FRANCE Law and Practice Contributed by: Estelle Rigal-Alexandre, Marie Frisch and Mohamed Bouzenada, Soulier Bunch
able goods or services, VAT applies under standard rules. As regards NFTs, no specific VAT regime currently applies, and their treatment depends on their legal and economic characteristics, in accordance with general VAT principles. 1.2.5 Insolvency The treatment of crypto-assets in French insolvency law remains largely unsettled, with no specific statu- tory framework addressing their role in collective pro- ceedings. As a result, their qualification and treatment are assessed by reference to general principles of insolvency law, in particular the concept of “available assets” ( actif disponible ) used to determine whether a debtor is in a state of cessation of payments. In this respect, a recent decision issued in February 2026 by the Versailles Court of Appeal marks a signifi- cant development. It appears to be the first reported French court decision recognising that a portfolio of Bitcoin could, under certain conditions, qualify as an available asset, on the basis of its immediate liquidity and its ability to be converted into fiat currency. This decision reflects a functional and economic approach to insolvency law, focusing on the debtor’s ability to mobilise assets in the short term, rather than on their legal nature. However, beyond this decision, significant uncertain- ties remain. The treatment of crypto-assets raises a number of practical and legal issues, including valua- tion challenges due to price volatility, the identification and recovery of assets, and the role of intermediaries or custodians. More broadly, the absence of a specific legal framework means that the handling of crypto- assets in insolvency proceedings continues to depend on case-by-case assessments and remains largely untested in practice. 1.2.6 Industry and Trade Bodies There are no industry or trade bodies with regulatory or supervisory powers over crypto-asset activities in France. Oversight remains the responsibility of public authorities, in particular the AMF and the ACPR.
For a description of the main industry and trade bod- ies active in the sector, see 1.1.5 Industry and Trade Bodies . 2. Regulation 2.1 Regulators and International Alignment Financial supervision in France follows a “Twin Peaks” model, involving two independent supervisory author- ities. • The ACPR is responsible for the prudential supervi- sion of financial institutions. It oversees the stability and soundness of entities such as banks, insurers and CASPs, with regard to AML, internal control systems and financial soundness. • The AMF ensures the proper functioning, transpar- ency and integrity of financial markets. It super- vises the conduct of market participants, including CASPs, and monitors public offerings, marketing practices and investor protection obligations. It also plays an active role in raising public aware- ness by regularly issuing warnings, educational campaigns and alerts on the risks associated with investing in crypto-assets. In addition to these regulatory bodies, the Banque de France also plays a key role in supporting block- chain innovation in the financial sector. It actively con- tributes to the Eurosystem’s exploratory work on a wholesale CBDC and has proposed the deployment of a digital euro. Through these initiatives, the Banque de France acts as a driving force in the development of the blockchain-based financial infrastructure in France. 2.2 Crypto-Asset Regulatory Frameworks Classification of Crypto-Assets The classification of crypto-assets in France is primar- ily governed by Regulation (EU) 2023/1114 on markets in crypto-assets (MiCA), which has been incorporated into the French Monetary and Financial Code. This framework distinguishes between four main catego- ries of crypto-assets:
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