France updates crypto regulations in light of MiCA

Societe Generale’s SG-Forge became the first crypto firm to gain a full license in France back in July

article-image

rawf8/Shutterstock modified by Blockworks

share

France’s securities regulator is updating its regulations for digital asset service providers, in anticipation of the European Union implementing MiCA by late 2024.

The changes, which go into effect Jan. 1, 2024, will require certain digital asset service providers (DASPs) in the country to abide by “enhanced” registration requirements, the Autorité des Marchés Financiers (AMF) announced Thursday. 

These enhanced requirements are for DASPs that wish to provide all four crypto-related services enumerated by the AMF: custody, buying or selling for legal tender, trading of digital assets, and the operation of a trading platform for digital assets.

The crypto arm of Societe Generale, SG-Forge, is the only firm that is licensed for all four services at the moment. Being licensed as opposed to being registered is the highest level of regulatory certification, SG-Forge told Blockworks in July when it was approved by the AMF.

DASPs that offer the four services will need to institute “adequate” security and internal control systems and systems to manage conflicts of interest. 

They’ll also have to release public pricing policies and have specific custody provisions, meaning they’ll promise to segregate client assets and company assets and not use client assets without expressed consent.

DASPs that obtained a simple registration before Jan. 1, 2024 are grandfathered in and will “continue to be subject to the framework applicable” before that date, the AMF said.

This new regime also has the added benefit of aligning the requirements for a French DASP license with the European authorization process for crypto-asset service providers (CASPs) under MiCA, which was approved in April 2023.

The new alignment would “allow a fast track procedure to be implemented towards CASP authorization,” the AMF noted.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Upcoming Events

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research

article-image

Bitcoin needs a price, but its magic runs deeper

article-image

Circle had a pretty successful first day of trading, but what’s next for the stablecoin issuer?

article-image

Solana’s USDC caught a boost after being paired with the TRUMP memecoin

article-image

The stablecoin issuer’s successful first day of trading is likely to spur more crypto IPOs, industry watchers say

article-image

Job openings rallied and continuing claims stalled ahead of May’s employment report

article-image

A group of Twitch streamers battle for bitcoin. Will their chats help them?