The Autorité des Marchés Financiers (AMF) is amending its position on the regime governing digital asset service providers (DASPs) to take account of changes resulting from the DDADUE Law, which introduces enhanced DASP registration applicable from 1 January 2024.
The Law of 9 March 2023 (DDADUE) on various provisions for adaptation to European Union law, introduced an "enhanced" registration regime that will be mandatory from 1 January 2024 for new players wishing to provide the four digital asset services subject to mandatory registration (custody, buying/selling for legal tender, trading of digital assets for other digital assets, operation of a trading platform for digital assets). The AMF has updated its Position-Recommendation DOC-2020-07 (Questions and Answers on the DASP regime) to clarify the transitional provisions relating to this new regime.
DASPs that have already obtained "simple" registration before 1 January 2024 benefit from a grandfather clause and will continue to be subject to the registration requirements applicable prior to 1 January 2024.
In its updated policy, the AMF sets out the transitional provisions provided for under Article 8 of the DDADUE Law (questions 3.1 and 3.2).
DASPs that file an application for registration before 1 July 2023, which the AMF deems to be complete, will be subject to a "simple" registration procedure. The application is considered complete if all the required documents have been provided, and if the information is accurate and of high quality.
Persons who have not submitted a registration file deemed complete by the AMF by 1 July 2023 must complete and update their file to comply with the provisions of the "enhanced" DASP registration.
A DASP that has already been registered as a simple DASP applying for an extension to a new service on or after 1 July 2023 will be subject to the provisions of "enhanced" registration for all the services it provides, including those for which it already had simple registration.