MiCA & PSAN: French crypto regulatory framework

MiCA is the world's first comprehensive crypto regulation. It covers three pillars:

1. Stablecoins (EMT and ART) — issuers of USDC, USDT, EURC, etc. must obtain a European license, maintain audited reserves, and respect usage caps. In force since June 30, 2024. Tether chose NOT to comply in Europe, USDC (Circle) became the compliant reference.

1. Service providers (CASP) — exchanges, custodial wallets, crypto brokers. Must obtain approval in their home country, passportable across the EU. In force since December 30, 2024.

1. Token issuers (non-stablecoin) — ICOs/IEOs must publish a compliant whitepaper. Framework similar to a lightweight prospectus.

"Classic" cryptocurrencies (Bitcoin, Ethereum) are NOT regulated as assets — they can't be banned or forced to have an issuer. Only their intermediaries are.

PSAN status (Digital Asset Service Provider) has existed in France since the PACTE law of 2019, and was extended by MiCA. Any platform offering in France: - Crypto/fiat buy/sell - Crypto-crypto trading - Custody (custodial wallet) - Placement, management, advice

…must be registered or approved by the AMF.

In 2026, the official AMF registry (public list) includes: Coinhouse, Bitpanda, Kraken Bit Services (France), Binance France, Crypto.com, Swissquote, Paymium, StackinSat, Deblock.

How to check: https://protegevotreepargne.gouv.fr or the official AMF list. Search the service name, verify it appears as registered PSAN. If absent → non-compliant service, NEVER place more than you can afford to lose.

Penalties for operating a non-PSAN service in France: 2 years prison + €30,000 fine for directors. You're not directly penalized as a user, but in case of non-compliant service bankruptcy, you have no safety net.

Three main obligations for a French tax resident:

1. Declare capital gains (form 2086 + reported on 2042): - Occasional gains = 30 % flat tax (PFU: 12.8 % income tax + 17.2 % social contributions). Only annual net gain (sales - pro-rata purchases) is taxed. - Professional trader (high frequency, sophisticated techniques) = BIC taxation at progressive scale, potentially VAT. Rare but costly. - Allowance: €305/year, below that no declaration needed if gains under €305.

1. Declare foreign accounts (form 3916-bis): MANDATORY, even if account is empty or closed during the year. Concerns all international exchanges (Binance global, Kraken US, Coinbase US, etc.). Fine: €1,500 per undeclared account, raised to €10,000 if the country lacks a French exchange agreement.

1. Declare staking, lending, airdrop income: taxable as income at progressive scale at receipt (euro value on day of receipt), not at flat tax. Crypto-to-crypto transactions do NOT trigger French tax (unlike US) — only fiat exit is taxable.

Practical calculators: Waltio, Koinly, CoinTracking. Around €50-200/year depending on volume, huge time-saver.