The months to come might be interesting since I think we might eventually be entering the famous phase where people will get more and more interested in cryptoassets.
As you probably already know, it is mandatory, in Europe, to respect MiCa regulations. Moreover, in France, PundiX might not be able to operate unless she gets a “PSAN” agreement (Digital assets service provider).
This kind of agreements will somewhat become mandatory everywhere in the world.
Do you think PundiX would be interested in obtaining this regulatory agreement ?
Complying with the regulatory requirements of at least one European country would provide significant credibility within the European territory.
You’ll find a description hereafter.
Regards,
@FrenchXCore
Procedure for Obtaining PSAN Approval (Digital Asset Service Provider)
Obtaining PSAN approval in France is a stringent process overseen by the Autorité des Marchés Financiers (AMF) - Financial Markets Authority to ensure the security and transparency of activities related to digital assets. Below are the main steps:
1. Identify the Relevant Services
Services requiring PSAN registration or approval include:
- Custody of digital assets on behalf of third parties.
- Buying/selling digital assets against legal tender.
- Exchanging digital assets for other digital assets.
- Operating a digital asset trading platform.
2. Mandatory Initial Registration (Required for All PSANs)
Even for services not requiring full approval, PSAN registration with the AMF is mandatory. This involves:
- Submitting a dossier demonstrating compliance with anti-money laundering and counter-terrorism financing (AML/CFT) regulations.
- A review conducted by the AMF in collaboration with the ACPR (Autorité de Contrôle Prudentiel et de Résolution).
3. Preparing the PSAN Approval Application (Optional but Recommended)
To obtain full approval, additional elements must be provided:
- Activity description: Nature of the services, organizational structure, and commercial policy.
- Financial and technical resources: Proof of financial solidity and technical capacity to ensure operational security.
- Professional guarantees: Existence of professional liability insurance.
- Internal control procedures: Risk management, compliance, and cybersecurity protocols.
- AML/CFT compliance: Implementation of client identity verification processes, monitoring of suspicious transactions, etc.
4. Submission of the Dossier to the AMF
The complete dossier is submitted to the AMF, which will review:
- The provider’s ability to safeguard funds and digital assets.
- Compliance with legal and regulatory obligations.
5. AMF and ACPR Review
- The AMF ensures the dossier meets all requirements and may request additional information.
- The ACPR evaluates financial and operational aspects, particularly concerning AML/CFT compliance.
6. AMF Decision
- If the application is approved, the AMF grants the approval.
- In case of rejection, the AMF must provide reasons, and the applicant can appeal the decision.
7. Public Listing and Post-Approval Obligations
Once approved:
- The PSAN is listed on the public registry of approved providers maintained by the AMF.
- The provider must adhere to ongoing obligations, including reporting, transparency, and risk management.
Duration and Cost
- The approval process can take several months.
- Registration and approval fees vary depending on the services offered.
For more detailed information or professional guidance, consulting a firm specialized in financial regulation is highly recommended.