What it is
The Autorité des marchés financiers (AMF) is France’s independent financial markets regulator, established in 2003. It ensures market integrity, investor protection, and fair competition in financial services across France. The AMF gained early crypto prominence in 2019 when it became the first EU regulator to introduce a dedicated crypto licensing regime — the PSAN (Prestataires de Services sur Actifs Numériques) framework under the PACTE law. Under this regime, any entity providing custody, exchange, trading, or advisory services for digital assets must register, and may seek an optional license. As of 2026, the AMF is transitioning firms to full MiCA CASP authorisation while continuing to supervise existing PSAN registrants. This ensures a regulated but innovation-friendly environment, distinguishing it from enforcement-first peers like the SEC ↗.
Crypto framework and stance
In practice, the AMF’s approach has been to build a layered system. Under the PACTE law, crypto service providers for custody, exchange, trading, and advisory services must register with the AMF as PSANs, demonstrating AML/CFT procedures, fit-and-proper management, and operational resilience. An optional licence, with additional requirements, was available to signal higher standards to clients. With the entry into force of MiCA in 2024, the national PSAN framework was superseded by the uniform EU CASP authorisation, which the AMF now grants. The transitional period (ending mid-2026) allows registered PSANs to continue operating while they seek MiCA authorisation; those without registration must secure a MiCA licence to operate. The regulator has taken a firm stance, refusing PSAN applications that did not meet its rigorous criteria and blacklisting unauthorised websites. This clear but stringent framework positions France as a leading jurisdiction for compliant crypto businesses, contrasting with the regulatory ambiguity in the US.
Notable actions
The AMF’s notable actions illustrate its proactive and rigorous oversight. In May 2022, it registered Binance France as a PSAN, a landmark event that gave the world’s largest exchange a legal foothold in the EU via France. The registration demanded robust anti-money laundering controls and corporate governance, setting a standard for other platforms. Two years later, in 2024, the AMF issued Europe’s inaugural MiCA EMT licence to Société Générale-FORGE, a subsidiary of the banking giant. This approval allowed FORGE to issue euro-denominated stablecoins on a compliant public blockchain, validating the MiCA regime’s readiness and showcasing the convergence of traditional finance and crypto. Throughout, the AMF has maintained a rigorous application process: it has granted over a dozen PSAN registrations, including to firms like Coinhouse and SheeldMarket, but also refused several applicants that fell short on AML or governance criteria. It publicly updates a blacklist of unauthorised crypto websites, reinforcing its message: only registered or licenced entities may serve French customers. These actions form a regulatory track record that balances market access with investor protection.
Key figures
The AMF is chaired by Marie-Anne Barbat-Layani, who has overseen the regulator’s transition from PACTE-era PSAN registration to full MiCA implementation. Under her leadership, the AMF has prioritised a rigorous but predictable licensing process, engaging with industry while safeguarding retail investors. Barbat-Layani has repeatedly emphasised the importance of bringing crypto within the regulatory perimeter to combat money laundering and ensure market integrity, aligning French policy with EU-level harmonisation. Her tenure has solidified the AMF’s reputation as a constructive, detail-oriented regulator.
What it means for users and builders
For crypto builders, the AMF framework provides a clear rulebook but demands substantial compliance investment. Any firm offering services like custody, exchange, or advisory in France must either have a valid PSAN registration (until mid-2026) or a MiCA CASP licence. Builders must implement robust AML/KYC procedures, data protection, and operational safeguards, and face ongoing supervision. For users, this structure offers greater protection: registered platforms are vetted by the AMF, reducing the risk of fraud or insolvency. However, it also means that some international platforms may choose not to accept French customers, limiting choice. The lines are clearly drawn: operating without authorisation is illegal, and the AMF actively blacklists such sites. In 2026, the transition to MiCA means a unified EU passport, enabling authorised firms to serve across member states, while users benefit from standardised consumer rights. Builders targeting the French market should plan for MiCA authorisation now, as the transitional period ends mid-2026.
Outlook
As the 2026 transitional deadline approaches, the AMF will finalise the shift to MiCA, likely requiring all existing PSAN registrants to obtain full CASP authorisation or exit. The regulator is expected to intensify enforcement against unregistered entities, particularly as the crypto market matures and retail participation grows. Chair Barbat-Layani’s tenure suggests continued emphasis on investor protection and market integrity, aligned with broader EU priorities. The AMF’s model of clear licensing, combined with robust supervision, positions France as a key hub for regulated crypto activity in Europe, potentially influencing other jurisdictions as they navigate their own frameworks.