Chapter X: Digital asset service providers

For the purposes of this chapter, digital assets include: 1° The tokens referred to in Article L. 552-2, with the exception of those fulfilling the characteristics of the financial instruments referred to in Article L. 211-1 and the savings bonds referred to in Article L. 223-1; 2° Any digital representation of a value that is not issued or guaranteed by a central bank or a public authority, that is not…

Digital asset services include the following services: 1° The service of holding digital assets on behalf of third parties or access to digital assets, where applicable in the form of private cryptographic keys, with a view to holding, storing and transferring digital assets; 2° The service of buying or selling digital assets in legal tender; 3° The service of exchanging digital assets for other digital assets; 4° The operation of…

Before carrying on business, providers of the services referred to in 1° to 4° of Article L. 54-10-2 established in France or providing such services in France, shall be registered by the Autorité des marchés financiers, which shall check whether: 1° The persons who effectively manage the service provider are of sufficiently good repute and are competent to perform their duties; 2° The natural persons who either hold, directly or…

Any person who has not been registered with the Autorité des marchés financiers may not provide the services referred to in 1° to 4° of Article L. 54-10-2. Any person who is not registered as a provider of the services referred to in 1° and 4° above is prohibited from using a name, company name, advertising or any other process that gives the impression that it is registered as such…

I.-In order to provide one or more of the services referred to in Article L. 54-10-2 on a regular professional basis, service providers established in France may apply for authorisation from the Autorité des marchés financiers, under conditions laid down by decree. Approved service providers must at all times have: 1° Professional indemnity insurance or own funds, the level of which is set by the General Regulation of the Autorité…