The AMF tightens the approval criteria for DASPs

The Autorité des marchés financiers (AMF), the French financial market supervisory authority, has announced that it has tightened its “substantive criteria” for the authorization of digital asset service providers (DASP).

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

This language requirement also applies to supplier communication when handling complaints from French customers, the regulator said.

This new rule is part of the update the market supervisor has just brought to its policy on the regime of digital asset service providers.

However, he stressed that the policy, codenamed Position AMF DOC-2020-O7, remains a work in progress and may be updated regularly, depending on issues raised by stakeholders.

The AMF said it has revised the policy to reflect changes in the products and business models of players in the country’s digital asset industry.

“Certain provisions have been clarified, while those that have become obsolete have been deleted”, indicates the AMF in A declaration released on Friday.

Other Policy Changes

In the revised version of the policy, the AMF stressed the need for companies wishing to register as DASPs to ensure that the assets they offer are indeed digital assets.

The regulator added that the policy also emphasizes the need for providers to monitor the nature of the digital assets they offer as services for as long as their offerings are in effect.

The AMF also indicates that the section of the policy that answers questions on marketing has been completed.

The goal, he added, is to clarify the concept of promotional marketing that locates a digital asset service in France.

“The AMF also indicates that the use of an application programming interface (API) does not exclude the qualification of the digital asset custody service or other digital asset services. Services must be analyzed on a case-by-case basis,” he also explained in the statement.

Additionally, the regulator said it added a new question to the policy.

This question, he said, clarifies the extent to which services can be provided when DASPs allow their customers to participate in crypto staking or lending.

“Finally, questions relating to transitional provisions or provisions in force before May 1, 2021 have been removed as they are now obsolete,” added the AMF.

The Autorité des marchés financiers (AMF), the French financial market supervisory authority, has announced that it has tightened its “substantive criteria” for the authorization of digital asset service providers (DASP).

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

This language requirement also applies to supplier communication when handling complaints from French customers, the regulator said.

This new rule is part of the update the market supervisor has just brought to its policy on the regime of digital asset service providers.

However, he stressed that the policy, codenamed Position AMF DOC-2020-O7, remains a work in progress and may be updated regularly, depending on issues raised by stakeholders.

The AMF said it has revised the policy to reflect changes in the products and business models of players in the country’s digital asset industry.

“Certain provisions have been clarified, while those that have become obsolete have been deleted”, indicates the AMF in A declaration released on Friday.

Other Policy Changes

In the revised version of the policy, the AMF stressed the need for companies wishing to register as DASPs to ensure that the assets they offer are indeed digital assets.

The regulator added that the policy also emphasizes the need for providers to monitor the nature of the digital assets they offer as services for as long as their offerings are in effect.

The AMF also indicates that the section of the policy that answers questions on marketing has been completed.

The goal, he added, is to clarify the concept of promotional marketing that locates a digital asset service in France.

“The AMF also indicates that the use of an application programming interface (API) does not exclude the qualification of the digital asset custody service or other digital asset services. Services must be analyzed on a case-by-case basis,” he also explained in the statement.

Additionally, the regulator said it added a new question to the policy.

This question, he said, clarifies the extent to which services can be provided when DASPs allow their customers to participate in crypto staking or lending.

“Finally, questions relating to transitional provisions or provisions in force before May 1, 2021 have been removed as they are now obsolete,” added the AMF.

Comments are closed.