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Book VII - Token Issuers and Digital Assets Services Providers
Title II - Digital Assets Services Providers
Chapter I - Registration requirements, license requirements and common provisions applicable to licensed digital assets services providers
Section 2 - License requirements
Article 721-5 from 19/12/2019 to 29/07/2023

Article 721-5 into force from to

  • Version into force from to
ELI : /en/eli/fr/aai/amf/rg/article/721-5/20191219/notes

I. - When the digital assets services provider subscribes to a professional indemnity insurance policy in accordance with Article L. 54-10-5 I 1° of the Monetary and Financial Code, it shall inform the clients of the existence of such professional indemnity insurance policy and of the guarantee limits.

II. - The professional indemnity insurance policy shall include sufficient and appropriate guarantees for the digital assets services for which the services provider is licensed. The amount of the guarantees may not be less than €400,000 per claim and €800,000 per year of insurance.

The latter amount must be able to cover at least two claims in a given insurance year.

III. - When the digital assets services provider is a payment services provider, the level of the guarantees shall be whichever is the higher amount of the minimum referred to in II and the minimum required for the payment services for which it is licensed.

IV. - The digital assets services provider shall provide the AMF with the insurance certificate including the amount of the guarantees within five working days from the subscription or the renewal of the policy.