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Self-custodial wallet / non-custodial software in France

Publisher of software where users hold their own private keys. The publisher never holds, controls, or has access to user funds.

Conditional AI-Generated · Unreviewed

Self-custodial wallet is conditionally permitted in France without local incorporation, subject to AML obligations and none licensing burden.

Verdict Details

Permitted
conditional
Local entity required
No
Licensing burden
None
Last updated
2026-07-13

AML Obligations

  • No AML/CFT obligations attach to the publisher of self-custodial wallet software, because the publisher never holds, controls, or has access to user funds or private keys — the activity does not constitute a CASP/VASP service under MiCA or the former PACTE/DASP regime.
  • A publisher's software does not trigger custody (€50k min capital), exchange (€150k min capital), or any other listed MiCA activity under fr.licensing.custody or fr.licensing.exchange.

Key Restrictions

  • The software must be genuinely non-custodial — the publisher may never hold, control, or have access to users' private keys or crypto-assets.
  • The wallet software cannot offer integrated exchange, conversion, or transfer services where the publisher acts as intermediary, or else CASP licensing would be triggered.
  • If the software monetises via optional hosted/custodial add-ons (e.g. fiat on-ramp managed by a third party), the publisher itself may avoid CASP status, but the bundled ecosystem may face AMF scrutiny on a case-by-case basis.
  • DAC8 reporting obligations (effective Jan 1, 2026) may apply to 'tied providers' — unclear whether pure non-custodial software publishers fall within scope; legal analysis recommended.

Key Risks

  • Scope creep risk: AMF or ACPR could recharacterise a non-custodial wallet as a 'transfer service' or 'custody service' if the software includes integrated fiat on-ramps, swap features, or any degree of control over keys/funds.
  • DAC8 ambiguity: The Finance Bill 2025 (fr.licensing.dac8-implementation-finance-bill-2025) extends reporting obligations to CASPs and tied providers — it is untested whether pure software publishers are 'tied providers' for tax reporting.
  • Consumer-protection exposure: French consumer law (Code de la consommation) likely applies to software licensing; potential liability for security flaws, loss of funds due to bugs, or misleading claims about security.
  • No grandfathering: If the wallet adds any custodial feature in a future version, the publisher would immediately need CASP authorization with the 6-month transition window (now largely expired).

Evidence

This verdict synthesizes the following facts. Each fact links to its primary source(s).

licensing 90% confidence

The AMF is the French competent authority for MiCA CASP authorisation, and France is the second-largest EU home of authorised CASPs (AMF, 6 July 2026). Circle Internet Financial Europe SAS is listed by ESMA as an AMF-authorised CASP from 23 April 2026 and, separately, as an ACPR-supervised e-money institution issuing the EURC and USDC e-money tokens since 1 July 2024.

[primary] AMF communiqué, 6 juillet 2026 — fin de la période de transition entre la loi Pacte et MiCA [primary] ESMA interim MiCA register — CASPS.csv (pulled 14 Oct 2026; 36 FR/AMF entries) [primary] ESMA interim MiCA register — EMTWP.csv (EMT white papers; FR/ACPR entries)
licensing 92% confidence

The ACPR (Autorité de contrôle prudentiel et de résolution) is the French prudential and AML/CFT supervisor for banks and insurers, applying Monetary and Financial Code articles L. 561-2 ff. and R. 561-1 ff.; under the PACTE regime it gave its AML/CFT opinion on each PSAN before AMF registration.

[primary] ACPR — Réglementation en matière de LCB-FT (textes en vigueur et à venir) [primary] ACPR — Lutter contre le blanchiment (avis sur les PSAN, coopération avec Tracfin)
licensing 20% confidence

MiCA Regulation (EU) (2023) — CASP authorization, comprehensive crypto regulation

licensing 92% confidence

The loi PACTE of 22 May 2019 created the French regime for initial coin offerings and digital-asset service providers (PSAN). The AMF states that this national regime is to disappear under MiCA, and the PSAN transitional period ended on 1 July 2026.

[primary] AMF — dossier thématique « MiCA » (PACTE/PSAN, transition de 18 mois, procédure simplifiée) [primary] AMF communiqué, 6 juillet 2026 — fin de la période de transition entre la loi Pacte et MiCA
licensing 95% confidence

Custody and administration of crypto-assets on behalf of clients is a MiCA Class 2 service requiring minimum capital of €125,000 (Regulation (EU) 2023/1114, Annex IV). In France the AMF authorises CASPs offering it; the ESMA interim register listed 36 AMF-authorised French entries on 14 October 2026.

[primary] Regulation (EU) 2023/1114 (MiCA), OJ L 150, 9.6.2023 — Art 63(10), Art 68, Annex IV [primary] ESMA interim MiCA register — CASPS.csv (pulled 14 Oct 2026; 36 FR/AMF entries)
licensing 95% confidence

Operating a trading platform for crypto-assets is a MiCA Class 3 service requiring minimum capital of €150,000 (Regulation (EU) 2023/1114, Annex IV). In France it requires AMF authorisation as a PSCA, mandatory for all providers since the PSAN transition ended on 1 July 2026.

[primary] Regulation (EU) 2023/1114 (MiCA), OJ L 150, 9.6.2023 — Art 63(10), Art 68, Annex IV [primary] AMF communiqué, 6 juillet 2026 — fin de la période de transition entre la loi Pacte et MiCA
licensing 90% confidence

The AMF is the French competent authority that authorises and supervises crypto-asset service providers (PSCA) under MiCA, replacing the PSAN registration and licensing regime of the loi PACTE; it also oversees offers of crypto-assets other than asset-referenced and e-money tokens, whose issuers must be authorised by the ACPR.

[primary] AMF — dossier thématique « MiCA » (PACTE/PSAN, transition de 18 mois, procédure simplifiée) [primary] AMF communiqué, 6 juillet 2026 — fin de la période de transition entre la loi Pacte et MiCA
licensing 92% confidence

The ACPR is the French authority for stablecoin issuers under MiCA: an e-money token issuer must be authorised as a credit institution or electronic money institution and notify the ACPR of its intention to issue and of its white paper. On 14 October 2026 the ESMA register listed 8 French EMT white papers from 6 ACPR-supervised issuers, including Circle Internet Financial Europe SAS, Société Générale – Forge and SALVUS (schuman.io).

[primary] ACPR Parcours Fintech — « J'émets des crypto-actifs ? » (régime EMT/ART) [primary] ESMA interim MiCA register — EMTWP.csv (EMT white papers; FR/ACPR entries) [primary] AMF — dossier thématique « MiCA » (PACTE/PSAN, transition de 18 mois, procédure simplifiée)
licensing 90% confidence

The loi PACTE of 22 May 2019 introduced AMF registration of digital-asset service providers (PSAN) and an optional AMF visa for ICOs. PSANs held a simple registration, an enhanced ("renforcé") registration or an optional PSAN licence; holders of the enhanced registration or the licence could use a simplified MiCA authorisation procedure before the regime ended on 1 July 2026.

[primary] AMF — dossier thématique « MiCA » (PACTE/PSAN, transition de 18 mois, procédure simplifiée) [primary] AMF communiqué, 6 juillet 2026 — fin de la période de transition entre la loi Pacte et MiCA
licensing 0% confidence

France's transposition of DAC8 (Council Directive (EU) 2023/2226), including the instrument, its date and the reporting duties of crypto-asset service providers, has no French primary source reachable on 14 October 2026.

aml 90% confidence

The loi PACTE of 22 May 2019 created the French PSAN regime, which required at a minimum an AML/CFT framework; the ACPR gave its AML/CFT opinion on each digital-asset service provider before AMF registration because these providers present high money-laundering risks.

[primary] ACPR — Lutter contre le blanchiment (avis sur les PSAN, coopération avec Tracfin) [primary] AMF communiqué, 6 juillet 2026 — fin de la période de transition entre la loi Pacte et MiCA [primary] AMF — dossier thématique « MiCA » (PACTE/PSAN, transition de 18 mois, procédure simplifiée)
aml 88% confidence

The ACPR lists Directive (EU) 2015/849 as amended by Directive (EU) 2018/843 (the fifth AML directive) among the EU AML/CFT texts in force in France, alongside Monetary and Financial Code articles L. 561-2 ff.; the AMLR (2024/1624) applies from 10 July 2027 and AMLD6 (2024/1640) must be transposed by that date.

[primary] ACPR — Réglementation en matière de LCB-FT (textes en vigueur et à venir)
aml 92% confidence

MiCA sets CASP minimum capital at €50,000 (Class 1), €125,000 (Class 2, including custody and exchange) or €150,000 (Class 3, trading platforms) under Annex IV of Regulation (EU) 2023/1114. French PSANs had until 1 July 2026 to obtain AMF authorisation, and transfers of crypto-assets follow Regulation (EU) 2023/1113, which the ACPR lists as in force.

[primary] Regulation (EU) 2023/1114 (MiCA), OJ L 150, 9.6.2023 — Art 63(10), Art 68, Annex IV [primary] AMF communiqué, 6 juillet 2026 — fin de la période de transition entre la loi Pacte et MiCA [primary] ACPR — Réglementation en matière de LCB-FT (textes en vigueur et à venir)

Verdict Attribution

Source:
AI-Generated · Unreviewed
AI synthesized:
2026-07-13 (deepseek-chat)
Last updated:
2026-07-13
Confidence:
medium

This verdict was produced by an AI model from the underlying facts. Confirm with counsel before relying on it for material decisions.

Conditional — A pure self-custodial wallet software publisher (no custody of keys or funds, no integrated exchange/transfer services) does not trigger CASP/VASP licensing or AML obligations under French/MiCA law, but faces risks of recharacterisation if features expand, and must assess DAC8 tax-reporting applicability.

Questions this verdict aims to answer

  • Does software publishing trigger VASP / MSB classification?
  • Do AML obligations attach when no custody exists?
  • What disclosure or consumer-protection rules apply?