The French Financial Markets Authority (AMF) has published licensing rules for digital asset service providers (DASPs), as well as guidelines for firms applying for a non-mandatory license. The rules and guidelines expand upon PACTE law adopted in May 2019.
To apply, each DASP must provide a two-year business plan, a list of digital assets that the firm will service, a list of regions in which it will operate, and the organizational structure of the firm. Licensed DASPs must have a professional insurance indemnity or a minimum reserve amount, at least one effective senior manager, a stable IT system, internal control systems, claims processing procedures, a control system to prevent money laundering and terrorist financing.
In the guidelines, AMF notes security risks and asks to provide a detailed cybersecurity program that mitigates risks and complies with Europe’s general data protection regulation.
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