France's PACTE Law & MiCA CASP Framework
France's PACTE Law (2019) created the DASP (Prestataires de Services sur Actifs Numériques) regime under AMF supervision. Two tracks: optional registration (AML-only, simpler) and full authorisation (higher standards, enables broader activities). Under MiCA (full effect December 2024), France transitions all new entrants to CASP authorisation — AMF is the competent authority.
France is one of Europe's largest fintech hubs (Station F, Paris) and has a proactive crypto regulatory environment. The AMF has been among the most engaged EU regulators in shaping MiCA policy. A French CASP licence provides full EU passporting into a 450-million-person market from one of Europe's most commercially credible regulatory environments.
MiCA transition: As of December 2024, all new French crypto licence applications are processed as MiCA CASP authorisations directly. The AMF is the designated French competent authority. Existing DASP-registered firms benefit from an 18-month grandfathering period.
DASP Registration, Authorisation & MiCA CASP
| Licence Track | Scope | Status |
|---|---|---|
| DASP Registration (pre-MiCA) | AML/CFT registration; custody and crypto/fiat exchange | Legacy — grandfathering applies |
| DASP Authorisation (pre-MiCA) | Full AMF authorisation for all 8 DASP activities including portfolio management | Legacy — grandfathering applies |
| MiCA CASP Authorisation | All MiCA Article 60 activities; full EU passport | Current — all new applications |
France AMF CASP Licence — Key Requirements
How to Get a France AMF Crypto Licence — Step by Step
Incorporate a French SAS (Société par Actions Simplifiée) at the Greffe du Tribunal de Commerce. Inject the required minimum capital. Establish a physical office in France and appoint qualified management.
2–3 weeksDevelop the complete application package: business plan with financial projections, AML/CFT framework per Ordonnance 2020, IT security policy per ANSSI guidelines, governance documentation, and fit & proper documentation for directors and significant shareholders.
4–8 weeksFile the complete CASP application with the AMF. The AMF confirms receipt and completeness of the application before the formal review clock starts. Incomplete applications are returned.
Week 8–10The AMF reviews the application, conducts background checks, and may request additional information or clarifications. Respond promptly. AMF review of well-prepared applications typically takes 2–6 months.
2–6 monthsThe AMF issues the CASP authorisation. Register with the ACPR (Banque de France) for AML supervision. Commence operations with ongoing AMF and ACPR reporting obligations. EU passporting notifications filed immediately.
Authorisation issuedFrance AMF Crypto Licence — Full Cost Breakdown
| Item | Details | Approx. Cost |
|---|---|---|
| AMF application fee | Non-refundable application fee | €3,000–€10,000 |
| ACPR supervisory levy | Annual AML supervisory fee (Banque de France) | Varies by size |
| Company formation | French SAS incorporation, notary, registration | €2,000–€4,000 |
| Office lease (Year 1) | Physical office in Paris or other French city | €12,000–€30,000/yr |
| Legal & compliance | Application preparation, AML/CFT policies | €20,000–€50,000 |
| Estimated Year 1 Total (excl. capital) | Setup, regulatory fees, office, professional fees | €50,000–€120,000 |