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Is Kraken a PSAN in France?
If you're wondering whether Kraken Asset Service Provider DASP Kraken strategic acquisition of a licensed DASP enabled it to comply with French regulatory requirements. We'll also discuss what it legally means for a crypto exchange platform to acquire an already licensed company, and how it can then legally offer its services in France.
Table of contents
What is the PSAN status in France?
The Digital Asset Service Provider (DASP) status was established in France by the 2019 PACTE Law. This regulatory framework aims to govern all activities related to cryptocurrencies and digital assets, thereby guaranteeing investor security and market transparency. To obtain DASP status, a company must meet a set of strict criteria regarding compliance, security, and governance. The AMF, the French financial regulator, is responsible for granting this status to platforms wishing to operate legally in France.
In summary, PSAN status means that a cryptocurrency exchange is officially recognized by the French regulator, that it complies with anti-money laundering (AML) obligations, investor protection, and is subject to increased monitoring.
Kraken and its expansion in France to have PSAN
Kraken , which positions itself as one of the largest cryptocurrency exchange platforms with trading , had long sought to strengthen its presence in Europe, and more specifically in France. Prior to its strategic acquisition, Kraken was accessible in France, but was not permitted to advertise or actively solicit clients due to its lack of Digital Asset Service Provider (DASP) status.
Kraken acquisition of Coin Meester (BCM)
To overcome this obstacle, Kraken acquired Coin Meester BV , a Dutch exchange platform operating under the name BCM. Coin Meester already holds the AMF-issued Digital Asset Service Provider (DASP) status, as well as local licenses in Poland and other European countries. Through this acquisition, Kraken indirectly benefits from DASP accreditation, allowing it to expand its regulated offering in France. This expansion is part of a broader strategy to align with European regulations, particularly with the entry into force of the MiCA (Markets in Crypto-Assets) regulation.
Kraken acquisition of Coin Meester addresses several key issues:
- Regulatory compliance : By acquiring an already approved company, Kraken can offer its services as a PSAN without having to directly apply for this approval from the AMF.
- European expansion Kraken 's presence in the European market, particularly in France, where users are looking for cryptocurrency trading platforms that comply with local regulations.
- Increased confidence : French investors, increasingly sensitive to security and regulatory compliance, can now use Kraken with complete confidence.
What are the legal implications for Kraken of acquiring a PSAN company in France?
When a platform like Kraken acquires a company already licensed as a PSAN , does the platform automatically become a PSAN?
PSAN status transfer process
When a licensed Digital Asset Service Provider (DASP), such as Coin Meester, is acquired, its status does not automatically disappear. However, several steps must be completed before the new owner (in this case, Kraken) can leverage this status within its own business:
Notification to the AMF : The acquisition of an authorized company must be reported to the French Financial Markets Authority (AMF). Any significant change to the company's control structure or management must be approved by the regulator . This ensures that the new entity continues to meet compliance requirements.
Compliance review : Following an acquisition, the AMF may conduct a reassessment to ensure that the new entity still meets the security, governance, and transparency standards required for PSAN status. If significant changes are identified, the AMF may request adjustments or impose additional conditions.
Continuity of registration : As long as the acquired company continues to operate in accordance with the required standards, the Digital Asset Service Provider (DASP) status remains valid. In this case, Kraken benefits from the continuity of Coin Meester's DASP status. This means that Kraken can, through this acquisition, offer its regulated services as a DASP without having to go through the entire registration process again.
Implications for the regulator and for Kraken
For the AMF, the acquisition of a company authorized by an international platform like Kraken is a positive step if it strengthens investor protection. The regulator thus ensures that:
- The new entity (Kraken) maintains the same standards of compliance in terms of security and governance.
- The services offered to French investors are transparent and secure.
- The transfer of PSAN status does not create any grey areas in terms of the fight against money laundering and compliance with regulatory obligations.
For Kraken, this operation represents a considerable strategic gain. By becoming a " Kraken PSAN," the platform can now actively advertise and market itself in France, while offering a full range of services for trading, buying/selling cryptocurrencies, and storing digital assets.
Why Kraken is acquiring a PSAN entity rather than doing it directly
If Kraken already met the PSAN criteria , why not apply directly to the AMF for registration rather than acquiring a company that was already approved ?
The answer lies in several strategic, regulatory and operational factors .
1. A direct PSAN registration would have been lengthy and uncertain
Registering as a PSAN with the AMF requires numerous steps :
✅ Thorough due diligence on management and shareholders.
✅ Audit of compliance processes (AML/ KYC ).
✅ Review of cybersecurity and governance protocols.
✅ Analysis of the business model to ensure its viability and compliance with regulations.
➡ Estimated average duration: several months, or even more than a year depending on the case and the workload of the AMF.
By acquiring an already registered company , Kraken bypasses this delay and can operate more quickly in France under an entity that already has the necessary approval.
2. The acquisition of BCM provides immediate access to the French market
By purchasing Coin Meester BV (BCM) , Kraken offers rapid access to the French market without waiting for full validation from the AMF .
✅ BCM already had PSAN approval , which allows Kraken to quickly offer its services in France.
✅ Kraken can market itself and solicit clients , which was prohibited without PSAN accreditation.
✅ There is no risk of PSAN application being rejected by the AMF , since BCM had already successfully passed the validation stages.
➡ With a single purchase, Kraken gains fast and secure access to the French market under a validated regulatory framework.
3. A strategic acquisition to strengthen its position in Europe
Kraken targeting France , but the entire European market . Since BCM is registered in the Netherlands, France, and Poland , this acquisition allows Kraken to immediately expand its presence in several countries under an already approved regulatory framework.
✅ Kraken strengthens its regulatory footprint in Europe.
✅ The acquisition allows it to leverage existing licenses without starting the entire process from scratch.
✅ It can now offer a unified service that complies with local regulations.
➡ Rather than a simple PSAN registration, Kraken offers itself a fast and strategic entry point into several key markets.
Conclusion on Kraken 's PSAN status in France
Digital Asset Service Provider (DASP) accreditation is a crucial step for any platform wishing to operate in France. Thanks to the acquisition of Coin Meester BV, Kraken was able to overcome regulatory hurdles and strengthen its presence in the French market. This means that Kraken can now offer trading, buying/selling, and custody services for digital assets in full compliance with AMF (French Financial Markets Authority) regulations. Other platforms have failed to meet the AMF's requirements and have therefore been blacklisted. This is the case, for example, with Bitget , KuCoin , and MEXC .
The acquisition strategy for obtaining or transferring PSAN status illustrates how an international platform can adapt to local requirements without having to start the registration process from scratch. Acquiring an accredited company not only saves time but also provides immediate access to a robust regulatory framework recognized by the 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.
