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 (3).png

Research

Pear Protocol has proven its market fit through its pair-trading infrastructure, sustaining consistent trading activity despite recent headwinds. Its strategic pivot toward Hyperliquid integration represents a major growth catalyst amid industry consolidation. While short-term token unlocks present challenges, current valuations and liquidity conditions may offer compelling opportunities for investors.

article-image

As the Trump administration continues to test Fed independence, markets are beginning to react

article-image

An Aave interest rate shock prompted over 475,000 validators to exit and pushed stETH into a prolonged depeg

article-image

While Roman Storm’s team is set to present its case, it’s not yet clear if the Tornado Cash founder will testify

article-image

A wireless network inspired by lost drones is now helping telco carriers reach your phone indoors

article-image

The ETH products have notched $3.6 billion of net inflows from July 1 to July 22, Farside Investors data shows

article-image

With these levies, it’s cheaper for Japanese manufacturers to send cars to the US than it is for domestic makers to import parts from other countries