Country Manual Cryptos Overview Update
France
BRP has updated its Country Manuals Cryptos Overview for
France
out of Crypto-Asset service provider’s country of establishment (DEF, RS & RT)
| SOURCE OF CHANGES | ANSWERS |
|---|---|
| Law/Regulation | No |
| New Position of the Authorities | No |
| Evolution of Expert’s interpretation | Yes |
Definitions & Concepts, Regulatory Summary and Behaviour Template
The Country Manual Cryptos Overview has been reviewed to ensure that the content of all the documents remain accurate and up to date.
Material changes
The Cryptos Overview Behaviour Template (BT) reflects the principles set out in the Regulatory Summary document (RS) using schematic “dos and don’ts” that now cover both types of investors (Retail and Professional). The position with respect to Professional Investors is generally the same as for Retail Investors.
The coexistence of the local Digital Asset Service Provider (DASP) regime and the one under the EU Markets in Crypto Assets Regulation (MiCA) regime will end on 1 July 2026, when the DASP regime will be repealed under French law. While the provision of advisory services relating to Payment and Utility Tokens fall within the scope of either the DASP regime or MiCA, those relating to Security Tokens are subject to French financial service regulations. As MiCA authorization is required to provide advice on crypto-assets (such as Payment and Utility Tokens), a strict approach (“Grey zone/NO”) is adopted for active remote scenarios (irrespective of the presence of an advisory agreement), not least to better reflect MiCA’s strict stance on the concept of “reverse solicitation”.
On the other hand regarding Security Tokens, CASPs may provide investment advice to clients into France (remote) either upon a client’s own specific request or based on an ongoing advisory agreement that specifically covers these services and which has been established in compliance with the French cross-border regulation (i.e. on a reverse solicitation basis). Accordingly, the CM CO BT answers the relevant remote scenarios with “Grey zone/YES”, along with additional comments.
Finally, in order to better reflect the current regulatory framework in relation to cross-border execution only services, it is now highlighted that any (genuine) “reverse solicitation” must be properly documented.
Non-material changes
Some comments and content have been slightly reworded in the CM, without introducing substantive changes to reflect the regulatory situation/current interpretation of the regulatory framework more accurately.
For more information, please contact us: info@brpsa.com
Geneva, June 13th 2025