CASP authorisation in France under MiCA — AMF and ACPR split
CASP authorisation in France runs through the AMF for the conduct side and ACPR for the prudential side. The legal framework is the directly-applicable MiCA Regulation, overlaid by Code monétaire et financier amendments that designate the competent authorities and the transitional rules from the prior PSAN registration regime. This piece walks through who grants what, what the dossier needs, how the PSAN-to-MiCA migration works and what changes on day one of operations.
1. Legal basis
- Regulation (EU) 2023/1114 — MiCA, directly applicable across the EU
- Code monétaire et financier (CMF) amendments designating AMF and ACPR as competent authorities for the French implementation
- Prior PSAN (Prestataire de Services sur Actifs Numériques) registration regime — the French registration scheme in force before MiCA, with transitional provisions
- AMF Règlement Général and Doctrines on crypto-asset services
2. Who grants what
| Activity | Competent authority |
|---|---|
| CASP authorisation under Article 59 MiCA | AMF (conduct) and ACPR (prudential) |
| Asset-Referenced Token (ART) issuer authorisation | ACPR |
| Electronic-Money Token (EMT) issuance | ACPR (issuer must be a credit institution or an EME) |
| Prior PSAN registration (legacy) | AMF, with ACPR consultation |
| AML supervision | TRACFIN |
3. The MiCA services catalogue
Article 3(1)(16) MiCA lists the services a CASP can be authorised to provide:
- Custody and administration of crypto-assets on behalf of clients
- Operation of a trading platform for crypto-assets
- Exchange of crypto-assets for funds
- Exchange of crypto-assets for other crypto-assets
- Execution of orders for crypto-assets on behalf of clients
- Placing of crypto-assets
- Reception and transmission of orders
- Provision of advice on crypto-assets
- Portfolio management of crypto-assets
- Transfer services for crypto-assets on behalf of clients
The selection drives capital, operational and conduct requirements.
4. Capital and prudential requirements
Article 67 MiCA sets minimum capital floors:
- €50,000 — for the lightest category (reception and transmission, advice, placing, transfer services)
- €125,000 — for exchange, execution, custody, portfolio management
- €150,000 — for operating a trading platform
Ongoing own funds must be the higher of the floor and a quarter of the previous year’s fixed overheads. ACPR scrutinises the calculation in the dossier.
5. What goes in the dossier
Core sections mirror the EME / EP file structure with crypto-asset specifics added:
- Programme of operations — the services to be provided, customer journey, asset types in scope
- Business plan — three-year financial projections
- Governance map — dirigeants effectifs, key function holders, fitness-and-properness
- Internal-control framework — risk, conformité, contrôle permanent, contrôle périodique
- ICT and operational-resilience framework aligned with DORA
- Custody and segregation — for custody-offering CASPs, segregation model, cold/hot wallet split, key-management framework, sub-custody arrangements
- Market-abuse policy — Articles 88 onwards MiCA introduce crypto-asset market-abuse rules
- AML / CTF programme — including the Travel Rule implementation and self-hosted-wallet attestation flow
- Conduct framework — risk warnings, complaint handling, marketing-communications consistency
- White papers — where the CASP also issues tokens (see our MiCA white paper piece)
- French-language requirement applies the same way as for EME / EP / PSI dossiers
6. PSAN-to-MiCA migration
French specifics on the migration:
- PSAN-registered firms file a CASP dossier with AMF and ACPR jointly
- The CASP dossier is more comprehensive than the PSAN registration, particularly on governance, ICT/DORA, custody segregation and market-abuse policies
- The transition window has firm dates; missing them means operating without authorisation
- The AMF publishes specific guidance for PSAN-to-CASP migrants
7. Realistic timing
Article 63 MiCA sets a statutory 25 working days for completeness and a further 40 working days for the substantive decision. End-to-end with pre-application engagement and feedback rounds, realistic timing is six-to-nine months for a first-time applicant. PSAN migrants typically run shorter.
8. What switches on at grant
- Travel Rule compliance on every crypto-asset transfer
- DAC8 reporting from 2026 onwards
- AML and tipping-off obligations under CMF — TRACFIN reporting
- Market-abuse monitoring and reporting under Articles 88 onwards MiCA
- Conduct and complaint-handling under Article 66 MiCA
- AMF supervisory reporting
- Passporting notifications where activity extends cross-border
9. FAQ
Do I file with AMF or ACPR?
Both, jointly. A single dossier is submitted; AMF leads on conduct, ACPR on prudential. The two authorities coordinate internally.
If I’m PSAN-registered, am I CASP-authorised?
No. PSAN was a different regime. MiCA requires a fresh CASP authorisation. The transitional provisions in Article 143 allow continued operation during the file process, within defined windows.
How is the AMF Doctrine relevant?
The AMF publishes doctrine pieces consolidating its policy positions on specific topics. For CASPs, doctrine on marketing communications, customer-risk warnings, and the PSAN-to-MiCA migration is directly relevant; the dossier should cite the relevant pieces explicitly.
What is the difference between a CASP and an EME for stablecoin work?
An EME may issue an EMT — a stablecoin referenced to one official currency — under MiCA Title IV, inside the EME licence. A CASP provides crypto-asset services (custody, exchange, etc.) — the Title V regime. A firm doing both holds both authorisations.
Does the CASP authorisation passport into other EU member states?
Yes. Article 65 MiCA passport rules apply. The home authority (AMF + ACPR) notifies the host; host has limited grounds to refuse. See our branch vs Freedom of Services piece.
How does French CASP compare to Spanish CASP?
Substance is identical (MiCA is directly applicable). Procedural differences sit in the two-authority French architecture, the French-language requirement and the PSAN migration specifics. Spain runs a single-authority track through CNMV.
10. What to do, today
- Confirm whether your services catalogue triggers CASP authorisation, ART/EMT issuance, or both — and engage the right competent authority early.
- If you hold a PSAN registration, do not assume continuity — start the CASP dossier inside the transition window.
- Build the custody segregation, market-abuse policy and Travel Rule implementation as core elements of the dossier.
- Run pre-application engagement with AMF (and ACPR for prudential matters) before the formal submission.
- Plan post-grant reporting alongside the application — Travel Rule, DAC8, market-abuse monitoring switch on day one.
Related: MiCA white paper drafting · MiCA Travel Rule · CASP authorisation in Spain
