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13 October 2020

Obtain DASP authorisation

Do you want to obtain approval as a Digital Asset Service Provider (DASP)? Or to know in which cases registration with the AMF is mandatory? Or which rules apply to services in crypto-currencies or tokens from an initial coin offering (ICO)? You will find all the information about the subject here.

Summary

    Focus on digital asset services

    An actor may be considered a Digital Asset Service Provider (DASP) if it provides at least one of the following services for digital assets:

    • services on behalf of third parties:
      • custody of digital assets, meaning in practice the custody of cryptographic keys on behalf of a client;
      • the service of buying or selling digital assets for legal tender;
      • the service of trading digital assets for other digital assets;
      • the reception and transmission of orders for digital assets, meaning the act of receiving and transmitting buy or sell orders for digital assets on behalf of a client;
      • the management of digital asset portfolios, meaning the act of managing, on a discretionary, client-by-client basis, portfolios that include one or more digital assets under a mandate given by a client;
      • advice to investors in digital assets. This means giving personalised recommendations to a third party, either at their request or on the initiative of the service provider providing the advice, concerning one or more digital assets;
      • digital asset underwriting, meaning the act of purchasing digital assets directly from a digital asset issuer, with a view to subsequently selling them;
      • the guaranteed investment of digital assets, which consists in searching for buyers on behalf of a digital asset issuer and guaranteeing them a minimum amount of purchases by undertaking to buy any digital assets that are not placed;
      • the unsecured investment of digital assets, meaning the act of searching for buyers on behalf of a digital asset issuer without guaranteeing them an amount of purchases.
    • the operation of a trading platform for digital assets. This concerns the management of one or more digital asset trading platforms, within which multiple buying and selling interests expressed by third parties for digital assets in exchange for other digital assets or a currency that is legal tender can interact in such a way as to result in the conclusion of contracts.

    In which cases is registration with the AMF mandatory? 

    Registration is mandatory for two activities

    If you provide services of digital asset custody and/or buying or selling digital assets for legal tender in France, you must register with the AMF. The registration procedure is mandatory. The AMF will check that you comply with the regulations on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT). The AMF will collect the assent of the Autorité de Contrôle Prudentiel et de Résolution (ACPR).

    The AMF will publish a list of registered DASPs on its website.

    NB: DASPs which started their activity before May 24, 2019 have 12 months to register. These providers must therefore register with the AMF no later than December 18, 2020.

    Compiling your registration application 

    The list of the items required to compile your registration application can be found in the following texts:

    Do you have any questions about how to prepare your application file? Contact us by e-mail: psan [at] amf-france.org

    How to submit your registration application 

    You would like to submit a registration application file. Before you submit your application file, one or more meetings will be organised. Contact us by e-mail: psan [at] amf-france.org.

    How to obtain an approval from the AMF 

    Approval is optional 

    If you provide one or more digital asset services and your company is established in France, you may apply for an approval by the AMF. In this case, you must comply with certain requirements in terms of organisation, business conduct and financial resources. The AMF will publish a list of approved DASPs on its website.

    Compiling your approval application 

    The list of the items required to compile your approval application can be found in the following texts:

    The AMF staff are at your disposal to help you compile your application file. Contact us by e-mail: psan [at] amf-france.org

    How to submit your approval application 

    Before you submit your application file, one or more meetings will be organised. Contact us by e-mail: psan [at] amf-france.org

    The rules to be complied with, in brief 

    Rules on financial resources and organisation 

    The authorised DASP must either have professional indemnity insurance or a minimum amount of own funds. It must also have:

    • at least one effective senior manager;
    • sufficient human and technical resources;
    • resilient IT systems;
    • an internal control system;
    • a claims handling procedure;
    • an organisation enabling it to avoid conflicts of interest ;
    • procedures for the prevention of money laundering and the financing of terrorism.

    Conduct of business rules 

    The approved DASP must:

    • communicate clear information to clients;
    • sign a contract with their client;

    comply with the specific requirements for the services provided.

    List of DASPs registered with the AMF

    Below is the list of digital asset service providers (DASP) registered with the AMF, after receiving positive opinions from the ACPR, pursuant to Article L. 54-10-3 of the Monetary and Financial Code.

    A DASP must be registered with the AMF to be able to offer crypto-asset custody services (i.e. the custody of your private keys by a digital asset service provider who can use them on your behalf) and to buy and sell crypto-assets against legal tender. This registration means that the AMF has carried out a number of checks to ensure the good repute and skills of the corporate officers and compliance by the digital asset service provider with regulations on anti-money laundering and combating the financing of terrorism.

    AMF Registration No. DASP name Date of registration Service registered Trade and Companies Register No.
    E2020-001 COINHOUSE SAS 17/03/2020

    Digital assets custody

    Purchase/sale of digital assets for legal tender

    815 254 545
    E2020-002 COINHOUSE CUSTODY SERVICES SAS 17/03/2020 Digital assets custody 843 699 455
    E2020-003 LGO EUROPE SAS 29/09/2020

    Digital assets custody

    Purchase/sale of digital assets for legal tender

    844 846 683
    E2020-004 STACKINSAT SAS 29/09/2020 Purchase/sale of digital assets for legal tender 880 242 649
    E2020-005 SHEELDMARKET SAS 13/10/2020

    Digital assets custody

    Purchase/sale of digital assets for legal tender

    878 929 405

     

    Markets Directorate
    psan [at] amf-france.org