French Financial Authority (AMF) softens stance on cryptocurrency assets

2025-12-10 10:35:06

The French financial regulator (AMF) has just announced adjustments aimed at their views on complex financial products to reflect the rapid development of the crypto market. This move comes after the European legal framework MiCA comes into effect at the end of 2024, with the goal of balancing the growing investment demand and protecting individual investors.

AMF believes that some crypto-related products such as Exchange-Traded Notes (ETN) can be distributed without risk warnings, provided they meet strict criteria: custody performed by a licensed MiCA entity, underlying assets with a market capitalization of over 10 billion euros, sufficiently high trading volume, and product structures that do not use leverage or discretionary elements.

Although relaxed, these products are still considered complex and must comply with MiFID regulations, requiring distributors to assess suitability for each investor. AMF plans to conduct a full impact assessment of the new framework in 2027.

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