Payments & E-Money Regulations in France

January 22nd 2026

Closing of the 2025 accounts: the AMF flags up points for vigilance and issues recommendations

Financial disclosures & corporate financing Periodic & ongoing disclosures Reporting ESEF Closing of the 2025 accounts: the AMF flags up points for vigilance and issues recommendations

Sectors:

Topics:

Reporting & Disclosure ESG Prudential / Capital Requirements

BankBroker DealerAsset Manager

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🇫🇷 AMF News medium

September 15th 2025

The French, Austrian and Italian markets authorities call for a stronger European framework for crypto-asset markets

MiCA Other professionals Fintech Journalists Listed companies and issuers The French, Austrian and Italian markets authorities call for a stronger European framework for crypto-asset markets

Sectors:

Crypto & Digital Assets Capital Markets & Trading Payments & E-Money

Topics:

Authorisation & Licensing Consumer Protection / Conduct Prudential / Capital Requirements

Crypto ExchangeFintechBank

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🇫🇷 AMF Consultation medium

July 16th 2025

The ACPR and AMF publish the summary of responses to the consultation conducted by the Working Group on Smart Contract Certification

Crypto-assets Innovation The ACPR and AMF publish the summary of responses to the consultation conducted by the Working Group on Smart Contract Certification

AI Analysis

The ACPR and AMF have published a summary of responses to a public consultation on a 2024 Working Group report exploring smart contract certification in DeFi, addressing technical standards, audit practices, and potential regulatory frameworks. This matters for compliance as it signals preparatory steps toward possible EU-level DeFi regulation, emphasizing risk reduction and trust-building without immediate mandates, influencing future operational and audit strategies for crypto firms.

What Changed

No binding regulatory changes are introduced; this is an exploratory summary confirming industry support for proposed principles on technical standards (security, governance, compliance), audit methods (third-party, self-certification), and regulatory avenues (preference for voluntary certification over mandatory). Respondents endorsed alignment with industry best practices, risk-based approaches, and proportionality, with calls for technologically neutral standards and continuous monitoring models.

Suggested Considerations

Monitor developments: Track ACPR/AMF Fintech Forum updates for potential voluntary certification pilots or EU harmonization under MiCA/pending DeFi rules.
Review internal practices: Align smart contract governance, audits, and change management with endorsed principles (e.g., third-party audits, risk-based recertification on material changes).
Enhance documentation: Prepare for possible protocol-level certification, including modular DeFi interactions and continuous on-chain monitoring.
Engage stakeholders: Participate in future consultations via industry groups like GDF or Adan to influence voluntary frameworks.

Key Dates

2024

- Working Group conducts analysis and drafts report on smart contract certification

3 February 2025

- Report published for public consultation

14 March 2025

- Industry responses submitted (e.g., GDF, Adan)

16 July 2025

- Summary of consultation responses published by ACPR and AMF

Compliance Impact

Urgency: Medium – This is not enforceable yet but previews potential mandatory certification in EU DeFi regulation, critical for firms scaling smart contract use to mitigate user risks and build trust; proactive alignment now avoids future retrofits, especially with MiCA's crypto focus.

References

AI-generated analysis. May contain errors or omissions — verify with the original AMF source before acting. Full disclaimer.

Sectors:

Crypto & Digital Assets Capital Markets & Trading Payments & E-Money

Topics:

Authorisation & Licensing Technology & Cyber Consumer Protection / Conduct

Crypto ExchangeFintechAll Firms

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🇫🇷 AMF Consultation medium

February 3rd 2025

The ACPR and the AMF publish the findings from the Working Group on Smart Contract Certification, and launch a Public Consultation

Crypto-assets Innovation The ACPR and the AMF publish the findings from the Working Group on Smart Contract Certification, and launch a Public Consultation

AI Analysis

The ACPR and AMF have published findings from their 2024 Working Group on Smart Contract Certification in DeFi, launching a public consultation on February 3, 2025, to explore certification frameworks for smart contracts, focusing on standards, audits, and regulatory options. This matters as it signals proactive French regulatory preparation for potential EU-level DeFi rules under MiCA, aiming to enhance security, governance, and compliance without immediate mandates, while industry feedback favors voluntary schemes.

What Changed

No binding regulatory changes yet; this is exploratory work anticipating future regulation. The report proposes:
Standards for security, governance, and compliance across execution environments.
Audit frameworks including public authority, third-party auditors, or self-certification.
Regulatory avenues from voluntary certification to obligations, with proportionate approaches. Consultation responses (summarized post-March 2025) confirmed support for technical standards and audits...

Suggested Considerations

Participate/Review: DeFi/crypto firms should review the report and response summary; late participation may inform ongoing discussions (consultation closed).
Assess Smart Contracts: Evaluate internal smart contracts against proposed standards (security, governance, compliance) and audit practices for voluntary adoption.
Monitor Developments: Track ACPR/AMF updates and EU MiCA/DeFi harmonization; prepare for potential fast-track CASP licensing if using certified contracts.
Engage Stakeholders: Join ACPR-AMF Fintech Forum dialogues; implement AML/CFT enhancements for smart contract risks, as AMF/ACPR assess ongoing compliance.

Key Dates

2025 (TBD)

- Conclusions from consultation responses to be presented

February 3, 2025

- Working Group report published and public consultation launched

March 10, 2025

- Public consultation closed (per some reports; responses summarized afterward)

July 16, 2025

- ACPR/AMF published summary of consultation responses

July 2026

- DASP regime fully phased out under MiCA transitional period

Compliance Impact

Urgency: Medium. This is non-binding exploratory work with consultation closed, but it foreshadows potential mandatory smart contract certification in DeFi, aligning with MiCA's risk mitigation goals. Firms face low short-term risk but high long-term impact if voluntary standards evolve into obligations, especially amid DASP phase-out by July 2026 and EU harmonization needs; proactive adoption builds MiCA compliance edge.

References

AI-generated analysis. May contain errors or omissions — verify with the original AMF source before acting. Full disclaimer.

Sectors:

Crypto & Digital Assets Capital Markets & Trading Payments & E-Money

Topics:

Authorisation & Licensing Technology & Cyber Consumer Protection / Conduct

Crypto ExchangeFintechBank

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🇫🇷 AMF News high

September 22nd 2023

Markets in crypto-assets: publication of the MiCA regulation

MiCA Crypto-assets Innovation Markets in crypto-assets: publication of the MiCA regulation

Sectors:

Crypto & Digital Assets Capital Markets & Trading Payments & E-Money

Topics:

Authorisation & Licensing Consumer Protection / Conduct Technology & Cyber

Crypto ExchangeFintechBank

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🇫🇷 AMF Consultation medium

June 19th 2023

The AMF publishes a discussion paper on Decentralised Finance (DeFi)

Crypto-assets Innovation Fintech Journalists The AMF publishes a discussion paper on Decentralised Finance (DeFi)

AI Analysis

The Autorité des Marchés Financiers (AMF), France's financial markets regulator, published a discussion paper on June 19, 2023, outlining preliminary thoughts on regulatory challenges posed by Decentralised Finance (DeFi) activities on crypto-assets, inviting stakeholder feedback by September 30, 2023. A summary of responses was released on July 10, 2024, highlighting key themes like defining DeFi, distinguishing protocol types, and applying a "same activity, same risk, same regulation" principle. This matters for compliance professionals as it signals AMF's intent to develop proportionate DeFi oversight, balancing innovation with investor protection, AML/CTF risks, and market integrity amid evolving EU frameworks like MiCA.

What Changed

This is a discussion paper and consultation, not binding legislation, so no immediate regulatory changes or requirements are imposed. Key discussion points include:
Defining DeFi based on decentralization criteria (e.g., automation, network architecture, governance, lack of single points of failure).
Distinguishing permissioned vs. permissionless protocols and public vs. private blockchains.
Regulatory approaches to smart contracts (e.g., certification, varying responsibilities), open-source code, and governance.
Adopting IOSCO recommendations: identify responsible persons (developers, DAOs), enforce risk management, disclosures, conflict-of-interest mitigation, and applicable laws.

Suggested Considerations

Submit feedback (past deadline): Stakeholders could contribute by September 30, 2023, to innovation@amf-france.org.
Monitor developments: Track AMF/ACPR follow-ups, including smart contract certification discussions.
Conduct internal assessments: Analyze DeFi exposures using IOSCO criteria—identify responsible persons, risks (operational, AML/CTF), interconnections with TradFi, and ensure disclosures/conflict management.
Enhance compliance programs: Prepare for proportionate rules on governance, cybersecurity, solvency, transparency; align with "same risk, same regulation" for DeFi-like activities.
Engage stakeholders: Participate in AMF ecosystem dialogues at French/EU/international levels.

Key Dates

June 19, 2023

- AMF publishes initial discussion paper on DeFi regulatory issues

September 30, 2023 DEADLINE

- Deadline for stakeholder contributions to the discussion paper

July 10, 2024

- AMF publishes summary of responses to the discussion paper

Compliance Impact

Urgency: Medium – This is non-binding consultation feedback without hard deadlines or rules, but it previews AMF's regulatory trajectory toward DeFi oversight, including AML/CTF enforcement and investor safeguards, amid MiCA rollout. It matters because DeFi's growth amplifies risks like pseudonymity-driven financial crime and market abuse, potentially triggering enforcement of existing laws; firms risk non-compliance if unprepared for "same risk, same regulation" application, especially with AMF's international push.

References

AI-generated analysis. May contain errors or omissions — verify with the original AMF source before acting. Full disclaimer.

Sectors:

Crypto & Digital Assets Capital Markets & Trading Payments & E-Money

Topics:

Authorisation & Licensing AML / Financial Crime Consumer Protection / Conduct

FintechCrypto ExchangeAll Firms

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🇫🇷 AMF Consultation high

December 20th 2022

The AMF publishes its proposals for an open finance framework

Innovation The AMF publishes its proposals for an open finance framework

AI Analysis

The Autorité des Marchés Financiers (AMF), France's financial markets authority, has published proposals for an **open finance framework** via a public consultation, extending open banking principles to broader financial data sharing for enhanced innovation and competition. This matters for compliance professionals as it signals upcoming regulatory requirements for secure data access, APIs, and customer consent mechanisms, aligning with EU trends toward open finance while prioritizing consumer protection and market resilience. Firms must engage early to shape the final rules and prepare systems for compliance.

What Changed

The publication outlines AMF's proposals for an open finance framework, building on open banking (e.g., PSD2) to include investments, insurance, and asset management data. Key elements include:
Mandatory API-based data sharing for account information and payment initiation, extended to non-banking products like securities and insurance.
Enhanced customer consent and control mechanisms, with granular permissions, revocation rights, and strong authentication.
Security and liability standards aligned with DORA (Digital Operational Resilience Act), including incident reporting and resilience testing.
Governance structure with a centralized standards body, similar to open banking hubs in the UK or EU.

Suggested Considerations

Review and respond to consultation: Submit feedback on proposals via AMF portal (https://www.amf-france.org/en/news-publications/news/amf-publishes-its-proposals-open-finance-framework) to influence final rules.
Conduct gap analysis: Assess current APIs, data sharing capabilities, consent processes against proposed standards; integrate DORA compliance.
Update policies: Revise customer onboarding, data protection (GDPR alignment), and TPP accreditation processes.
Engage stakeholders: Participate in AMF's asset management tokenization consultation and AI use cases study for synergies.
Test systems: Pilot secure APIs for investment/insurance data sharing; prepare for cybersecurity inspections.

Key Dates

2026 (H2)

- Expected finalization of AMF AI roadmap and tokenization consultation, influencing open finance APIs

January 14, 2026

- AMF publishes 2026 priorities, including open finance as part of innovation framework

June 30, 2026

- End of MiCA transitional period, relevant for crypto/open finance intersections

TBD (consultation period) DEADLINE

- Public consultation on open finance proposals; firms should check AMF site for exact submission deadline (typically 1-3 months post-publication)

Compliance Impact

Urgency: High – As a consultation, immediate engagement is critical to shape rules, but full implementation may not hit until 2027+. It matters due to alignment with AMF's 2026 priorities on innovation (AI, tokenization, MiCA) and resilience (DORA, cybersecurity), risking fines or supervisory actions for non-prepared firms amid EU harmonization push. Early movers gain competitive edge in data-driven services.

References

AI-generated analysis. May contain errors or omissions — verify with the original AMF source before acting. Full disclaimer.

Sectors:

Banking & Credit Investment Management Payments & E-Money

Topics:

Technology & Cyber Consumer Protection / Conduct Authorisation & Licensing

BankAsset ManagerFintech

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