Since 1 July 2026, any business providing crypto-asset services to clients in France must hold a MiCA CASP authorisation – the transitional period has closed with no extension granted by ESMA. The competent authorities in France are the AMF and the ACPR, and operating without authorisation now exposes firms to enforcement action, reputational damage, and potential loss of the EU-wide passporting rights that MiCA makes available. Ferraz & Whitmore advises international businesses on the full authorisation process, from pre-application strategy through to ongoing compliance.
Why the Deadline Matters for Your Business
The end of the MiCA transitional period on 1 July 2026 marked a hard regulatory cut-off. ESMA confirmed that no further extensions would be granted, meaning firms that had relied on transitional provisions or grandfathered PSAN (Prestataire de Services sur Actifs Numériques) status in France could no longer rely on those arrangements to serve EU clients. The French regulator – jointly the AMF for market conduct and the ACPR for prudential matters – is now the gatekeeper for any CASP wishing to operate in or from France.
For international businesses, the stakes are high. Failing to secure authorisation in time does not merely mean a temporary pause in operations; it can trigger injunctions, asset freezes, and reputational consequences that are difficult to reverse. The fear of losing an established market position in one of the EU's largest economies is, in our experience, the primary driver for clients approaching us at this stage.
The Scope of MiCA Authorisation in France
MiCA defines a broad set of crypto-asset services, and authorisation must cover each service a firm intends to offer. These include, among others:
- Custody and administration of crypto-assets on behalf of clients
- Operation of a trading platform for crypto-assets
- Exchange of crypto-assets for fiat currency or other crypto-assets
- Execution of orders on behalf of clients
- Placement and transfer services for crypto-assets
- Reception and transmission of orders
- Advice on crypto-assets and portfolio management
Each service category carries its own capital, organisational, and conduct requirements. A firm offering multiple services will need to demonstrate compliance across all of them simultaneously within a single application file submitted to the AMF and, where prudential oversight is engaged, the ACPR.
In addition to the authorisation itself, issuers of certain crypto-assets must publish a white paper that complies with MiCA's disclosure requirements. The content, format, and liability framework for white papers are governed directly by the regulation and are subject to AMF scrutiny in France.
The Authorisation Process: An Overview
The CASP licence application in France involves a multi-stage dialogue with the AMF and ACPR, covering governance, fit-and-proper assessments of key persons, capital adequacy, IT and security arrangements, AML/CFT policies, custody frameworks, and client-facing documentation. The process rewards thorough pre-application preparation – gaps identified at a late stage can significantly lengthen timelines.
For a structured, step-by-step breakdown of the procedure – including document checklists, common AMF feedback points, and tips for managing the pre-authorisation phase – please consult our dedicated guide: MiCA CASP Licence Guide for France. This page focuses on the strategic and cross-border dimensions that are most relevant when choosing where to anchor your EU crypto-asset business.
Passporting: Turning a French Licence into EU Access
One of MiCA's most commercially significant features is the passporting mechanism. A CASP authorised in France by the AMF may notify the relevant authorities and begin providing services in other EU member states without needing a separate licence in each jurisdiction. This makes the choice of home member state a strategic decision, not merely an administrative one.
France is an attractive home jurisdiction for several reasons: it has a deep capital market ecosystem, an established regulator with prior experience of crypto-asset oversight through the PSAN regime, and a sophisticated institutional client base. At the same time, firms should weigh the AMF's supervisory expectations and the dual-authority structure (AMF plus ACPR) against alternatives such as Portugal, which operates a single-authority model and has developed its own MiCA authorisation track. Our colleagues' experience with MiCA licensing in Portugal may also be relevant if you are comparing jurisdictions.
The passporting notification process requires careful coordination: the firm must ensure its programme of operations, the services notified to host member states, and its white paper disclosures are all consistent and up to date.
Typical Pitfalls and Risk Areas
Based on our advisory work, the issues that most frequently delay or complicate CASP applications in France include the following:
- Governance gaps: The AMF scrutinises the suitability of board members and senior managers with particular attention. Firms whose key persons cannot demonstrate relevant experience or who have undisclosed regulatory history face significant delays.
- Inadequate AML/CFT frameworks: Given France's active transposition of EU AML directives and the ACPR's enforcement record, the AML compliance file must go beyond a generic policy document and demonstrate genuine risk assessment tailored to the firm's specific business model.
- IT and cybersecurity documentation: MiCA imposes explicit operational resilience requirements. Firms that rely on third-party infrastructure must evidence the contractual and practical arrangements that meet those standards.
- White paper liability: Directors are personally exposed under MiCA's liability framework for white paper content. Poorly drafted disclosures – particularly around risk factors and rights of token holders – attract regulatory and civil law risk.
- Underestimating capital requirements: Capital thresholds depend on the specific services authorised. Firms that have not modelled their capital position accurately before filing can find themselves required to recapitalise mid-process.
Cross-Border Structuring and the French Context
Many of our clients are non-EU groups seeking to establish an EU-regulated entity in France as their passporting hub. This raises structuring questions that go beyond pure regulatory compliance: the choice of entity form, the allocation of functions between the French entity and the group, intra-group service agreements, and tax positioning all interact with the CASP authorisation requirements.
The AMF and ACPR are attentive to substance. A shell entity with nominal presence in France is unlikely to satisfy the regulators' expectations on governance, risk management, and decision-making. Building a credible operational footprint – while managing the cost and complexity of doing so – is a central challenge that our cross-border team addresses from the outset.
For clients whose activities also touch on broader capital markets regulation in France, our capital markets practice in France provides integrated support across MiCA, MiFID II, and related frameworks.
If you are assessing whether your current structure complies with MiCA requirements in France or are planning a new authorisation, we would welcome the opportunity to discuss your situation. Please write to us at info@ferrazwhitmore.com or visit our contacts page.
Self-Assessment: Is Your Business Ready?
Before engaging with the AMF, it is worth conducting an honest internal review. The following questions can help identify priority areas:
- Have you mapped every crypto-asset service your firm provides or intends to provide against MiCA's definitions?
- Do your current governance and management structures meet the fit-and-proper standards expected by French regulators?
- Is your AML/CFT compliance programme specific to your crypto-asset business model, rather than a generic group-level document?
- Have you assessed which crypto-assets you deal in against MiCA's classification framework (e-money tokens, asset-referenced tokens, or other crypto-assets)?
- If you issue or plan to issue a crypto-asset, have you prepared a MiCA-compliant white paper reviewed by legal counsel?
- Have you modelled your capital requirements for each service category you intend to authorise?
- Is your IT and custody infrastructure documented to the standard required under MiCA's operational resilience rules?
- Have you identified the EU member states where you intend to passport, and prepared for the notification process?
A negative or uncertain answer to any of these questions points to work that should be addressed before or during the application process. Early identification of gaps reduces the risk of a request for further information from the AMF that could add months to your timeline.
How Ferraz & Whitmore Approaches This Work
Our team combines Portuguese and French legal expertise with a practice focused on cross-border regulatory matters. For CASP licensing in France, we typically assist clients across four phases: pre-application assessment and jurisdiction analysis; preparation of the full application file in coordination with French regulatory counsel; management of the dialogue with the AMF and ACPR during the review period; and post-authorisation compliance support, including passporting notifications and ongoing regulatory monitoring.
We do not promise outcomes. What we offer is methodical preparation, clear identification of the risks specific to your situation, and coordinated support across the jurisdictions relevant to your business.
To discuss your MiCA authorisation needs in France, please contact our team at info@ferrazwhitmore.com or use our contacts page to arrange a consultation.
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.