Crypto-assets: the end of the Pacte law and European MiCA Regulation transitional period establishes a new role for the AMF

Since 2 July, the transitional period between the national regime introduced by the Pacte law and the European MiCA Regulation on markets in crypto-assets has ended. The European framework now applies to all market participants without distinction and requires mandatory authorisation in order to offer crypto-asset services in European Union countries.

Over the past 18 months, the Autorité des Marchés Financiers has been fully committed to supporting market participants who were registered or approved as digital asset service providers (DASPs) under the Pacte law in their transition and to examining the authorisation applications submitted to it.

To date, France has authorised 31 market participants and a number of authorisations are currently being finalised. 283 market participants have been authorised in the European Union. France is the second most popular location for crypto-asset service providers (CASPs) authorised to operate in the European Union.

The Pacte law, which was pioneering at the time of its adoption, imposed a number of conditions, including an anti-money laundering and combating the financing of terrorism system as a minimum. The MiCA Regulation also sets out obligations for good conduct, the prevention of market abuse and IT security. In order to strengthen investor protection, MiCA also introduces requirements for the custody of crypto-assets and investor funds, and procedures for handling complaints.

The AMF will continue to any new authorisation applications that have been or will be submitted to it with the same degree of rigour. Its staff are also dedicated to the enhanced mission that the European legislator has entrusted to national regulators: that of supervising CASPs’ compliance with their professional and good conduct obligations.

In parallel and in accordance with ESMA's public statement of 23 June 2026, the AMF, in close collaboration with ESMA and the relevant national authorities, will scrutinise the implementation of the orderly winding-down plans of those market participants who have not obtained MiCA authorisation, with one absolute priority: preserving clients' interests.

The AMF draws the attention of authorised CASPs, who may be welcoming new clients as part of transfers under these winding down plans, to the need to carry out the prior regulatory checks provided for, in particular with regard to anti-money laundering and combating the financing of terrorism.

It encourages clients to use only the services of CASPs authorised to operate in the European Union, as they are the only providers subject to the MiCA Regulation. There is, as a reminder, no equivalence regime with third countries.

About the AMF
As an independent public authority, the Autorité des Marchés Financiers (AMF) protects savings invested in financial products, ensures that investors receive clear and reliable financial information, and maintains orderly financial markets. Through its engagement with European and international regulatory bodies, the AMF contributes to financial stability and effective regulation. The AMF develops and enforces regulatory standards, supervises market participants and market infrastructures, and takes action against misconduct and regulatory breaches. It also supports the transformation of the financial sector, particularly in the areas of innovation and sustainable finance. As an impact-driven regulator, the AMF acts in the public interest.

Regulate finance, reinforce confidence.

Visit our website: https://www.amf-france.org/en