To obtain a MiCA Crypto-Asset Service Provider (CASP) licence in France, a firm must submit a formal application to the Autorité des marchés financiers (AMF), with the Autorité de contrôle prudentiel et de résolution (ACPR) playing a joint supervisory role for prudential matters. The MiCA transitional period ended on 1 July 2026, meaning that operating as a CASP in France – or providing crypto-asset services to French or EU clients from France – without authorisation is now unlawful. This guide walks through the procedure, documentation, realistic timelines, cost drivers, and the most common errors made by international applicants.
Why France and Why Now
France was an early mover in the crypto-asset regulatory space, having operated a voluntary PSAN (Prestataire de Services sur Actifs Numériques) registration and optional licensing regime under domestic law before MiCA. That domestic framework shaped market expectations and the AMF's supervisory culture. However, MiCA supersedes it: since 1 July 2026, the EU regulation applies in full, the grandfathering period has definitively closed, and the AMF/ACPR now apply the MiCA authorisation standard exclusively.
The stakes of non-compliance have sharpened considerably. An ESMA public statement of 23 June 2026 made clear that unauthorised CASPs must immediately stop onboarding new clients and conducting marketing directed at EU residents, and must limit their activity to helping existing clients sell or transfer assets, close open positions, or otherwise wind down in an orderly manner. There is no regulatory path to continued operation without authorisation – and the AMF has both enforcement and supervisory tools to act against non-compliant entities.
If your firm is still assessing whether full authorisation is required, or has questions about the scope of MiCA services you intend to offer, our team is ready to assist. Contact us at info@ferrazwhitmore.com or visit our contacts page.
Legal Basis and Competent Authorities
The legal basis for CASP authorisation in France is Regulation (EU) 2023/1114 on markets in crypto-assets (MiCA), directly applicable across all EU member states. The AMF is the designated competent authority for authorisation and ongoing conduct supervision. The ACPR exercises prudential oversight, particularly where the applicant proposes to provide custody services or other activities with a financial stability dimension. In practice, applicants must engage with both bodies, and the application process is coordinated between them.
France has transposed certain organisational and procedural aspects of MiCA into national provisions, including those governing the AMF's review powers and the articulation with anti-money laundering obligations under French law. Applicants should verify current national implementing measures before submission, as these may affect document formats, language requirements, and supplementary filings expected by the AMF beyond the core MiCA application template.
Step-by-Step Procedure
Step 1 – Pre-Application Engagement
Before lodging a formal application, firms are strongly advised to engage the AMF through its pre-application dialogue process. This allows the regulator to flag issues with the proposed business model, governance structure, or compliance framework at an early stage. In France, market practice has been for the AMF to use this phase to assess whether an applicant's programme of operations is realistic and whether the compliance function is sufficiently resourced. Skipping pre-application engagement is one of the most common errors made by foreign applicants and typically leads to a materially longer review cycle.
Step 2 – Establishing a French Legal Entity
MiCA requires authorisation to be granted to a legal person established in a member state. For France, this means incorporating a company under French law – most commonly a société par actions simplifiée (SAS) or société anonyme (SA) – with a registered office and genuine operational presence in France. A letterbox entity, or a structure where all decisions are taken abroad, will not satisfy the AMF's substance requirements. Directors, senior managers, and key function holders must demonstrate sufficient time commitment to the French operations.
Step 3 – Preparing the Application File
The MiCA application file is structured around a programme of operations and a set of mandatory annexes. The core components required for France include:
- Programme of operations: a detailed description of each crypto-asset service the entity intends to provide, the categories of crypto-assets in scope, target clients, and intended EU member states of service (for passporting purposes).
- Governance and organisational structure: charts showing the management body, supervisory function, internal control lines, and outsourcing arrangements.
- Fit and proper documentation: CVs, criminal record certificates, regulatory references, and conflict-of-interest declarations for each member of the management body and shareholders holding qualifying holdings.
- Beneficial ownership disclosure: full mapping of the beneficial owner chain up to the ultimate natural person(s), with supporting corporate documents for each layer. The AMF applies a strict standard here; incomplete beneficial owner disclosure is a frequent cause of application delays.
- Prudential requirements evidence: proof that the entity meets the applicable own funds requirement (the precise threshold depends on the services to be provided under MiCA's tiered structure). Capital must be demonstrably available and not encumbered.
- AML/CFT compliance programme: policies, procedures, risk assessment methodology, transaction monitoring framework, and the identity and qualifications of the Anti-Money Laundering Compliance Officer (AMLCO). France's AML/CFT framework, supervised in part by the ACPR, is among the more demanding in the EU. Applicants from jurisdictions with different AML standards often underestimate the granularity required.
- ICT and operational resilience documentation: including business continuity plans, incident classification procedures, and third-party ICT risk management arrangements.
- Client asset safeguarding policies: particularly for custody service providers, showing segregation arrangements and reconciliation procedures.
- Conflicts of interest policy and remuneration policy.
- Complaints handling procedure meeting MiCA and AMF expectations.
Step 4 – Submission and Completeness Check
Applications are submitted to the AMF via its dedicated portal. Upon receipt, the AMF conducts an initial completeness check. If the file is incomplete, the authority will issue a request for supplementary information; the review clock may not start until the file is deemed complete. It is therefore critical to submit a materially complete file on the first attempt. Partial or staged submissions that are common in some other jurisdictions are not well received in the French regulatory context.
Step 5 – Substantive Review
Once the file is complete, MiCA prescribes a review period. The AMF and ACPR may request additional clarifications or supplementary documents during this phase. Firms should designate a single point of contact with sufficient authority to respond promptly and to commit to regulatory undertakings or adjustments. Delays in responding to regulator queries are one of the most direct causes of extended timelines.
Step 6 – Decision and Conditions
The AMF will issue a written authorisation decision, which may include conditions or requirements to be met before or after the start of operations. Conditions are common in the first authorisation cycle and typically relate to capital maintenance, reporting obligations, or the implementation of specific controls within a defined period. Authorisation, once granted, is entered into the ESMA CASP register – the central EU-level public record. As of 12 August 2026, the ESMA register recorded 325 authorised CASPs across the EU.
Step 7 – Post-Authorisation Obligations
Authorisation is not a one-time milestone. CASPs in France must maintain continuous compliance with MiCA's ongoing obligations: periodic prudential reporting to the AMF/ACPR, notification requirements for material changes to governance or business model, annual review of the AML/CFT programme, and adherence to conduct-of-business rules vis-à-vis clients. Passporting to other EU member states requires a separate notification procedure under MiCA, coordinated through the AMF.
Realistic Timelines
The MiCA review period is defined at EU level, but total elapsed time from project initiation to first operational day is typically longer. In France, the pre-application phase alone can take several months depending on the complexity of the business model and the responsiveness of the applicant to AMF queries. Applicants should plan for the end-to-end process to extend well beyond the statutory minimum review window, particularly where the file involves complex ownership structures, a wide range of services, or cross-border outsourcing arrangements. Firms that began the process before the 1 July 2026 deadline and have not yet received authorisation remain in a constrained operational position pending the AMF's decision.
Cost Drivers
The cost of obtaining a MiCA CASP licence in France is shaped by several factors, none of which are fixed or predictable in isolation:
- Entity establishment costs: legal fees for incorporation, notarial fees, and share capital deposits.
- Application preparation: legal and compliance advisory fees for drafting the programme of operations, governance documents, and the AML/CFT framework. The latter typically represents the most time-intensive component for foreign applicants unfamiliar with French AML/CFT supervisory expectations.
- Capital requirements: the applicable own funds threshold under MiCA depends on the specific services to be provided. Applicants must ensure that capital is genuinely available and meets the AMF's substantiation requirements.
- Staffing and substance costs: salaries, office lease, and technology infrastructure for French-based operations.
- Ongoing compliance infrastructure: technology for transaction monitoring, record-keeping, and regulatory reporting.
Regulator fees, where applicable under national law, should be verified directly with the AMF, as the fee schedule is subject to change and may differ from the pre-MiCA PSAN regime.
Common Errors by Foreign Applicants
Ferraz & Whitmore's experience across MiCA jurisdictions highlights a consistent pattern of avoidable errors:
- Underestimating substance requirements: attempting to passport services from another EU member state without genuine French operations, which the AMF will not accept as a substitute for local authorisation if France is the intended home member state.
- Incomplete beneficial owner mapping: particularly for structures involving multiple holding layers, trusts, or non-EU parent entities. The AMF requires full documentation to the ultimate beneficial owner level.
- Transposing an AML/CFT framework from another jurisdiction without adaptation: France's ACPR applies a granular supervisory standard; policies drafted for a non-EU regulator will rarely satisfy the required level of specificity.
- Nominating management body members who cannot demonstrate sufficient French-language capability or time commitment: the AMF expects senior managers of a French-authorised entity to be genuinely engaged in its governance.
- Failing to account for the ACPR's separate prudential review: applicants sometimes treat the process as a single-regulator engagement and are unprepared for ACPR queries on prudential topics.
- Submitting an incomplete file and expecting to supplement it iteratively: this approach significantly extends the review period and may be viewed as indicative of organisational unreadiness.
For firms navigating the French authorisation process, a coordinated legal and compliance strategy is essential. Our MiCA licensing service for France provides end-to-end support from pre-application engagement through to post-authorisation compliance. Reach out at info@ferrazwhitmore.com to discuss your specific situation.
Decision Checklist
Before initiating a formal application, use this checklist to assess readiness:
- French legal entity incorporated with genuine registered office and operational substance.
- Management body members identified and fit-and-proper documentation assembled.
- Beneficial owner chain documented to ultimate natural person level.
- Programme of operations drafted, covering each MiCA service category in scope.
- Own funds requirement calculated and capital demonstrably available.
- AML/CFT compliance programme completed and AMLCO appointed with adequate qualifications.
- ICT and operational resilience framework documented.
- Client asset safeguarding policies finalised (if custody services are in scope).
- Pre-application dialogue with AMF initiated or scheduled.
- Post-authorisation reporting and notification obligations understood and resourced.
The Broader MiCA Context
France sits within the EU's single MiCA authorisation framework, meaning that a CASP licence granted by the AMF confers EU-wide passporting rights, subject to the notification procedure. As of 12 August 2026, 325 CASPs were recorded in the ESMA register, reflecting the substantial volume of firms that have obtained authorisation across member states since MiCA's full application date. The ESMA statement of 17 April 2026 confirmed that no extension to the grandfathering period would be granted, removing any residual uncertainty about the transition timeline.
For businesses operating across multiple EU jurisdictions, the choice of home member state for MiCA authorisation carries significant strategic implications – including supervisory culture, speed of review, and depth of pre-application engagement. Firms weighing France against other jurisdictions may find it useful to review comparative materials; our alert on the end of the MiCA transition in France provides further context on the post-July 2026 regulatory landscape.
For clients also managing AML/CFT compliance obligations in the Netherlands or other EU member states alongside a French authorisation, our cross-border compliance capabilities extend across jurisdictions – see, for example, our AML compliance service for the Netherlands.
If you are assessing your firm's licensing strategy or have concerns about your current compliance position in France, we invite you to contact the Ferraz & Whitmore team at info@ferrazwhitmore.com or through our contacts page. We work with international businesses, funds, and investors to navigate regulatory authorisation processes across EU member states.
Disclaimer: This publication is provided for informational purposes only and does not constitute legal advice. The information herein should not be relied upon as a substitute for professional legal counsel tailored to your specific circumstances. Ferraz & Whitmore assumes no liability for actions taken or not taken based on the contents of this material. For advice regarding your particular situation, please contact info@ferrazwhitmore.com.