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Financial services providers & Fintech Digital Asset Service Providers

Digital Asset Service Providers

Published on January 17, 2020

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.

DASP supervision at a glance

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. To do so, you must have an establishment in France. 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 already in existence on 18 December 2019 have 12 months within which to register. After this date, the new DASPs must be registered before providing any services.

Compiling your registration application

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

  • Article D. 54-10-2 of the Monetary and Financial Code.
  • AMF Instruction DOC-2019-23.

Do you have any questions about how to prepare your application file? Contact us by e-mail: psan@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@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:

  • Article D. 54-10-6 of the Monetary and Financial Code;
  • Article 721-2 of the AMF General Regulation;
  • AMF Instruction DOC-2019-23.

The AMF staff are at your disposal to help you compile your application file. Contact us by e-mail: psan@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@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.

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Legal information
Head of publications: The Executive Director of AMF Communication Directorate.
Contact: Communication Directorate – Autorité des marches financiers 17 place de la Bourse – 75082 Paris cedex 02