A rise in crypto-related mediations has been reported by France’s financial markets ombudsman

In the last year, the number of companies offering services related to digital assets has more than quadrupled, and the number of mediation requests received by the Autorité des marchés financiers has increased by about a quarter.

The number of digital asset service providers (DASPs) and the number of mediations involving digital assets both increased dramatically in 2022, as reported by the AMF ombudsman.

To accept custody from other parties, deal in digital assets for fiat currency, exchange digital assets for other digital assets, or run a trading platform for digital assets in France, one must be registered with the AMF.

If you want to “provide one or more digital asset services in the ordinary course of business,” you need to get a licence from the AMF. As of right now, no DASPs are authorised for use.

According to the watchdog’s assessment, the EU’s Markets in Crypto-Assets (MiCA) law would replace the current DASP registration requirements beginning in 2018.

The AMF ombudsman made it clear that it does not become involved in “scams,” which are potentially covered by laws specific to cryptocurrencies or derivatives, such as MiFID II. According to the study, the ombudsman often dealt with cases involving misunderstandings of the staking conditions.

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