# PSAN / CASP

> Prestataire de Services sur Actifs Numériques (French digital-asset service provider) / Crypto-Asset Service Provider

Crypto statuses: PSAN is the French registration/authorisation (PACTE law, 2019), while CASP is the single European authorisation introduced by MiCA. PSAN is being phased out in favour of CASP by the end of 2026.

_Category: acteur_

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## Definition

The **PSAN** (_Prestataire de Services sur Actifs Numériques_, France's digital-asset service provider status) is the French regime for crypto players, created by the PACTE law (2019): exchanges, custodial wallets, brokers, advisers.

The **CASP** (_Crypto-Asset Service Provider_) is its unified European equivalent, created by MiCA (June 2023, applicable to CASPs since December 2024). During a transition period (2024 → end of 2026), the two regimes coexist; in the end, the CASP replaces the PSAN.

## The services covered

MiCA (and the PSAN before it) lists 10 CASP services: custody, order execution, placement, reception and transmission of orders, advice, portfolio management, exchange (crypto for fiat or crypto), operation of a trading platform, transfer, and exchange of funds. Authorisation is requested service by service.

## PSAN: registration vs authorisation

In France, the PSAN comes in two tiers:

- **Mandatory registration** with the AMF (with the ACPR's binding opinion) for custody, buying/selling against fiat, crypto/crypto exchange and platform operation — with AML/CFT and good-standing checks. ~100 players registered by the end of 2024.
- **Optional enhanced authorisation** (DDADUE law, 2023), with a minimum capital and demanding governance — obtained by very few players (Coinhouse, Stackinsat).

With MiCA, PSAN registration is being gradually repealed: every PSAN will have to switch to CASP by June 2026.

## The single CASP authorisation

MiCA's major contribution is the European passport: a CASP authorised in one member state can operate across all 30 EEA countries with no new authorisation. The authorisation is granted by the national authority (AMF/ACPR in France, BaFin, CySEC, MFSA, AFM…). MiCA imposes a minimum capital (€50k, €125k or €150k depending on the services), robust governance, segregation of client assets, pre-contractual disclosure for issuers, and a specific regime for stablecoins (ARTs and EMTs, with 1:1 backing and ECB reporting).

## What PSAN / CASP does not cover

- **Pure DeFi**: decentralised protocols with no identifiable legal entity, outside MiCA's scope (a MiCA 2 is under study for 2026–2028).
- **Non-fungible NFTs**: excluded, unless issued in an interchangeable series.
- **Holding and exchange by individuals**: remain free; only providers are regulated.
- **Security tokens**: a tokenised share or bond falls under MiFID II, not MiCA.

## Migration timeline

- **2019** — creation of the PSAN (PACTE law).
- **June 2023** — adoption of MiCA.
- **30 June 2024** — stablecoin rules (ARTs/EMTs).
- **30 December 2024** — CASP rules (services).
- **July 2026** — end of the transition period for existing PSANs.

## Within the PSD2 ecosystem

PSAN / CASP is a regime parallel to PSD2: it creates no XS2A API obligation, but inherits PSPs' AML/CFT obligations (KYC, sanctions, monitoring). The Travel Rule (transmitting the sender/beneficiary identity for any crypto transfer over €1,000) creates a parallel with the SCA requirements of traditional payments.

```mermaid
flowchart TB
    PSAN["PSAN (FR)<br/>2019 → 2026"]
    CASP["CASP (EU — MiCA)<br/>Dec 2024 →"]

    subgraph SERVICES["10 possible services"]
        CUST["Custody"]
        EXCH["Exchange / platform"]
        ADVICE["Advice / management"]
        TRANSFER["Transfer"]
    end

    AMF["AMF / ACPR<br/>(competent authority FR)"]
    ESMA["ESMA<br/>(EU coordination)"]
    PASSPORT["European passport<br/>(30 EEA countries)"]

    PSAN -.->|"Switch July 2026"| CASP
    CASP --> SERVICES
    CASP -->|"Authorisation granted by"| AMF
    AMF -.->|"Notifies"| ESMA
    CASP --> PASSPORT
```

## Real-world examples

- **French PSANs**: Coinhouse (the first to be authorised), Stackinsat, Trakx, Bitstack, Paymium, Deblock — all transitioning to CASP.
- **European CASPs**: Binance France (applying), Coinbase Europe (Ireland), Kraken (Ireland), Bitpanda (Austria), Crypto.com (Malta).
- **Choice of jurisdiction**: Malta, Cyprus, Germany and Ireland are positioning themselves as CASP hubs, with short authorisation timelines (3 to 6 months).
- **Binance**: registered as a PSAN in France in 2022, with a switch to a CASP expected at the end of 2025 — intense competition among regulators to attract the big players.
- **Stablecoins**: since June 2024, USDC and EURC (Circle) have been issued under EMT status; USDT (Tether), not MiCA-compliant, has been delisted from several EU platforms.
- **To accept crypto**: a fintech must either obtain CASP authorisation or go through a partner (Bitstamp Exchange-as-a-Service, Fireblocks, Trakx).
- **Point to watch**: MiCA caps the daily transactions of non-euro-denominated EMTs (1M transactions / €200M per day) to limit exposure to USD stablecoins.

## Sources

- [Minimum capital requirements for Crypto-Asset Service Providers (MiCA Article 67)](https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mica/minimum-capital-requirements-crypto-asset) — ESMA
- [Prestataire de services sur actifs numériques (PSAN) — AMF](https://www.amf-france.org/fr/espace-professionnels/fintech/mes-relations-avec-lamf/obtenir-un-enregistrement-psan) — AMF
- [MiCA — Markets in Crypto-Assets Regulation](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32023R1114) — EUR-Lex, 2023-06

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Source: https://openfinanceguide.com/en/glossary/psan-casp