France’s Decree No. 2025-169 of February 21, 2025 on crypto-asset markets is a French implementing decree for the European Union’s Markets in Crypto-Assets Regulation, or MiCA. The decree modifies the regulatory part of the French Monetary and Financial Code to align domestic rules with MiCA and with Ordinance No. 2024-936 of October 15, 2024. As of July 6, 2026, the decree is listed by Légifrance as in force, with most provisions effective from February 23, 2025 and delayed repeal provisions effective from July 1, 2026.
What Decree No. 2025-169 does
The decree is primarily an implementation and transition instrument. It does not create the EU MiCA framework itself. Instead, it updates French regulatory provisions that previously supported the national regime for prestataires de services sur actifs numériques (PSAN), commonly translated as digital asset service providers, and prepares the shift to MiCA’s prestataires de services sur crypto-actifs (PSCA), or crypto-asset service providers.
Légifrance describes the affected public as offerors and persons seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens, digital asset service providers, and crypto-assets. The decree’s stated object is to amend the regulatory part of the Monetary and Financial Code in application of the MiCA ordinance and Regulation (EU) 2023/1114. In practical terms, the instrument is technical: it changes, repeals and cross-references code provisions rather than setting out a freestanding rulebook for every crypto-asset activity.
Key provisions of the French crypto-asset markets decree
- Code alignment: Articles 1 to 4 adjust existing regulatory provisions for registered digital asset service providers, including wording changes and repeal of Article D. 54-10-3 of the Monetary and Financial Code.
- White paper contribution: Article 5 sets a EUR 3,000 contribution for the notification of a crypto-asset white paper covered by the relevant provision.
- AMF contributions: Article 6 adds a contribution framework for persons covered by Article L. 621-5-3, including a EUR 10,000 amount, a variable rate of 0.0094 per thousand, and an April 30 declaration and payment date.
- End of transitional provisions: Article 7 repeals several regulatory articles tied to the prior French PSAN regime, while Article 10 provides that Articles 7 and 9 enter into force on July 1, 2026.
- Overseas references: Articles 8 and 9 update and later repeal cross-references used in overseas applicability provisions.
Status, transition and regulatory impact
The decree entered into force the day after its JORF publication, except for Articles 7 and 9, which entered into force on July 1, 2026. That timing tracks the broader MiCA transition: the AMF stated that PSAN registered or authorised before December 30, 2024 could continue certain activities during the transitional period until they received a MiCA authorisation decision or until July 1, 2026.
The transition has now ended. In a July 6, 2026 communication, the AMF said the period between the French PACTE-law regime and MiCA was over from July 2, 2026, and that the European framework now applies to actors without distinction. The AMF also stated that France had authorised 31 crypto-asset service providers at that point, with additional authorisations being finalised.
Relationship to MiCA
MiCA establishes harmonised EU rules for crypto-asset issuance, admission to trading, services, transparency, disclosure, authorisation, supervision, market integrity and investor information. The French decree should therefore be read as a national implementing measure within that broader EU framework, not as a standalone comprehensive crypto statute.
For CryptoSlate profile purposes, the decree is best classified as a French decree, currently in force, focused on market structure, licensing and registration, disclosure and token issuance. It is closely related to France’s 2024 MiCA ordinance, the AMF’s PSAN-to-PSCA policy updates, and the EU MiCA regulation.