FRANCE Law and Practice Contributed by: Hubert de Vauplane and Hugo Bordet, Morgan Lewis & Bockius LLP
made available by a technological provider), this activity can require a prior, mandatory regulatory statute under French law. In 2023, the French Financial Sector Consulta - tive Committee ( Comité consultatif du secteur financier , CCSF) recommended improving the information provided to crypto-asset holders regarding the risks associated with staking and lending. These risks include the total loss of funds, the blocking of assets, the risk of plat - form hacking, and the absence of returns in the event of a market increase. The CCSF suggests replacing the term “reward” with “consideration” and recommends discontinuing the use of terms such as “savings” or “crypto-asset account” , as they may mislead investors about the risks asso- ciated with these operations. From the regulators’ perspective, the AMF, in its position-recommendation DOC 2020-07, states that while staking is generally not considered a digital asset service per se, it may involve the provision of other regulated services, such as custodial services, which require authorisation as a CASP. This position aligns with the stance expressed by the ESMA on the matter. In the 2025 joint EBA-ESMA report on recent developments in crypto-assets addressed to the European Commission, the ESAs emphasised the potential risks associated with staking. Con - sequently, regulatory developments concerning staking in the EU may be anticipated in the com - ing years. Some clarifications are expected to be provided by the European Commission in its upcoming report. 10.7 Crypto-Related Lending Crypto-related lending is not currently regulated as a specific crypto-asset service under French law. However, since the Pacte Act of 2019,
CASPs have been required to register with the AMF to offer services such as the custody or exchange of crypto-assets, which may poten - tially include crypto-lending services. The entry into force of MiCAR has not changed the situation, as crypto-asset lending remains unregulated by the text. The 2025 joint EBA-ESMA report has highlighted the risks associated with crypto-lending, includ - ing leverage, contagion, liquidity risks and the lack of creditworthiness assessments, calling for improved regulation in this area. Further developments are expected soon with the adoption of the upcoming report by the European Commission on recent developments in crypto-assets. 10.8 Cryptocurrency Derivatives The French legislation does not directly regulate derivatives based on crypto-assets. However, in an analysis of the legal classification of crypto- asset derivatives published in 2018, the AMF concluded that a derivative based on a crypto- asset, settled in cash, should be considered a financial contract, which is a category of finan - cial instrument within the meaning of the French Monetary and Financial Code. Consequently, the rules governing the offering of financial instruments in France apply to crypto- asset derivatives. 10.9 Decentralised Finance (DeFi) Decentralised finance (DeFi) is not currently defined or regulated under French law. However, most DeFi platforms offer services that could fall within the regime of DASPs. For exam - ple, decentralised exchanges such as Uniswap
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