Prestataire de services sur crypto-actifs (PSCA) / Crypto-asset service provider authorization under EU MiCA Regulation (France)

At a glance

What it lets you do

• Custody and administration of crypto-assets
• Operating a crypto-asset trading platform
• Exchange of crypto-assets for funds
• Exchange of crypto-assets for other crypto-assets
• Execution of orders for crypto-assets on behalf of clients
• Placing of crypto-assets
• Reception and transmission of orders for crypto-assets
• Advice on crypto-assets
• Portfolio management of crypto-assets
• Transfer services for crypto-assets

• Custody and administration of crypto-assets. Safekeeping or controlling crypto-assets, or the means of access to them such as private keys, on behalf of clients.
• Operating a crypto-asset trading platform. Managing a multilateral system that brings together buying and selling interests in crypto-assets so that contracts are concluded.
• Exchange of crypto-assets for funds. Buying or selling crypto-assets against fiat money using the provider's own capital.
• Exchange of crypto-assets for other crypto-assets. Concluding contracts with clients to swap one crypto-asset for another using the provider's own capital.
• Execution of orders for crypto-assets on behalf of clients. Concluding agreements to buy or sell crypto-assets on behalf of clients, including subscribing to offers.
• Placing of crypto-assets. Marketing crypto-assets to purchasers on behalf of or for the account of the offeror or a related party.
• Reception and transmission of orders for crypto-assets. Receiving a client's order to buy or sell crypto-assets and passing it to a third party for execution.
• Advice on crypto-assets. Giving personalised recommendations to a client about transactions in crypto-assets or the use of crypto-asset services.
• Portfolio management of crypto-assets. Managing portfolios that include crypto-assets on a discretionary, client-by-client basis under a mandate.
• Transfer services for crypto-assets. Moving crypto-assets on behalf of a client from one distributed-ledger address or account to another.

Where it is valid

Cost

How long it takes

Statutory: 40 working days from receipt of a complete application, preceded by a 25 working days completeness assessment (MiCA Art. 63)². Observed: not published. The statutory clock usually starts only when the regulator treats the application as complete, and pauses while it waits for answers to its questions.

Buying a company that already holds it

Prior approval required. Acquiring or increasing a qualifying holding needs the AMF's prior approval. For portfolio management companies (SGP) the thresholds are 10%, 20%, 33.33% and 50% of capital or voting rights (Code monétaire et financier, Article L. 532-9-1). For crypto-asset service providers MiCA Articles 83 and 84 apply: the thresholds are 20%, 30% and 50%, and the AMF assesses the acquirer within 60 working days of a complete notification.⁶

Laws behind it

• Markets in Crypto-Assets Regulation: Regulation (EU) 2023/1114
• Transfer of Funds Regulation (travel rule): Regulation (EU) 2023/1113