Fintech 2026

FRANCE Law and Practice Contributed by: Sylvain Clavé and Germain Chaux, Clavé Avocat

tion and confidentiality clauses, business continuity and exit provisions, as well as robust audit and access rights for the institution and its regulators. In any event, the regulated entity remains fully respon - sible for complying with its prudential, conduct and AML/CFT obligations, even where a breach originates from the regtech provider’s failure to perform. The management body retains ultimate responsibility for all activities and internal control systems, and can - not delegate its duties nor alter the conditions of its authorisation through any third-party arrangement. Contractual clauses must therefore preserve the insti - tution’s regulatory responsibilities and ensure that the use of a regtech solution does not undermine its ability to meet supervisory expectations. 10. Blockchain 10.1 Use of Blockchain in the Financial Services Industry The French financial sector has developed in a sup - portive environment for crypto-assets, which evolved from early experimentations to an industrial-scale implementation of blockchain technology. Traditional institutions have actively integrated distributed ledger technology (DLT) into their core processes. A leading example of this development is Société Générale, with its subsidiary, SG-FORGE, a pioneer in the issuance of securities on public blockchains. This trend towards “on chain” securities issuance is further evidenced by the rise of Spiko, a French fintech that launched the first tokenised UCITS money market funds approved by the AMF. In 2025, SG-FORGE reached another global milestone by issuing EURCV and USDCV, the first MiCAR-compliant stablecoins issued by a major bank. The regulatory landscape reached a turning point in late 2025 with the EU DLT Pilot Regime. In October 2025, the French ACPR granted a DLT TSS (Trad - ing and Settlement System) licence to LISE (Light - ning Stock Exchange), making it the first European infrastructure authorised to operate a fully tokenised equity exchange.

At the institutional level, the Banque de France remains at the forefront of central bank digital cur - rency (CBDC) research and development. Following a series of successful wholesale CBDC experiments, the Banque de France and the Eurosystem expand - ed their exploratory work, preparing for the potential launch of a “wholesale digital euro” for interbank set - tlements by late 2026. 10.2 Local Regulators’ Approach to Blockchain The stance regarding crypto-assets is rigorous super - vision and frequent public warnings, despite a sup - portive attitude. While the regulators are benevolent towards the development of a regulated market, they consistently alert retail investors to the high volatility of crypto-assets and the risks of fraud. In contrast, the regulators’ attitude on blockchain technology tends towards active promotion/insti - tutional integration. Blockchains are viewed by the French authorities as a strategic tool for the mod - ernisation of traditional financial infrastructure. This pro-innovation position is anchored in the pioneering “Blockchain Ordinance” of 2017, which provided a secure legal framework for the registration and trans - fer of unlisted securities via DLT. It further evolved with the implementation of the EU DLT Pilot Regime. 10.3 Classification of Blockchain Assets French and European legal frameworks establish a clear division between blockchain assets that mirror traditional securities and others. If an asset behaves like a stock or a bond, it remains governed by MiFID II. MiCAR excludes such financial instruments. Under French law, the legal umbrella of “digital assets” encompasses three distinct pillars. • Tokens defined as incorporeal assets representing rights in digital form, provided they do not qualify as financial instruments. • Digital representation of value – assets that func - tion as a medium of exchange. • MiCAR crypto-assets, which further classifies cryp - to-assets into three harmonised categories based on their stabilisation mechanism and function: (a) asset-referenced tokens (ARTs);

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