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Regulations applicable to crypto players in Europe and France

Regulatory Framework Applicable to Digital Asset Services in Europe and France

Since 2019 and the introduction of the PACTE Law, digital asset services in France have been subject to a structured regulatory framework, imposing specific compliance and security obligations on digital asset service providers. Below is a structured summary of the main regulations, their impacts, and the obligations providers must follow to maintain security and transparency.

PACTE Law and PSAN Regime — French Regulatory Framework

Overview

The PSAN (Prestataire de Services sur Actifs Numériques / Digital Asset Service Provider) regime was established in France under the PACTE Law (Law No. 2019-486 of May 22, 2019). It introduced a pioneering regulatory framework requiring service providers to satisfy key requirements, including:

  • Executive honorability and integrity
  • Anti-Money Laundering and Combating the Financing of Terrorism (AML-CFT)

Offering digital asset services publicly requires mandatory registration with the Autorité des Marchés Financiers (AMF). The PSAN regime has been in effect since 2020 and will end on June 30, 2026, when it is fully replaced by the European MiCA framework.

Obligations for Coinhouse

  • AMF Registration: Coinhouse became the first platform to achieve official PSAN registration with the AMF in March 2020 (Registration No. E2020-001).
  • AML-CFT Compliance: Implementation of mandatory client due diligence during account opening (identity verification and gathering information on professional/financial standing).
  • Transaction Monitoring: Continuous transaction monitoring systems to identify and prevent illegal crypto-asset activity.

Impacts for Clients

  • Trust: AMF registration verifies executive integrity and compliance framework robustness.
  • Security & Transparency: Adherence to strict regulatory and compliance standards.
  • Protection of Assets: Secure custody solutions and support to help clients understand blockchain mechanisms and associated investment risks.

 

EU MiCA Regime (Markets in Crypto-Assets)

Overview

The European MiCA Regulation establishes a single, harmonized regulatory framework for crypto-asset service providers across the entire European Union. Its primary objectives are to enhance investor protection, enforce business conduct standards, and ensure overall financial stability.

Obligations for Coinhouse

  • Mandatory MiCA Authorization: After June 30, 2026, all institutions offering crypto-asset services in the EU must hold a MiCA authorization.
  • Comprehensive Risk Management: To maintain authorization, service providers must demonstrate reviewed and audited systems covering:
    • AML-CFT frameworks
    • Market abuse prevention and detection
    • Conflict of interest prevention and management
    • Asset Segregation: Strict separation of client crypto-assets from the company's proprietary holdings
    • IT & Cyber Security: Regular independent audits of IT systems and cyber risk management
    • Prudential safeguards and liability insurance requirements
    • Transparent fee disclosures, business practices, and complaint handling
    • Environmental disclosures regarding offered tokens

Impacts for Clients

  • Investor Protection: Enhanced transparency, guarded custody systems, protection against cyber hazards, and fair business practices.
  • Audited IT Infrastructure: Audited cybersecurity protocols verifying the integrity of information systems.
  • Level Playing Field: High operational standards distinguishing compliant European providers from unregulated foreign entities.

 

🛡️ DORA (Digital Operational Resilience Act)

Overview

The DORA regulation is an EU-wide framework designed to strengthen the digital operational resilience of financial institutions against Information and Communication Technology (ICT) incidents and cyber threats.

Obligations for Coinhouse

  • Operational Risk Management: Implementation of strict ICT risk governance, continuous system risk analysis, third-party ICT vendor management, and structured incident response processes.

Impact for Clients

  • System Continuity & Trust: Ensures high availability, continuity of service during technical disruptions, and resilient infrastructure protecting user accounts against cyber threats.

 

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