CASP Authorisation in France
France is an AMF-supervised MiCA CASP route with very high regulatory reputation. It fits teams seeking French and wider EU institutional positioning, provided they can support demanding governance, AML, custody, audit, technology and banking evidence.
Confirm current AMF CASP/MiCA application requirements, service categories, forms, fees and review process before using this page for client advice.
Regulatory status should be confirmed by local counsel before relying on this route.
What is France CASP authorisation?
France CASP authorisation is the AMF-supervised French route for crypto-asset service providers under MiCA. It is a very high-reputation EU route for serious regulated operations, not a low-cost offshore setup or a shortcut around governance and AML obligations.
- Jurisdiction
- France
- Regulator
- Autorité des Marchés Financiers (AMF)
- Regime
- CASP
- Legal basis
- Legal basis: MiCA CASP authorisation supervised in France by the AMF.
Country-specific regulatory statements should be checked against current regulator guidance before relying on this route.
CASP service scope in France
A France CASP application should begin with a precise service perimeter. Exchange, custody, brokerage, wallet, advisory, staking-adjacent and payment-related models each change the evidence expected for governance, AML, safeguarding, technology and outsourcing.
Exchange
ConditionalExchange activity may require additional scope or separate licensing.
Exchange
Exchange activity may require additional scope or separate licensing.
ConditionalCustody
ConditionalCustody may require separate review or additional controls.
Custody
Custody may require separate review or additional controls.
ConditionalBrokerage
ConditionalBrokerage or OTC activity typically fits within scope.
Brokerage
Brokerage or OTC activity typically fits within scope.
ConditionalWallet provider
ConditionalExchange activity may require additional scope or separate licensing.
Wallet provider
Exchange activity may require additional scope or separate licensing.
ConditionalEU market
IncludedEU/EEA passporting available.
EU market
EU/EEA passporting available.
IncludedStartups
ExcludedHigh setup complexity means significant budget is needed.
Startups
High setup complexity means significant budget is needed.
Excluded
Fees, timelines and capital figures are indicative and may vary by business model, regulator feedback, application scope and third-party costs.
French and EU market access
France is strongest when the project needs AMF credibility, French-market access and a defensible EU/EEA strategy. The passporting case should be mapped to approved CASP services, target countries, client categories and notification steps.
Define French, EU/EEA and institutional target markets before filing.
Map distribution, language, consumer-facing conduct and onboarding controls to each target market.
Avoid presenting France as automatic access to every EU country or every future crypto service.
Country-specific regulatory statements should be checked against current regulator guidance before relying on this route.
Capital, governance and audit expectations
France is a high-complexity CASP route. The CSV snapshot indicates share capital from 50,000 EUR, a 10,000 EUR state fee, annual supervision from 5,000 EUR, local staff, physical office and audit. The larger cost driver is the operating model maintained after authorisation.
- Board, senior management, compliance, AML and technology ownership should be named and credible.highBoard, senior management, compliance, AML and technology ownership should be named and credible.high
- Capital planning should match the CASP service scope, especially for exchange, custody or fiat-heavy operations.highCapital planning should match the CASP service scope, especially for exchange, custody or fiat-heavy operations.high
- Audit, reporting, outsourcing oversight, incident management and compliance monitoring should be budgeted as ongoing obligations.highAudit, reporting, outsourcing oversight, incident management and compliance monitoring should be budgeted as ongoing obligations.high
Fees, timelines and capital figures are indicative and may vary by business model, regulator feedback, application scope and third-party costs.
France CASP application bottlenecks
Typical blockers are operating-model weaknesses: unclear service scope, insufficient local accountability, generic AML policies, immature custody or technology controls, late banking preparation and a passporting story that is not tied to approved activities.
- High
Unclear CASP service perimeter or post-authorisation passporting plan
- High
Weak France substance, management accountability or AML ownership
- High
Underdeveloped custody, wallet, safeguarding or technology-control evidence
- High
Generic policies that do not match French, EU or institutional client flows
- High
Banking or PSP package prepared after the application strategy
- High
Route selection driven by budget or speed rather than AMF-supervised regulated operations
Fees, timelines and capital figures are indicative and may vary by business model, regulator feedback, application scope and third-party costs.
Activity fit for this route
Review which crypto activities fit within the scope of this route.
Exchange activity may require additional scope or separate licensing.
Custody may require separate review or additional controls.
Brokerage or OTC activity typically fits within scope.
Exchange activity may require additional scope or separate licensing.
EU/EEA passporting available.
High setup complexity means significant budget is needed.
Not sure if your model fits? Request a licensing assessment
Is France CASP authorisation right for your project?
Best for
- EU passporting and regulated CASP operations
- EU/EEA market access
Not suitable for
- Low-budget or fast offshore setup
- Projects without a prepared banking strategy
Banking difficulty is high for this route. Prepare a banking strategy before committing to the France route.
Core requirements
Use this section to check the main regulatory and operational requirements before committing to a jurisdiction.
Fees, timelines and capital figures are indicative and may vary by business model, regulator feedback, application scope and third-party costs.
Local substance in France
Local staff and a physical office should be treated as real operating requirements. France is a weak fit for nominal substance if key decision-making, AML, custody or technology accountability sits elsewhere without a defensible oversight model.
Local staff
RequiredRequired
At least one locally-accountable staff member or director is expected.
Physical office
RequiredRequired
A genuine office presence is expected, not a nominal registered address.
Audit
RequiredRequired
External audit is required for ongoing supervision compliance.
Planning notes
- Plan French compliance, AML and regulator-facing accountability before submission.
- Document what is controlled locally and what is outsourced to group or third-party providers.
- Budget staff, office, audit and ongoing compliance separately from the advisory application fee.
Fees, timelines and capital figures are indicative and may vary by business model, regulator feedback, application scope and third-party costs.
Cost breakdown
Budget for service price, regulatory fees, share capital and ongoing costs separately.
Fees, timelines and capital figures are indicative and may vary by business model, regulator feedback, application scope and third-party costs.
Cost breakdown — France
Budget for service price, regulatory fees, share capital and ongoing costs separately.
| Cost item | Amount |
|---|---|
| Service priceApplication preparation and professional services. | €23,400 |
| State fee | €10,000 |
| Required share capitalMust be held, not an expenditure. | €50,000 |
Summary
- One-off costs
- €83,400
- Annual (year 1)
- €0
- Total year 1
- €83,400
Adjust to convert to your base currency.
Fees, timelines and capital figures are indicative and may vary by business model, regulator feedback, application scope and third-party costs.
Application process
The sequence below shows the usual project flow. Exact steps depend on the regulator, business model and application scope. France — From 6 months.
Pre-assessment and scope review
1–3 weeksDefine the activity scope, governance model and target markets before formal preparation.
Company setup in France
2–6 weeksEstablish legal entity, appoint local staff and set up local operating structure.
Documentation and compliance packBottleneck risk
3–8 weeksPrepare AML/CFT policies, governance documents, controls framework and application materials.
Application submission to Autorité des Marchés Financiers
1–2 weeksSubmit complete application with all required documentation.
Regulator reviewBottleneck risk
From 6 monthsRegulator reviews the application. May request clarifications. Incomplete files extend this phase.
Depends on: File quality and completeness
Authorisation or registration confirmation
1–4 weeksRegulator confirms authorisation or registration. Commence operations.
Fees, timelines and capital figures are indicative and may vary by business model, regulator feedback, application scope and third-party costs.
What can delay or increase cost
These factors are most likely to affect timelines and budgets for this route.
Setup complexity is rated high for France. Company setup, governance and documentation take longer than average.
Banking difficulty is rated high. Opening accounts for crypto businesses in France requires extensive documentation.
Ongoing supervision, audit and compliance costs are above average. Budget for these separately from the application fee.
Incomplete files are the most common cause of delay. Regulator queries extend review by weeks or months.
Fees, timelines and capital figures are indicative and may vary by business model, regulator feedback, application scope and third-party costs.
Banking and PSP strategy in France
France has very high regulatory reputation, but banking difficulty is still medium to high for crypto businesses. Bank and PSP readiness should run in parallel with the authorisation file, especially for exchange, custody and fiat-heavy business models.
Reflects how challenging it is to open and maintain business bank accounts in this jurisdiction.
Reflects availability of payment service providers willing to onboard crypto-licensed entities.
A licence or registration does not guarantee bank account or payment provider approval. Banking feasibility should be reviewed before the application strategy is finalized.
Preparation checklist
- Prepare ownership, source-of-funds, flow-of-funds, token policy and client geography materials early.
- Explain fiat rails, safeguarding, reconciliation, custody controls and transaction monitoring before approaching banks or PSPs.
- Do not assume AMF authorisation will automatically solve account opening or payment provider onboarding.
Business model fit — France
Assess how well this route covers your planned activities.
Fit score
- Good fit
- 0/6
- Partial fit
- 6/6
- Poor fit
- 0/6
France may not cover your primary activities
Consider an alternative route that better matches your activity profile.
AMF application profile
Autorité des Marchés Financiers (AMF)
A France CASP file should read like a regulator-grade financial services application. AMF-facing materials should connect service scope, ownership, governance, AML, custody, technology controls, outsourcing and banking readiness into one defensible operating model.
- AMF positioning is strongest for teams that value French/EU institutional credibility and can evidence real local operations.
- AML, sanctions, travel rule, transaction monitoring and suspicious activity workflows should match the product, token policy and client geography.
- Custody, safeguarding and wallet models need stronger evidence than narrow advisory or brokerage-only models.
- Fees, timelines and regulator process should be rechecked before client-facing reliance.
Strong international recognition and established supervision track record.
Reflects documentation depth, governance requirements and expected review friction.
Reflects likelihood of delays, additional information requests or policy uncertainty.
Country-specific regulatory statements should be checked against current regulator guidance before relying on this route.
Compliance documentation
Most crypto licensing routes require a documented compliance framework before submission, not only after approval.
- RequiredAML/CFT policy and risk assessmentDocument your customer risk model and control framework.
- RequiredCustomer due diligence (CDD) procedures
- RequiredEnhanced due diligence (EDD) proceduresFor high-risk clients and jurisdictions.
- RequiredTransaction monitoring system and rules
- RequiredSanctions screening procedures
- RequiredSuspicious activity reporting (SAR) process
- RequiredMLRO / Compliance officer appointmentLocal accountability may be required.
- RecommendedBoard-approved governance charter
- ConditionalOutsourcing policy and monitoringRequired if functions are outsourced.
- RecommendedICT / cybersecurity policy
- RequiredComplaints handling procedure
- RequiredAnnual external audit engagementRequired for ongoing supervision compliance.
Country-specific regulatory statements should be checked against current regulator guidance before relying on this route.
Documents to prepare
Preparing these materials before filing reduces regulator questions and helps with banking or payment provider onboarding.
Corporate documents
AML and compliance
Operational
Fees, timelines and capital figures are indicative and may vary by business model, regulator feedback, application scope and third-party costs.
Risk assessment
Main risk dimensions for the France route.
Route risk rating — banking difficulty: Medium to high. Authorisation does not guarantee bank account opening.
Mitigation: Start banking outreach and compliance preparation before the application.
Route risk rating — setup complexity: High.
Route risk rating — maintenance cost: High. Budget for ongoing compliance, fees and supervision separately.
Route risk rating — regulatory reputation: Very high.
Route risk rating — regulatory risk: Low to medium. Weak compliance, vague scope or insufficient controls increase review risk.
Mitigation: Prepare an evidence-based compliance file before submission.
This content is for general orientation only. Crypto regulation changes quickly and the final scope should be confirmed through a jurisdiction-specific legal review before filing or incorporation.
France CASP vs alternatives
Compare France with Germany CASP for another premium EU regulator profile, Netherlands CASP for Dutch market positioning, Spain CASP for Iberian and EU positioning, and Malta CASP for an established MFSA-supervised MiCA route.
France
CASP
- Price
- 23 400 EUR
- Timeline
- From 6 months
- Passporting
- EU/EEA
- Banking
- Medium to high
- Reputation
- Very high
Germany (CASP)
CASP
- Price
- 28 200 EUR
- Timeline
- From 6 months
- Passporting
- EU/EEA
- Banking
- High
- Reputation
- Very high
+ BaFin-supervised premium EU route for strong German and institutional positioning
− Usually heavier on scrutiny, banking and operating-model expectations
View routeNetherlands (CASP)
CASP
- Timeline
- From 6 months
- Passporting
- EU/EEA
- Banking
- High
- Reputation
- Very high
+ High-reputation EU route for compliance-led teams and Dutch market positioning
− Still requires separate validation of Dutch scope, banking and operating-model expectations before selecting it over France
View routeSpain (CASP)
CASP
- Price
- 23 700 EUR
- Timeline
- From 6 months
- Passporting
- EU/EEA
- Banking
- Medium to high
- Reputation
- High
+ CNMV-supervised EU route for Spanish, Iberian and wider EU positioning
− Still requires a full MiCA governance, AML, audit and local substance file
View routeMalta (CASP)
CASP
- Price
- 20 700 EUR
- Timeline
- From 6 months
- Passporting
- EU/EEA
- Banking
- Medium to high
- Reputation
- High
+ Established MFSA-supervised MiCA route with mature crypto regulatory positioning
− Not a lighter route; local substance, audit and compliance burden remain material
View routeFees, timelines and capital figures are indicative and may vary by business model, regulator feedback, application scope and third-party costs.
France vs other CASP routes
Compare key parameters across CASP authorisation routes.
Check your readiness for France CASP authorisation
Documented AML/CFT policies, risk assessment, compliance officer.
From 50 000 EUR minimum capital required.
Documented AML/CFT policies, risk assessment, compliance officer.
Board, management, accountability chain defined.
Banking strategy and identified partners.
Local staff and office in France.
Readiness status
Answer the criteria on the left to see your readiness status.
Frequently asked questions
France CASP authorisation under MiCA can support EU/EEA passporting for approved services, but it should not be described as automatic access. Passporting depends on service scope, target markets, readiness of the operating model and the required notification process.
It is best suited for teams that want AMF-supervised regulated CASP operations, French or EU institutional positioning and a very high-reputation home state, while being able to maintain local staff, office, audit, AML, custody, technology and governance obligations.
No. France should be treated as a demanding EU authorisation route with material application, staffing, audit, governance, technology, banking and ongoing compliance costs. It is usually a poor fit when speed or low budget is the main driver.
Expect scrutiny of service scope, ownership, governance, local substance, AML, sanctions, travel rule, transaction monitoring, custody, safeguarding, outsourcing, technology controls, audit and banking or PSP readiness.
Compare Germany for another premium regulator profile, Netherlands for Dutch and institutional EU positioning, Spain for Spanish and Iberian market logic, and Malta for an established MFSA-supervised MiCA route. All are EU routes, but none should be treated as automatic passporting without checking approved services and notifications.
The page is not legal advice and should not be relied on as a substitute for advice from qualified counsel in the relevant jurisdiction.
Your dedicated specialists
Enrico
Rein
Jurata
Andrej
Marta
Katrin
Inga
Request a France CASP assessment
Share your planned activities, target markets and timeline. We will review which crypto licensing route is likely to fit.