Digital Assets Service Providers (DASPs) Faced with Tougher Authorizing Criteria in France

The French financial markets regulator, the Autorité des Marchés Financiers (AMF), has announced that it has tightened its "substantive criteria" for approving digital asset service providers (DASPs).

According to the AMF, DASPs must use a language in their marketing materials that is comprehensible by all French clients.

According to the authority, this linguistic requirement also applies to providers' communication when dealing with complaints from French clients.

This new rule is part of the market regulator's recent change to its policy on digital asset service providers.

It did say, however, that the policy, dubbed AMF Position DOC-2020-O7, is still in the works and may be amended on a regular basis, depending on issues presented by stakeholders.

The policy modification was designed to reflect changes in the goods and business models of players in the country's digital assets industry, according to the AMF.

"Some provisions have been clarified, while those that have become obsolete have been removed," AMF said in a statement released on Friday.