Knowledge Base
Analyze the role and operations of service providers on the digital asset secondary market
Which categories of digital asset services have required mandatory registration since January 2024?
According to Article L.54-10-2 of the Code monétaire et financier, the first four categories of digital asset services require mandatory registration. These are: custody of digital assets on behalf of third parties, buying and selling digital assets against legal tender, exchanging digital assets for other digital assets, and operating a trading platform. The fifth category, which includes services such as order reception and transmission, requires optional licensing.
What is the primary role of trading platforms in the secondary market for crypto-assets?
Trading platforms play a crucial role by enabling ICO token holders to resell them at any time, thereby creating a secondary market. They facilitate the valuation and circulation of crypto-assets by providing a venue where buy and sell orders can be matched.
What is the minimum amount required for professional liability insurance under the optional licensing framework?
To obtain an optional license, a DASP must take out professional liability insurance of at least 400,000 euros per claim or maintain minimum own funds. This requirement is included in the regulatory framework to ensure client protection.
What is the difference between registration and licensing for DASPs?
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Registration is mandatory for certain service categories and requires basic checks such as good repute and AML compliance. Optional licensing grants access to all services and authorizes commercial solicitation, but imposes additional requirements such as professional liability insurance of at least 400,000 euros or minimum own funds.
What are the impacts of the MiCA regulation on French DASPs?
The MiCA regulation, applicable since December 2024, transforms DASPs into CASPs with a mandatory license valid throughout the EU via a single passport. DASPs with enhanced registration or a loi PACTE license benefit from a simplified procedure until July 2026. Additionally, MiCA expands the number of regulated services to ten and strengthens own funds and governance requirements.
Categorize items by dragging them to the appropriate zones
Items to categorize:
Anti-money laundering
Cybersecurity
Client protection
DASP regulatory obligations are structured around three pillars: anti-money laundering (supervised by the ACPR), cybersecurity (governed by AMF Instruction DOC-2019-24), and client protection (information on risks, complaints procedures).
Mandatory registration for DASPs only requires checks on the good repute and competence of managers.
Mandatory registration for DASPs, under Article L.54-10-3, also includes checks on AML compliance. Since January 2024, enhanced registration adds further requirements such as cybersecurity, internal controls, etc.
DASPs registered before December 2024 must immediately obtain a new MiCA license.
DASPs with enhanced registration or a loi PACTE license benefit from a simplified procedure to comply with MiCA until July 1, 2026. They do not need to immediately obtain a new license after December 2024.