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In France, cryptocurrency regulation , and innovations. Between 2013 and 2018, the dominant approach was one of alert and warning. Starting in 2019, the government finally established a clear legal framework with a status for digital assets , a specific regime for digital asset service providers ( DASPs ), and dedicated taxation. Today, this French framework is shifting towards a unified European system, MiCA , which has been in effect since the end of 2024. What does this mean? What does it entail? Let's take a closer look.
Before the law: when Bitcoin was mainly perceived as a problem (2013–2014)
2013: The Bank of France sets the scene
The first official framework didn't take the form of a law, but rather a warning. In December 2013, the Bank of France published a report on virtual currencies . At the time, Bitcoin was still a niche phenomenon, supported by a few technical communities, and crypto news was primarily fueled by black market scandals and the bankruptcy of foreign platforms. The message was clear: high volatility , risks of fraud , potential criminal uses, and above all, a complete lack of legal status.
2014: ACPR, Treasury… the priority becomes AML/CFT
In early 2014, the tone hardened. The ACPR , affiliated with the Bank of France, published an official position on Bitcoin transactions in France . The vocabulary used was highly dissuasive: money laundering , terrorist financing , circumvention of banking systems, and protection of savers. Simultaneously, an interministerial report led by the Ministry of the Economy and Finance (Bercy) was published on the “regulation of virtual currencies .” It laid the intellectual groundwork for the entire following decade. The concepts that would become recurring themes were already present: traceability of transactions, pseudonymity, and the flow of money in and out of cryptocurrencies within the traditional financial system.
Table of contents
From surveillance to “anti-risk” pedagogy (2015–2018)
A simple strategy: warn the public and monitor the intermediaries
For several years, France lacked any specific legal framework. In practice, the regulatory framework was based on:
- warnings public ,
- monitoring of actors that can be considered financial services (when possible),
- AML/CFT ( anti-money laundering and counter- terrorist financing ) obligations
In 2017, when Bitcoin exploded in the media, the AMF and the ACPR published a specific warning on Bitcoin purchases .
2019: The French turning point — the PACTE law moves the ecosystem from a grey area to a legal framework
PSAN: What the PACTE law changes in concrete terms for platforms
The most visible change concerns intermediaries.
Before 2019, platforms could already offer the purchase, sale, or storage of cryptocurrencies accessible from France. However, these activities took place within a very unclear legal framework:
- There was no specific status for crypto actors,
- and no clear distinction between recognized actors and actors operating outside of any French framework.
In practical terms, we go through:
from a tolerated but legally uncertain market to a recognized ecosystem, defined and integrated into the Monetary and Financial Code.
Why does France talk about “digital assets” and not just cryptocurrencies?
In everyday language, we talk about cryptocurrencies. In law, the PACTE law deliberately introduces a broader concept: digital assets .
This term does not only refer to currencies like Bitcoin, but also to tokens that can represent:
a right of use,
access to a service,
an economic mechanism,
or a form of numerical value.
This choice allows for the legal framework governing realities that were previously uncovered by any legislation, particularly initial coin offerings (ICOs) . Before PACTE, these operations existed without a clear legal status. After PACTE, they can now operate within a defined framework.
The PACTE law introduces a break: it creates the status of PSAN (digital asset service provider).
Therefore, when a company offers certain specific services — including:
- the safekeeping of digital assets on behalf of third parties ,
- the purchase or sale of cryptocurrencies against official currency ,
- or the operation of a trading platform ,
It must undergo a mandatory registration process with the AMF, with approval from the ACPR, and implement structured mechanisms for:
- KYC (Customer Identification),
- AML/LCB-FT (Anti-Money Laundering and Counter-Terrorist Financing).
The PACTE law does not give the AMF the power to technically block foreign platforms. However, it profoundly changes what a platform can legally do with respect to the French public.
From 2019 onwards, only registered providers can:
- to present themselves as recognized actors in France,
- advertising and sales prospecting,
- to establish visible business partnerships
- and to communicate legally for certain services.
Unregistered platforms remain accessible on the internet or via their application, but they operate outside the French regulatory framework and are excluded from all legal commercial communication. In practice, this creates, for the first time:
- a regulatory barrier to entry,
- a clear distinction between declared actors and those operating outside the framework
- and an official control point on the platforms used by the French public.
ICOs: From a free zone to a regulated mechanism
The PACTE law does not make ICOs illegal. It introduces a new mechanism: an optional visa from the AMF .
Before 2019, a token issue could be launched without any specific framework. Project promoters had neither a clear status, nor a dedicated procedure, nor any possibility of recognition by a French authority.
Since the PACTE law, a project promoter can submit their information document to the AMF to obtain a visa. This visa does not validate a project from an economic standpoint, but it certifies that:
- Transparency requirements are being met
- The information provided to investors is structured,
- and that the operation falls within an identified legal framework.
We thus move from a totally free environment to a system where projects can voluntarily place themselves under regulatory scrutiny, in order to differentiate themselves and reassure the public.
Implementing texts: when the framework becomes truly operational
The PACTE law lays out the principles, but it is the implementing regulations that make the system usable. The most important is the decree of November 2019 , which specifies the concrete details of the system.
This decree details:
- the legal definitions of the digital assets and services concerned,
- the exact list of activities subject to registration or approval,
- the practical details of submitting the application,
- and the rules governing sales and communication.
It is this technical foundation that will allow, starting at the end of 2019:
- the official opening of PSAN registrations
- the publication of lists of actors registered by the AMF,
- and the entry of the crypto ecosystem into a fully operational administrative framework.
2019–2020: France also sets the taxation of cryptocurrencies (for individuals)
Another very concrete pillar of regulation is taxation . Since 2019, France has had a specific tax regime for gains made on digital assets .
Before 2019, cryptocurrency taxation was based on general interpretations and regimes. Since then, a dedicated framework has been in place.
The central principle: only certain transfers trigger taxation
For an individual, tax is not triggered with every transaction.
In practice, the tax applies to capital gains realized from the sale of digital assets .
that is, when there is a conversion into legal tender (euros, dollars, etc.) or acquisition of a good or service with cryptocurrencies.
Conversely, some movements do not, in themselves, constitute a taxable event:
– holding cryptocurrencies,
– transfer between its own portfolios,
– to exchange one cryptocurrency for another (under the regime for individuals),
as long as there is no exit to the official currency or payment for a good or service.
A calculation method specific to the crypto wallet
France does not tax each cryptocurrency separately like a traditional stock.
The calculation is based on the overall value of the digital asset portfolio at the time of sale.
In concrete terms, the administration is not trying to find out which specific bitcoin or specific token is sold, but what part of your total portfolio has been moved out to the euro, and what part corresponds to a gain.
This mechanism makes the calculation quickly complex as soon as you multiply the operations, platforms and exchanges between cryptocurrencies.
To address this, you can use our partner Koinly. Koinly is software that allows you to consolidate all your crypto transactions. You connect your exchanges and self-hosted wallets to automatically centralize all your transactions. Koinly then calculates your gains, losses, and cash outflows, and generates reports that simplify the completion of form 2086 when a sale of digital assets has occurred.
The standard tax regime for an individual
For an individual who invests on a non-professional basis, the standard legal regime is that of the PFU (single flat-rate levy) , often called “flat tax”.
It corresponds to:
12,8 % income tax,
17.2% social security contributions,
i.e. a total of 30% on the net taxable capital gain.
This regime applies by default when the activity is occasional and related to assets. Different situations may exist if the activity becomes habitual or is considered a professional activity.
2020–2021: strengthening of AML/CFT and “filtering” of actors (Ordinance 2020-1544)
Starting in 2020, France tightened its most sensitive area: AML/CFT . An ordinance dated December 9, 2020, strengthened the framework applicable to digital assets. Specifically, the government aimed to reduce the gray area: who provides a service, in which country, and with what customer due diligence obligations.
One visible consequence: the AMF “white list”
For the general public, the simplest measure to use is the whitelist : the AMF publishes the registered/approved service providers. This means that the provider has passed a screening process (particularly regarding identity verification, anti-money laundering standards, and fund management).
2022–2024: The European Shift — What MiCA Changes in Concrete Terms Compared to the French Framework
The French system established by the PACTE law laid the initial groundwork, but it remained a national framework. Each European Union country retained its own rules, procedures, and filters. A platform could be registered in France but have to repeat a different process in Germany, Italy, or Spain.
MiCA regulation marks a change of scale. Its objective is to create a single regulatory market across the European Union.
In practice, MiCA facilitates:
from a mosaic of national frameworks,
to a single system, directly applicable in all Member States.
The MiCA for service providers comes into effect from December 30, 2024 , with a transitional phase for certain actors already in operation.
From PSAN to PSCA: what the change of status really entails
Under the PACTE law, a service provider had to register country by country . Being a PSAN in France did not automatically grant any rights elsewhere.
With MiCA , the status becomes European. We now speak of crypto-asset service providers (PSCA, or CASP at the European level).
In practical terms, this changes three major things:
- A single European approval : once authorized in one Member State, a service provider can legally offer its services throughout the European Union, without having to resubmit a complete application in each country.
- A higher level of requirements : MiCA is no longer limited to registration and anti-money laundering. It also imposes stronger obligations regarding governance, capital adequacy, conflict of interest management, client protection, and business continuity.
- A broader framework for services : the scope of activities covered is harmonized at the European level, which reduces grey areas and limits regulatory arbitration between countries.
In practice, this means:
of a system primarily focused on identification and minimal compliance,
to a structured licensing regime, similar to what exists for other financial players.
What MiCA changes for users
For the public, MiCA aims to establish a common foundation across the EU:
- uniform transparency obligations,
- common rules on the safekeeping of funds and assets,
- a harmonized framework for information provided to customers,
- and a clearly defined responsibility for service providers.
This does not eliminate the risks associated with cryptocurrencies, but it reduces regulatory fragmentation and limits the presence of actors operating in grey areas depending on the country.
Stablecoin: MiCA 's first operational project
MiCA gives a central place to stablecoins stablecoin considered as a potential systemic issue.
Unlike the PACTE regime, which did not specifically address these assets, MiCA creates dedicated categories and imposes:
- reserve obligations
- transparency requirements
- governance rules,
- and, for some large stablecoin, enhanced supervision.
This is why the stablecoincomponent came into effect before the general regime for service providers. It marks the shift from a controlled tolerance to a structured financial oversight approach.
The role of the AMF in the transition
In this new framework, the AMF is no longer simply the authority of a French regime. It becomes the competent authority to process MiCA applications from entities wishing to establish themselves in France.
From 2024 onwards, it opened pre-filing and pre-instruction mechanisms to prepare PSAN actors for the switch to European status.
What the regulation actually changes for a beginner in France
Understanding why KYC/AML/CFT is central
Blockchains are public, but access to the mainstream market is achieved through intermediaries: exchange platforms , buying/selling services, custody services , crypto cards, etc. The state does not regulate a blockchain in the same way it regulates a bank; it primarily oversees the intermediaries, because these are the points at which regulations can be imposed.
- identification ( KYC ),
- AML / CFT controls ,
- reporting of suspicions (TRACFIN logic),
- and, increasingly, obligations to transfer information ( Travel Rule at the international level, according to FATF standards).
In practice, this translates into accounts that can be limited without justification, withdrawals blocked in case of suspicion, or requests for the origin of funds.
Taxation: what triggers taxation and what doesn't
Without going into complex cases, the logic for an individual is:
- The rules are focused on capital gains from certain taxable disposals.
Summary timeline: key stages in France
2013–2014: Recognition of the risk
- Bank of France: warning about the dangers of virtual currencies (focus).
- ACPR: official position on bitcoins transactions in France (fraud, money laundering, etc.).
- Report on “the regulation of virtual currencies” from the economic/treasury perspective.
2017–2018: Public warning
- AMF/ACPR: warning about bitcoins purchases (period of euphoria).
2019: Birth of the French legal framework
- PACTE Law : creation of the PSAN and regulation of token/ICO issues (AMF visa).
- Implementing decree specifying definitions and procedures
- Taxation dedicated to digital assets (BOFiP / CGI 150 VH bis framework).
2020–2021: stricter compliance
- Order 2020-1544: strengthening of the AML/CFT framework applicable to digital assets.
- ACPR: PSAN registration review (operational regime).
- TRACFIN: reminder of AML/CFT obligations for digital asset service providers.
2024–2026: European harmonization
- MiCA : application of the service provider scheme from December 30, 2024.
- A possible transition period until July 1, 2026 for certain actors already in operation.
- In France: AMF filings possible from 2024 for pre-instruction (preparation for the switchover).
The checklist for complying with French regulations
- Using a platform that is on the AMF's whitelist MiCa
- If this platform is not French (which is often the case): declare it as a digital asset account held abroad in your tax return.
- Accepting KYC : in France, the era of “I buy without identity and I collect” is greatly diminishing on consumer services.
- Keeping track of transactions (purchase prices, exchanges, sales) is essential for tax reporting capital gains calculations . Manually maintaining this type of record is extremely time-consuming and complex. To avoid this, you can use our partner Koinly. Koinly is software that allows you to reconstruct all your transactions. You connect your exchanges and self-hosted wallets to automatically centralize all your transactions. Koinly then calculates your capital gains, losses, and cash outflows in fiat currency, and generates reports that simplify the completion of form 2086 when a sale of digital assets has occurred.
This article is for informational and educational purposes only. It does not constitute legal advice, tax advice, or an inducement to invest . The rules applicable to cryptocurrencies are constantly evolving and may vary depending on individual circumstances. Before taking any action or filing any declaration, it is recommended to consult a qualified professional (tax lawyer, accountant) and refer to official sources from the relevant authorities.
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Yoann
Training engineer, I quickly became interested in the field of finance. Convinced that decentralized finance has a bright future ahead of it, I participate in its democratization by developing Crypternon.
