PSAN / decree of August 23: What consequences for the French cryptocurrency ecosystem?

Since August 23, 2021, all companies practicing in France “the purchase and sale of digital assets against a currency having legal tender or against other digital assets” must be registered with the AMF as Service Provider on Digital Assets (PSAN) . An ordinance published on August 23 adds new constraints to “crypto” platforms dealing with the euro and extends the existing rules to crypto / crypto platforms.

If platforms that have successfully registered as a PSAN before August 18, 2021 (good timing) are now fully benefiting from the “bull market”, a large number of French players who have filed applications with the AMF have remained docked, either because they are no longer authorized to take on new clients, or because they had to go out of business entirely.

Who benefits from this situation? PSANs, of course, but in a marginal and temporary way because, in the current state of affairs, it may soon be impossible for them to conquer new markets outside the SEPA zone (undesirable effect of the decree of 9 August ). The big winners today are therefore the international leaders of the sector – Kraken, Binance, Coinbase – who, having no offices in France and not specifically targeting the French public, continue to expand their share market in France.