/mica
- amf-france.org/en/news-publications/news/mica-regulation-amf-now-accepting-applicati
- amf-france.org/en/news-publications/news/amf-reminds-digital-asset-service-providers
- amf-france.org/en/news-publications/news/crypto-actifs-lamf-clarifie-sa-doctrine-app
- amf-france.org/en/news-publications/public-consultations/amf-discussion-paper-decent
- amf-france.org/en/news-publications/news/amf-publishes-summary-responses-received-it
- amf-france.org/en/news-publications/news-releases/amf-news-releases/amf-grants-its-f
- globallegalinsights.com/practice-areas/blockchain-cryptocurrency-laws-and-regulations/france/
- cms.law/en/int/expert-guides/cms-expert-guide-on-taxation-of-crypto-assets/fr
- koinly.io/guides/crypto-tax-france/
Next for France: Artificial IntelligenceComprehensive law
Next topicOrientation, not legal advice: verify against the primary sources linked above. Last verified 8 Jun 2026. Methodology & how to cite · State of Technology Regulation 2026