Reinforced framework for crypto-asset platforms in France from July 2023, Actualité/Actu Epargne


An agreement was reached yesterday between deputies and senators in a joint joint committee to establish a reinforced framework for players in the crypto-asset sector. This measure is part of the bill containing various provisions for adaptation to European Union law with an agreement on the framework of service providers on digital assets (PSAN).

No approval to date

To date, two levels of security depend on the Financial Markets Authority to control players offering cryptocurrencies and other digital assets in France: registration as a PSAN and PSAN approval. PSAN status is mandatory for any company offering digital asset services, but PSAN certification is optional. To date, about sixty actors are registered PSAN but none has yet obtained the PSAN approval, which is much more difficult to obtain. An approval which requires in particular to justify sufficient human and technical resources with resilient IT systems, insurance and adequate capital or to respect rules of good conduct.

Registered with the AMF as a PSAN since 2015, the French company Coinhouse also hoped to soon become the first to obtain the Holy Grail of AMF approval before being overtaken by the consequences of the bankruptcy of the FTX platform. Coinhouse had to suspend the marketing of its passbooks as well as the withdrawals of its customers on these famous Crypto passbooks, the deposits of which were however not guaranteed.

Enhanced recording

The bill mainly concerns a new “reinforced” registration procedure for files submitted after July 1, 2023. Service providers wishing to register will therefore have to have a resilient and secure computer system but also justify new internal control and prevention of conflicts of interest. Given the six-month period given to the Autorité des Marchés Financiers to examine applications for registration, this reinforced procedure would become fully operational as of January 1, 2024.

Nothing to avoid a French FTX?

The new players in the process of registration will therefore need to pass this reinforced registration with, among other things, the establishment of new internal control and conflict of interest prevention procedures for companies wishing to become PSANs, as well as the implementation of a form of deposit agreement (segregation between customer accounts in digital assets and PSAN accounts) for players wishing to offer the digital asset custody service », Analyzes Mounir Laggoune, CEO and co-founder of the online wealth management company Finary. Nevertheless, ” this reinforcement does not prevent the risk of fraud, or the risk of poor internal management “as was demonstrated in the case of the fall of FTX, underlines Mounir Laggoune.



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