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DASP & French’s PACTE Law: Are you ready?

2020.11.23 – Some Digital Asset Service Providers (DASPs) now have only three weeks left to register with the French Financial markets authority (AMF).

The PACTE Bill was enacted on 22 May 2019.  It provides for an innovative set of rules applicable to digital assets service providers, known as “DASPs”.

Among these new rules, DASPs providing in France the service of custody of digital assets and/or the service of buying or selling digital assets for legal tender must be registered with the AMF.

This registration requires the AMF to check that the top management of the DASP is fit and proper and that the DASP implements an AML framework matching the legal obligations in force.

DASPs providing these two services, and which were already active when this reform was passed, have until 18 December 2020 to be registered with the AMF.

As this date approaches, DASPs which are not already registered must anticipate this deadline.

  • Are they providing services in France?
  • Which documents must be registered?
  • Is their AML framework in line with the French regulatory framework?

Such questions must be addressed as soon as possible in order to be ready for the upcoming 18 December deadline, with the risk, otherwise, of running illegal activities.

For any questions, contact us at gide255@gide.com