PSAN: the French ecosystem under pressure

Members of Parliament could soon adopt a provision requiring certain companies - those not registered as PSANs - to obtain PSAN approval from 1 October 2023. An emergency meeting was organised at the end of December.

05.01.2023

The year 2023 could probably have got off to a better start for French crypto companies.

Just before the holidays and in response to the FTX scandal, Senator Hervé Maurey (UDI, centre-right), pushed through an amendment requiring any player wanting to operate as a digital asset service provider (PSAN) to obtain "authorisation" from the Autorité des marchés financiers (AMF) no later than... 1 October 2023. However, the measure does not affect players already registered as PSANs, but only new applicants.

Since 2019 and the Pacte Act, companies have been able to operate in France with a "registration" that is less restrictive (checks on good repute and anti-money laundering). Just over fifty companies have obtained this. However, none has yet obtained authorisation.

Format

Analysis

Topic

Regulation

Author(s)