FRANCE Law and Practice Contributed by: Estelle Rigal-Alexandre, Marie Frisch and Mohamed Bouzenada, Soulier Bunch
holder, disclose relevant information and, where applicable, block transfers. However, this approach remains dependent on the co-operation of the service provider (there being no centralised information, unlike bank accounts) and may be limited in cross-border situations. Recently, the Lyon Judicial Court issued an injunc- tion against an Irish-registered CASP, ordering it to disclose identifying information about the holders of a wallet linked to fraudulent transactions. The court also ordered the suspension of the wallet to prevent dissipation of the tokens, pending a decision on the merits. While crypto-asset seizures remain procedur- ally complex, this ruling marks a positive development for victims seeking judicial relief in France. The French Supreme Court had already confirmed the legality of the seizure of bitcoins from a wallet account ( Cour de Cassation , 15 February 2023). In that case, the wallet holder was suspected of participating in money-laundering operations involving drug traffick- ing, since it had employed a combination of crypto- graphic methods in the operations that reinforced the presumption of illegality regarding the origin of the funds. By contrast, where crypto-assets are held in self-host- ed wallets, enforcement becomes considerably more difficult. In the absence of an identifiable intermediary, access to the assets requires control over the private cryptographic keys. Without such access, even a court decision may prove ineffective in practice. Use of Crypto-Assets in Collateral Arrangements French law has recently evolved to recognise the use of digital assets as collateral. On 30 April 2025, the French Monetary and Financial Code was amended to introduce a specific legal framework for pledging digital assets, including to secure loans (a Lombard credit or loan). Cryptocurrencies and other tokens may then be accepted by banks or other institutions as collateral, once the implementing decree specifying the opera- tional details is published. The pledge is deemed to be valid and enforceable inter partes and against third parties upon the signing of a pledge declaration by the
owner of the pledged digital assets. Unless otherwise agreed, the fruits and proceeds of the pledged assets are automatically included in the scope of the collat- eral. Where the pledged assets are held by a CASP, the service provider must, upon request from the secured creditor, provide a pledge certificate includ- ing the inventory of the underlying assets. This new mechanism is expected to enhance legal certainty for lenders and facilitate the development of secured lending practices involving crypto-assets, while aligning with the principles of transparency and investor protection underpinning the MiCA Regulation. 1.2.2 Access to Banking There is no legal prohibition preventing credit or pay- ment institutions from providing services to crypto- asset firms in France. Regulated entities are, in prin- ciple, entitled to open and maintain bank accounts. However, access to banking services remains une- ven in practice. Financial institutions are subject to strict AML/CFT obligations and typically apply a risk- based approach, under which crypto-asset activities are often considered higher risk, especially with for- eign firms. This may result in enhanced due diligence, restrictions on certain services, or, in some cases, refusals to establish a business relationship. Where access is denied, companies may rely on the French statutory “right to a bank account” mecha- nism, which allows the Banque de France to designate a credit institution to provide services. This mecha- nism, however, only guarantees access to basic bank- ing services and does not necessarily cover all opera- tional needs. Overall, while access to banking has improved for regulated entities, it remains dependent on the insti- tution’s risk appetite and the level of compliance dem-
onstrated by the crypto-asset firm. 1.2.3 ESG/Sustainable Finance
The MiCA Regulation explicitly addresses the environ- mental risks associated with crypto-assets, particu- larly those linked to the consensus mechanisms used for transaction validation.
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