MiCA and PSCA (formerly PSAN): what changes for businesses that use crypto

MiCA, PSCA, CASP, PSAN… These acronyms come up in every discussion about crypto in Europe. Here is what they mean and what they change, in concrete terms, for a business that uses or accepts crypto-assets.

The acronyms explained

• MiCA (“Markets in Crypto-Assets”): European Regulation (EU) 2023/1114, which creates a harmonised framework for the issuance of crypto-assets and related services^[1].
• PSAN: “prestataire de services sur actifs numériques” (digital asset service provider), the former French status created by the PACTE law, before MiCA. PSANs have now given way to PSCAs^[1].
• PSCA (CASP in English, “crypto-asset service provider”), formerly PSAN: the European status that replaces the French one. It is a company that provides one or more crypto-asset services on a professional basis and is authorised to do so^[1].

Key dates

• 30 June 2024: MiCA’s rules on stablecoins (asset-referenced tokens and e-money tokens) start to apply^[2].
• 30 December 2024: the rest of the regulation applies, in particular to service providers^[2].
• 1^st July 2026: last day of the transitional period. Former PSANs had until this date to obtain a MiCA authorisation and continue serving clients in France^[3].
• Since 2 July 2026: the transitional period is over. According to the AMF, the European framework now applies to all players without distinction, and requires authorisation to offer crypto-asset services^[4].

For information, the AMF stated on 6 July 2026 that France had authorised 31 players and that 283 players had received an authorisation within the European Union^[4]. These figures change regularly.

Which services require authorisation?

According to the AMF, MiCA defines ten crypto-asset services: custody and administration on behalf of clients; operation of a trading platform; exchange for funds; exchange for other crypto-assets; execution of orders on behalf of clients; placing; reception and transmission of orders; advice on crypto-assets; portfolio management; and transfer services on behalf of clients^[5]. Certain already-regulated entities (credit institutions, for example) may provide some of these services by notifying their authority^[5].

What this changes for a business that uses crypto

1. Check your providers’ status

If you use a provider to buy, hold, exchange or transfer crypto-assets, it must be authorised. The AMF urges clients to deal exclusively with providers authorised in the European Union, and points out that MiCA provides for no equivalence regime with third countries^[4]. Two verification tools exist: the AMF white list and the ESMA interim register, the latter being updated weekly^[6][7].

2. Plan for continuity if a provider ceases trading

Since 1^st July 2026, providers that have not obtained a MiCA authorisation must cease their activity in France pending authorisation, following an orderly wind-down plan. The AMF states that clients must be able to recover their crypto-assets, by transferring them to an authorised provider or by selling them^[3], and is monitoring the implementation of these plans^[4]. For your business, this means knowing where your assets are, having a designated person and an exit plan.

3. Distinguish between “using” and “providing a service”

Accepting a payment in crypto-assets in exchange for your goods or services is not, as such, on MiCA’s list of services^[5]. The situation may be different, however, if your activity consists of holding, exchanging or transferring crypto-assets on behalf of clients. In that case, a prior legal assessment is essential.

4. Stablecoins are regulated

Stablecoins falling under MiCA may only be offered to the public in the Union if their issuer is authorised^[8]. This is a selection criterion to document if you accept or hold them.

5. Anti-money laundering remains central

Providers are subject to anti-money laundering and counter-terrorist financing rules, as well as to the regulation on transfers of funds and crypto-assets^[5]. In practice, they may ask you for information about your business and about the origin or destination of funds: have this information ready.

What this guide does not cover

It does not cover taxation, accounting or crypto-asset lending (which MiCA does not cover and which falls under national rules^[5]), nor situations specific to countries other than France.

Questions to ask yourself

• Are my crypto providers (PSCA) on the AMF white list or the ESMA register?
• Do I know where my assets are and who has access to them?
• Does my business only use or accept crypto-assets, or does it provide a service to third parties?
• Do the stablecoins I use have an authorised issuer?
• Have I documented these checks?