France’s top financial regulator has published new rules regarding the licensing of digital asset service providers (DASPs) as well as guidelines for firms applying for the non-mandatory license and informing the regulator about internal cybersecurity practices.
The Autorité des marchés financiers (AMF) or Financial Markets Authority released the rules on Wednesday and the guidelines on Thursday last week, opening up the opportunity for firms to apply. The rules and guidelines expand upon France’s PACTE law, one of the first crypto legislative packages passed in Europe. PACTE passed in May 2019.
The French regulator also released specific rules for crypto custodians, crypto exchanges, crypto broker-dealers, and crypto custodians.
“To the best of my knowledge it’s the first time we’ve seen precisely how a custodian has to maintain the key to assets on blockchain, and what is the role and liability of the custodian,” said Hubert de Vauplane, a partner at law firm Kramer Levin Naftalis & Frankel.