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

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

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 Report Templates.jpg

Research

Figure, founded by former SoFi CEO Mike Cagney, has emerged as a leader in onchain RWAs, with ~$17.5B publicly tokenized. The platform’s ecosystem volume is growing ~40% YoY as it expands beyond HELOCs into student loans, DSCR loans, unsecured loans, bankruptcy claims, and more. Operationally, Figure cuts average loan production cost by ~93% and compresses median funding time from ~42 days to ~10, creating a durable speed-and-cost advantage.

article-image

In bonds, stablecoins and billionaires, a reminder of what makes crypto special

article-image

21Shares exec says CPI and PPI data supports a Fed rate cut, with market leaning toward a 25bps decrease

article-image

The Ethereum co-founder suggested LINEA holders would be eligible for other airdrops in cryptic tweet

article-image

The layer-2’s biggest release yet brings benefits — but a post-upgrade outage caused a chain reorg

article-image

Crypto is shifting into risk-on mode — pump.fun dominates meme activity, while Lido leans on treasury maneuvers

article-image

If the president breaks the Fed, he’ll own the budget problems