French Watchdog AMF Updates Its Policy on DASPs

​Fazzaco learned that the Autorité des Marchés Financiers (AMF), to reflect the products and business models changes of industry participants, has amended its policy (Position DOC-2020-07) on the regime for digital asset service providers. 

According the watchdog, it is significant to make sure that a company which wants to register as DASPs offers real digital assets. Therefore, the policy lay stress on monitoring the nature of assets those companies are offering.

In addition, AMF has raised the standard to authorise DASPs. Languages understandable for all France customers are required in their marketing materials and when dealing with complaints from clients.

In terms of services, AMF explained that "services should be analysed on a case-by-case basis. The use of an Application Programming Interface (API) does not rule out the qualification of the digital asset custody service or other digital asset services." Besides, about the services that allows customers to participate in "staking" or "cryptolending" activity, the policy clarifies the extent to which those digital asset services may be provided.

The regulator also deleted questions related to transitional provisions or provisions that were in force prior to 1 May 2021 since they are now out-of-date.

AMF finally emphasized the future development of the policy, "Position DOC-2020-07 remains a work in progress and may be updated regularly, depending on the issues raised by stakeholders."