Obtaininga PSAN registration is a “must” for a digital asset specialist wishing to set up in France. Without this, none of four authorized services cannot be deployed nationwide. The Autorité des marchés financiers lifts the veil on this central element of the puzzle of the regulation of cryptos and other types of digital assets. At the same time, it confirms to us the attribution of the first PSAN approval in history.
The basics of PSAN registration
90 is the number of registered companies as a digital asset service provider (PSAN) with the AMF. Four weeks ago, CACEIS (Crédit Agricole, a provider of services to asset managers) was awarded the 80e place in the very evolving list of the French regulator.
The 37e place also falls to Binance whose applications for similar authorization filed in the Netherlands, Belgium and the United Kingdom have met with bitter failure.
These 90 or so companies knocked on the doors of the AMF, and sometimes had to wait for monthsbefore obtaining the famous “PSAN registration”.
Otherwise, they will not be able to offer any or all of the following four services:
- conservation digital assets;
- buy Sell of the latter in legal tender;
- digital asset exchange against other assets of the same ilk;
- operation of a trading platform of digital assets like bitcoin, ether, etc.
” For the first two services below, the AMF, in conjunction with the Prudential Supervisory and Resolution Authority (ACPR), verifies that you comply with the regulations relating to the fight against money laundering and the financing of terrorism ( AML/CFT) “, can we read on the site.
Note that this compliance check takes much longer for the AMF. However, despite all these precautions, the French deputy Aurore Lalucq singled out the AMF. She said Binance is not “ unable to be supervised effectively “.
Société Générale – Forges obtains an accreditation
After the deployment of Coinvertible, the first institutional stablecoin, Forges, the branch of Societe Generale dedicated to cryptocurrencies, is granted PSAN approval by the AMF.
Updating information about its official website revealed that Societe Generale – Forge has now carte blanche on the following “approved services” :
- custody of digital assets;
- purchase/sale of digital assets for legal tender;
- exchange of digital assets for other digital assets;
- And reception and transmission of orders on digital assets on behalf of third parties.
This fourth and last approved service and the only one that differentiates the approval from the PSAN registration obtained on September 27th.
” If you perform one or more digital asset services and your company is established in France, you can request that it be approved by the AMF. In this case, you will have to meet different requirements in terms of organization, financial resources and conduct of the activity. », Specifies the AMF.
In addition, we will note that Société Générale serves approximately 4.3 million customers in Africa. Around 30 million users rely on its services. By carrying out her project to create funds based on bitcoin, she will certainly contribute to the democratization of cryptocurrencies.
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