Chapter X: Digital asset service providers

Before carrying on business, providers of the services referred to in 1° to 4° of Article L. 54-10-2 established in France or providing such services in France, shall be registered by the Autorité des marchés financiers, which shall check whether:

1° The persons who effectively manage the service provider are of sufficiently good repute and are competent to perform their duties;

2° The natural persons who either hold, directly or indirectly, more than 25% of the capital or voting rights of the service provider, or who exercise, by any other means, a power of control over the service provider within the meaning of 3° and 4° of I ofArticle L. 233-3 of the Commercial Code, guarantee the sound and prudent management of the service provider and are of sufficiently good repute and are competent to perform their duties;

3° The service providers are established in France or in another Member State of the European Union or party to the Agreement on the European Economic Area;

4° For the services mentioned in 1° and 2° of Article L. 54-10-2, it shall also verify that the service providers are in a position to comply with their obligations in terms of the fight against money laundering and terrorist financing, the freezing of assets and the prohibition on making assets available by putting in place an organisation and procedures to ensure compliance with the obligations set out in Articles L. 561-4-1 to L. 561-5-1, L. 561-10-2 and L. 561-15 and the regulations adopted for their application, as well as Chapter II of Title VI of this Book and the European regulations on restrictive measures adopted pursuant to Articles 75 or 215 of the Treaty on the Functioning of the European Union.

For providers of the services mentioned in 1° and 2° of Article L. 54-10-2 registered or recorded in another Member State of the European Union or party to the Agreement on the European Economic Area pursuant to Article 47 of Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC, the conditions mentioned in 1° and 2° of this Article are deemed to be met.

For the purposes of registration, the Autorité des marchés financiers shall obtain the assent of the Autorité de contrôle prudentiel et de résolution.

The conditions under which a service is deemed to be provided in France are set out in the General Regulation of the Autorité des marchés financiers.

Any change affecting a provider of the services mentioned in 1° to 4° of Article L. 54-10-2's compliance with the above obligations must be reported to the Autorité des marchés financiers.

The Autorité des marchés financiers may deregister the service provider, with the approval of the Autorité de contrôle prudentiel et de résolution:

a) At the request of the ISP;

b) On its own initiative, if the ISP has not carried on business within twelve months or has not carried on business for at least six months;

c) On its own initiative or on the initiative of the Autorité de contrôle prudentiel et de résolution, if the ISP no longer complies with the obligations mentioned above or if it has obtained registration by making false statements or by any other irregular means.

The ISPs concerned must apply to the Autorité des marchés financiers (AMF) for the registration provided for in this article. The Autorité des marchés financiers shall liaise with the Autorité de contrôle prudentiel et de résolution for the notification procedure provided for the registration of providers of the services referred to in 1° to 4° of Article L. 54-10-2.

The Autorité des marchés financiers may obtain from the service providers referred to in the first paragraph any documents or information, regardless of the medium, that are relevant to the performance of its duties.

The list of registered service providers shall be published by the Autorité des marchés financiers.