Ordinance No. 2024-936 of 15 October 2024 on crypto-asset markets is France’s national adaptation measure for the EU Markets in Crypto-Assets Regulation (MiCA). Published in the Journal officiel on 17 October 2024, the ordinance updates French law so that domestic rules, supervisory powers, terminology, and transitional arrangements operate alongside Regulation (EU) 2023/1114. As of 6 July 2026, the ordinance is in force, and the final phase-out date for the French PSAN regime has passed.
What the France crypto-asset markets ordinance covers
The ordinance is not a substitute for MiCA. Instead, it amends the Monetary and Financial Code and related French statutes so that national law is consistent with the EU framework. It addresses crypto-asset service providers, issuers of asset-referenced tokens and e-money tokens, marketing practices, market-abuse supervision, sanctions, and terminology across several codes.
For CryptoSlate readers, the practical importance is that France’s pre-MiCA regime for prestataires de services sur actifs numériques (PSAN/DASP) has been folded into the EU-wide crypto-asset service provider framework. The ordinance preserves transitional mechanics where MiCA allowed them, while preparing French law for the mandatory authorisation model applicable to crypto-asset service providers.
Key provisions for French crypto-asset service providers
For firms established in France, applications for authorisation as a crypto-asset service provider are submitted to the Autorité des marchés financiers (AMF). The ordinance also requires the AMF to seek input from the Autorité de contrôle prudentiel et de résolution (ACPR) on internal controls, anti-money laundering and counter-terrorist financing controls, governance, reputation, and prudential matters in specified cases.
- AMF authorisation and publication of the list of providers authorised to provide crypto-asset services in France.
- ACPR participation in certain reviews involving internal controls, AML/CFT controls, and prudential or governance risks.
- A simplified authorisation procedure for eligible French PSAN during the transition from 30 December 2024 to 1 July 2026.
Stablecoins, issuers, and supervisory powers
The ordinance reflects MiCA’s treatment of asset-referenced tokens and e-money tokens, including the French allocation of supervisory responsibilities for issuers and service providers. The explanatory report states that MiCA covers both issuers, including stablecoin issuers, and crypto-asset service providers, which must be established and authorised in the European Union to operate under the framework.
The ordinance gives French regulators intervention tools linked to MiCA compliance. These include powers to suspend or require suspension of crypto-asset services, suspend trading in certain circumstances, order disclosures, require corrective measures, withdraw authorisations, and impose administrative sanctions where supported by the Monetary and Financial Code.
Marketing, account access, and legal-property updates
Beyond licensing, the ordinance adapts French rules on canvassing, quasi-canvassing, advertising, sponsorship, and commercial influence to account for MiCA. It also creates a legal regime clarifying the nature of digital assets and rules on transfer of ownership, a point that may matter for custody, settlement, insolvency analysis, and enforcement, although this profile does not provide legal advice.
The text also addresses banking access. The official explanatory report states that the ordinance limits the cases in which a bank may refuse to open an account for certain PSAN or asset-referenced token issuers and sets a minimum two-month notice period when a credit institution terminates a deposit account agreement.
Status and timeline
Legifrance identifies the ordinance as in force in the consolidated text. The application schedule was phased: certain token provisions applied the day after publication, the main MiCA-alignment provisions applied from 30 December 2024, and the provisions ending the national PSAN regime applied from 1 July 2026.
A ratification bill covering Ordinance No. 2024-936 and the companion transfer-of-crypto-assets ordinance was deposited in the Senate on 8 January 2025. As of this profile’s verification date, the operative compliance picture is driven by the ordinance, implementing decree, MiCA, and AMF transition materials rather than any separate completed ratification law identified in the reviewed sources.