Crypto-asset service provider authorization under EU MiCA Regulation (France)

At a glance

What it lets you do, and where

What does a French MiCA PSCA licence let you do, and where can you serve clients?

A licence covers the crypto-asset services defined in Article 3(1)(16) MiCA. An authorised CASP may provide them across Member States after notification under Article 65 MiCA. The home competent authority sends that notification to the host national authorities, ESMA and the EBA within 10 working days.¹⁶

Activities it covers

Where it is valid

Do you need it, and is France the right choice?

What is a French MiCA PSCA licence and do you actually need one?

Yes. Article 59 MiCA requires authorisation for legal persons providing crypto-asset services in the European Union. In France the AMF supervises PSCAs under Ordonnance n° 2024-936. PSANs without MiCA authorisation by 1 July 2026 were automatically delisted on 2 July 2026, when the PACTE national regime was abrogated.²¹⁷¹⁸

Is France the right jurisdiction for your CASP model, and when is it the wrong choice?

The AMF publishes a white list of licensed CASPs and a list of delisted DASPs. ESMA's peer review recommends that national competent authorities review ICT systems against DORA before granting authorisation. The most prevalent CASP model is a single EU hub entity passporting services to the whole EU single market.¹⁹²⁰

Can one French PSCA licence cover the whole EU, and how does passporting work?

Yes. Under Article 65 MiCA, the home competent authority transmits cross-border passporting notifications to the host national competent authorities, ESMA and the EBA within 10 working days. Under ESMA guidelines, solicitation is construed broadly and includes advertising, campaigns and retargeting, and national competent authorities assess all facts case by case.²¹⁶²¹

It depends on your activities. Under Article 48 MiCA, offering e-money tokens requires being their issuer and being authorised as a credit institution or an electronic money institution. Existing credit institutions and investment firms may instead provide crypto services through the simplified 40-day notification under Article 60 MiCA. Offering crypto derivatives, tokenised securities or CFDs requires an investment firm (PSI) licence under CMF Article L. 531-1.²

Is France a fast-track jurisdiction for MiCA CASP authorisation, and is that a risk?

France is not a fast-track route. The AMF has warned against regulatory shopping and against national authorities with a 'rather quick pen' that enable expedited authorisations. ESMA published a fast-track peer review of CASP authorisation and supervision in Malta on 10 July 2025. The AMF's MiCA PSCA application dossier requires three mandatory forms, including a DORA cybersecurity self-assessment.²⁰²²¹¹

Recital 22 MiCA excludes crypto-asset services provided in a fully decentralised manner without any intermediary. Advice on crypto-assets is a Class 1 CASP service with €50,000 minimum capital, and advisers must have the necessary knowledge and competence under Article 81(7) MiCA.²²³

MiCA Article 75(8) makes custodians liable for loss of crypto-assets or means of access from incidents attributable to them, capped at the market value at the time of loss. ESMA's Second Consultation Paper interprets Article 75(8) as exempting CASPs from liability on permissionless DLT they do not control or manage. DORA (Regulation (EU) 2022/2554) sets the ICT third-party risk management rules that apply to crypto custodians.²⁴²²⁵

What it really takes

How much capital do you really need for a French MiCA PSCA licence?

Initial capital is tiered at €50,000, €125,000 or €150,000, depending on the services authorised (Article 67 and Annex IV MiCA). Prudential safeguards (own funds, an insurance policy or a comparable guarantee) must at all times equal at least the higher of the minimum capital or one quarter of the preceding year's fixed overheads. Mid-sized CASPs typically hold €350,000 to €750,000 in segregated own funds as a cushion above the statutory floor.²⁶²

Who do you have to hire for a French PSCA and do they have to be based in France?

Article 68 MiCA requires members of the management body to be of sufficiently good repute and to have appropriate knowledge, skills and experience. The AMF's MiCA PSCA application also asks for management body appointment forms and a DORA cybersecurity self-assessment.¹⁶¹¹

MiCA Article 6 allows crypto-asset white papers in an official language of the home Member State or in a language customary in international finance, such as English. For UCITS cross-border notifications, the notification letter must be in French, and documents for public offers in France need a French translation filed with the AMF. Loi Toubon (Law 94-665) Art. 2 makes French mandatory when offering goods and services and in invoices.²⁷²

The contents are defined in Article 62 MiCA, Commission Delegated Regulation (EU) 2025/305 (RTS) and Implementing Regulation (EU) 2025/306 (ITS). The AMF asks for three standard forms: the PSCA authorisation application, the management body appointment form and the DORA cybersecurity self-assessment.²⁸¹²¹¹

The legal framework

The procedure under the law

How long it takes

How long does getting a French MiCA PSCA licence really take?

Under Article 63 MiCA the competent authority acknowledges receipt within 5 working days and checks completeness within 25 working days of receipt. It sets a deadline for missing information and may refuse an application left incomplete. A third-party guide, with an indicative Lithuanian 2026 timeline, puts substantive review at 60 to 90 days, iterative Q&A at 60 to 120 days and the decision within 40 working days of complete review. It advises 9 to 18 months end to end.⁸²⁶

Article 63(2) MiCA allows 25 working days for the completeness check. Article 63 governs CASP applications; Article 20 concerns ART issuers. The AMF notes that initial filings are routinely incomplete, and the assessment clock is suspended until all the information is received.²¹⁵²⁹

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.

What it costs

What does a French MiCA PSCA licence cost in total, fees, first year, and ongoing?

The annual AMF contribution is €10,000 plus 0.0094 per thousand of assets under custody, with a €1,500 minimum (CMF Article D. 621-29 14°). One-off costs before authorisation (legal, application, recruitment and translation) total €195,000 to €505,000 across itemised budget lines.⁴²⁶

Approval odds and who can own it

What are the real approval odds for a French PSCA licence and why do applications fail?

The AMF delisted register shows 117 delisted PSANs: 34 obtained MiCA authorisation or notification, 54 lapsed upon transition expiry, 22 ceased activity and 6 were delisted for non-compliance. Automata France SAS was delisted effective 30 June 2026 for non-compliance with registration requirements. Binance halted French trading on 1 July 2026 without a MiCA licence while under Paris judicial investigation for money laundering.¹⁸³⁰

How many MiCA CASP licences has the AMF actually granted in France?

The figure is 36. As of September 2026, ESMA's central register lists 36 authorised CASP entities with France as their home Member State. The AMF's PSCA white list also includes foreign EEA entities authorised to provide services in France, and it does not state the passporting basis. Separately, the AMF delisted register records 34 delistings due to MiCA authorisation or notification, out of 117 delisted PSANs in total.¹¹⁸

After you get the licence

Yes. Article 48(1) MiCA lets you offer an e-money token only if you are its issuer and are authorised as a credit institution or an electronic money institution. DORA (Regulation (EU) 2022/2554) applies directly to CASPs from 17 January 2025. French Ordonnance n° 2024-937 of 15 October 2024 implements the EU Travel Rule (Regulation (EU) 2023/1113). Offering tokenised securities, CFDs or crypto derivatives requires an investment firm (PSI) licence under CMF Article L. 531-1.³¹¹⁵

Will a French MiCA PSCA get a bank account and payment processing?

Banque Delubac & Cie became France's first bank registered as a PSAN to obtain MiCA authorisation, offering crypto custody and trading. The legacy PSAN regime introduced by the PACTE law was repealed when the MiCA transitional period expired.³²¹⁸

Keeping the licence means using it: under Article 64 MiCA, authorisation is withdrawn if unused within 12 months or if no services are provided for nine consecutive months. Under Article 143(3) MiCA, pre-30 December 2024 CASPs may continue until 1 July 2026 or until authorisation is granted or refused, whichever is sooner; Member States may shorten this. The annual AMF contribution of €10,000 is payable by 30 June in years after the first.²¹⁵³⁰⁴

Under Article 64 MiCA, authorisation may be withdrawn after 12 months of non-use or after nine consecutive months without services. Qualifying holding acquisitions need prior notification and assessment under Articles 41-42 and 83-84 MiCA. Management body changes are notified under Articles 33/69 and assessed against Articles 34(2)/68. Articles 34(4) and 68(2) cover the good repute of shareholders.²

Is an old French PSAN registration still valid after 1 July 2026?

No. Under Article 143(3) MiCA, the transitional period runs until 1 July 2026 or until authorisation is granted or refused, whichever is sooner. Operating without the required CASP authorisation in France is punishable by 2 years' imprisonment and a €30,000 fine under CMF Article L. 572-23. The AMF delisted register shows 117 delisted PSANs: 34 obtained MiCA authorisation or notification, 54 lapsed upon transition expiry, 22 ceased activity and 6 were delisted for non-compliance.²²⁹¹⁸

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

CASP in other countries

Values come from each licence's page, where every figure has its source.

Laws behind it

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