Custodian wallet providers and exchange services between crypto and fiat money must register with the AMF and will obtain in exchange a monopoly on the services provided. 

Mandatory registration with the AMF

All service providers, including custodian wallet providers and those that provide exchange services between crypto and fiat money can apply for a voluntary license if they want to exercise such activity on a regular basis. The AMF will establish a list of all service providers who have obtained a license with the services they are allowed to offer. Once the license is granted, the AMF can also repeal it in the same circumstances as the visa given to a token issuer. 

Voluntary license

- Mandatory registration with the AMF
- Voluntary license

University of Minnesota - Twin Cities

PACTE creates a new category for regulated digital asset services providers. They can obtain an optional license to gain certain legal rights and help market their services. 

Regulated intermediaries providing digital asset services

Barsan, Iris M., Regulating the Crypto World - New Developments from France (December 22, 2019). RTDF 4/2019, pp. 9-30, Available at SSRN: https://ssrn.com/abstract=3484391 or http://dx.doi.org/10.2139/ssrn.3484391

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