Introduction
For a long time, crypto was a Wild West with no rules. That changed radically in 2024 with MiCA, the European crypto-assets regulation. This final module explains how regulation protects your money, why the platform is an 'AMF-regulated' actor, and what that means concretely for you.
MiCA: the historic European regulation
MiCA (Markets in Crypto-Assets) came into force in June 2023 and was fully applied in late 2024. It's the world's first complete legal framework for cryptocurrencies. All EU countries follow the same rules, hugely simplifying life for serious actors.
The goal is clear: protect users, fight money laundering, demand transparency and financial robustness from platforms. No actor can operate in Europe without a licence anymore since 2025.
The AMF: France's authority
The AMF (Financial Markets Authority) is the French regulator overseeing financial markets. Since 2019, it has jurisdiction over crypto via the PSAN (Digital Asset Services Provider) status.
The AMF maintains a public list of registered/licensed actors. First check before trusting any crypto platform: if not on the AMF list (or EU equivalent), avoid.
- AMF = French financial markets regulator.
- PSAN status mandatory to operate in France since 2024.
- Public list available on amf-france.org.
PSAN status and the platform
the platform is a PSAN registered with the AMF. This status requires minimum capital, strict KYC/AML procedures, segregation of client funds (your money cannot be used for company activities), and regular reporting to the AMF.
If the platform went bankrupt tomorrow, your crypto would be returned to you (it's not part of the liquidation mass). A major difference from FTX, which had no segregation.
The FTX effect
In 2022, the FTX platform collapsed, taking down $8 billion of client funds that had been secretly used for speculation. This is precisely what MiCA and the PSAN status make impossible in Europe today.
What it changes for you concretely
You can now use crypto platforms with the same level of trust as a traditional bank. Your rights are protected. If a dispute arises, you can turn to the AMF or the French courts. You're no longer in a grey zone.
A limit to be aware of: regulation protects the framework you operate in, but it doesn't protect the market. If Bitcoin loses 40% of its value, neither MiCA nor the AMF will reimburse you. Market risk remains fully intact — only the risk of platform failure / fraud is covered.
Like a driving licence
A licence guarantees the driver knows the rules. It doesn't guarantee that no accident can ever happen. MiCA guarantees the platform follows strict rules, not that your crypto won't lose value.
MiCA guarantees I'll never lose money on my crypto.
Actually : MiCA regulates platforms (bankruptcies, fraud, fund segregation). Market risk — the price of a crypto falling — remains fully intact, just like stocks on the market. An important distinction to grasp.
What you should remember
- 01MiCA = complete EU crypto-assets regulation, in force 2024.
- 02AMF = French authority supervising crypto actors.
- 03PSAN status = required to operate in France (the platform has it).
- 04Regulation protects against platform risk, not against market risk.
Ready to practice?
« Investir pour les Paresseux » takes these foundations and places them inside a complete method, from the first order to taxation. Out now in paperback and on Kindle — in French.