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Saint Barthélemy

Retail_Trading_Status

Allowed-Regulated Unknown
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Analysis ID
#123
Version
Archived
Created
2025-04-12 06:47
Workflow Stage
Live

Executive Summary

Cryptocurrency trading is legal but regulated in Saint Barthélemy, mirroring France's approach. The Autorité des Marchés Financiers (AMF) oversees Digital Asset Service Providers (DASPs/PSANs) operating in the territory. Key requirements include AML/KYC compliance as mandated by the PACTE Act and impending EU's MiCA regulation, which establishes harmonized rules for crypto-asset issuers and service providers. Individuals can trade crypto through platforms compliant with French and EU regulations.

Key Pillars

The primary regulator is the Autorité des Marchés Financiers (AMF). Core compliance requirements include stringent Anti-Money Laundering (AML) and Know Your Customer (KYC) procedures. Digital Asset Service Providers (DASPs/PSANs) targeting the French market, including Saint Barthélemy, must register with the AMF and adhere to AML/CFT regulations, and will transition to CASPs under MiCA.

Landmark Laws

  • PACTE Act (2019): Implemented in May 2019, this law established the Digital Asset Service Provider (DASP/PSAN) regime, requiring mandatory registration for certain digital asset services with the AMF.
  • Markets in Crypto-Assets (MiCA) Regulation (EU 2023/1114): Fully applicable from December 30, 2024. It introduces a comprehensive regulatory framework for crypto-assets, covering transparency, disclosure, authorization, supervision, consumer protection, and market abuse prevention. Stablecoin provisions came into force on June 30, 2024.

Considerations

Crypto assets are treated as assets subject to French and EU financial regulations. The AMF and ACPR issue warnings about the risks associated with crypto-assets, including volatility, scams, and illicit use. The application of French financial law, including AML/CTF measures, extends to French overseas collectivities like Saint Barthélemy.

Notes

Saint Barthélemy operates under the French and EU regulatory umbrella for financial services, including cryptocurrency trading. The PSAN regime will be replaced by MiCA, with a transitional period for existing PSANs to obtain MiCA authorization until July 1, 2026, or until authorization is granted/refused. The extension of French AML/CTF measures to overseas collectivities is planned.

Detailed Explanation

Saint Barthélemy, as an overseas collectivity of France, operates under French and EU law regarding cryptocurrency regulation. It is legal for individuals in Saint Barthélemy to buy, sell, and hold cryptocurrencies. The primary regulatory oversight is through the Autorité des Marchés Financiers (AMF), the French financial markets regulator, which oversees Digital Asset Service Providers (DASPs, or PSANs) operating in France, including Saint Barthélemy. The PACTE Act (2019) established a framework requiring PSANs targeting the French market to register with the AMF, with some activities requiring a more comprehensive license. Mandatory registration involves compliance with Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) regulations, including Know Your Customer (KYC) procedures, transaction monitoring, and reporting suspicious activities to TRACFIN, the French financial intelligence unit. These KYC requirements apply regardless of transaction thresholds. The EU's Markets in Crypto-Assets (MiCA) regulation is progressively coming into force, with stablecoin provisions effective since June 30, 2024, and full application from December 30, 2024. MiCA will create a harmonized regulatory framework across the EU, including France and Saint Barthélemy, and will replace the PSAN designation with Crypto-Asset Service Providers (CASPs). PSANs registered under the French regime have a transitional period to obtain MiCA authorization until July 1, 2026, or until authorization is granted/refused. French authorities (AMF and ACPR) regularly issue warnings about the risks associated with crypto-assets, including volatility, scams, and illicit use, which also apply to Saint Barthélemy residents.

Summary Points

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Retail Cryptocurrency Trading Status in Saint Barthélemy (April 12, 2025)

I. Overall Regulatory Status:

  • Allowed-Regulated: Retail cryptocurrency trading (buying, selling, and holding) is legal in Saint Barthélemy, but subject to French and EU regulations.

II. Key Regulatory Bodies & Roles:

  • Autorité des Marchés Financiers (AMF) (France):
    • Financial markets regulator responsible for overseeing Digital Asset Service Providers (DASPs/PSANs) and enforcing regulations.
    • Issues warnings about crypto-asset risks.
  • Autorité de Contrôle Prudentiel et de Résolution (ACPR) (France):
    • Issues warnings about crypto-asset risks.
  • TRACFIN (France):
    • French financial intelligence unit responsible for receiving and analyzing suspicious activity reports related to AML/CFT.

III. Key Legislation & Regulations:

  • French Law (General): Saint Barthélemy, as an overseas collectivity of France, largely adheres to French legal and regulatory frameworks, including those related to finance.
  • PACTE Act (France, 2019):
    • Established the Digital Asset Service Provider (DASP/PSAN) regime in France.
    • Requires registration with the AMF for DASPs targeting the French market (including Saint Barthélemy).
  • EU's Markets in Crypto-Assets (MiCA) Regulation:
    • Creates a harmonized regulatory framework for crypto-assets across the EU, including France and its territories.
    • Establishes rules for crypto-asset issuers and service providers (CASPs).
    • Full application from December 30, 2024.
    • Replaces the PSAN designation with CASP.
    • PSANs have a transitional period until July 1, 2026, to obtain MiCA authorization.

IV. Compliance Requirements:

  • For Digital Asset Service Providers (DASPs/PSANs) / Crypto Asset Service Providers (CASPs):

    • Registration/Authorization: Mandatory registration with the AMF (under PACTE Act) or authorization under MiCA.
    • Anti-Money Laundering (AML) / Counter-Terrorist Financing (CFT) Compliance:
      • Implement Know Your Customer (KYC) procedures.
      • Identify all customers, even occasional ones.
      • Monitor transactions.
      • Report suspicious activities to TRACFIN.
    • Consumer Protection: Adhere to consumer protection rules under MiCA.
    • Market Integrity: Implement measures to prevent market abuse under MiCA.
    • Prudential Requirements: Meet prudential requirements under MiCA.

  • For Individuals:

    • Use platforms that comply with French and EU regulations, particularly AML/KYC.

V. Notable Restrictions or Limitations:

  • While individuals can freely trade crypto, they must do so through platforms compliant with French and EU regulations.
  • Platforms operating in Saint Barthélemy are subject to stringent AML/KYC requirements.
  • Official warnings from French authorities (AMF and ACPR) regarding the risks associated with crypto-assets apply to residents of Saint Barthélemy.

VI. Recent Developments or Changes:

  • MiCA Implementation: The EU's MiCA regulation is progressively coming into force, with full application from December 30, 2024.
  • PSAN to CASP Transition: The French PSAN regime is being replaced by the EU's CASP framework under MiCA.
  • Transitional Period for PSANs: PSANs registered under the French regime have a transitional period until July 1, 2026, to obtain MiCA authorization.

Full Analysis Report

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Report on Retail Cryptocurrency Trading Status in Saint Barthélemy

Topic: Retail_Trading_Status
Description: Assess whether individual citizens and residents in the country are legally permitted to buy, sell, and hold cryptocurrencies. Detail the regulatory environment surrounding this activity (e.g., KYC/AML requirements imposed on platforms, general warnings issued).
Date of Report: April 12, 2025

1. Current Status: Allowed-Regulated

2. Detailed Narrative Explanation:

Saint Barthélemy is an overseas collectivity of France. As such, its legal and regulatory framework, particularly concerning financial matters, is largely derived from French law and, by extension, European Union (EU) regulations. While Saint Barthélemy enjoys a degree of autonomy and has a specific tax regime that makes it attractive to high-net-worth individuals, it does not possess a distinct, independent regulatory framework for cryptocurrencies separate from that of France.

Therefore, the status of retail cryptocurrency trading in Saint Barthélemy mirrors the situation in mainland France:

  • Legality: It is legal for individual citizens and residents in Saint Barthélemy to buy, sell, and hold cryptocurrencies. There is no specific ban prohibiting these activities for retail users.
  • Regulatory Oversight: The activity is regulated primarily through the oversight of service providers. France established a framework under the PACTE Act (2019) requiring Digital Asset Service Providers (DASPs, or Prestataires de Services sur Actifs Numériques - PSANs in French) targeting the French market (which includes Saint Barthélemy) to register with the Autorité des Marchés Financiers (AMF), the French financial markets regulator. Some activities require a more comprehensive license.
  • KYC/AML Requirements: Mandatory registration for PSANs involves compliance with stringent Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) regulations. This means platforms serving residents of Saint Barthélemy must implement Know Your Customer (KYC) procedures, identify customers (even occasional ones), monitor transactions, and report suspicious activities to the French financial intelligence unit, TRACFIN. These requirements apply regardless of transaction thresholds for certain services.
  • EU Harmonization (MiCA): The EU's Markets in Crypto-Assets (MiCA) regulation is progressively coming into force (stablecoin provisions since June 30, 2024, full application from December 30, 2024). MiCA creates a harmonized regulatory framework across the EU, including France and its territories like Saint Barthélemy. It establishes rules for crypto-asset issuers and service providers (CASPs, which will replace the PSAN designation), including authorization, consumer protection, market integrity, and prudential requirements. PSANs registered under the French regime have a transitional period to obtain MiCA authorization (until July 1, 2026, or until authorization is granted/refused, whichever comes first).
  • Official Warnings: French authorities (AMF and the Autorité de Contrôle Prudentiel et de Résolution - ACPR) regularly issue warnings about the risks associated with crypto-assets, including volatility, scams, and illicit use. These warnings apply to residents in Saint Barthélemy as well.

In summary, while individuals in Saint Barthélemy can freely trade crypto, they must do so through platforms that are subject to French and EU regulations, particularly concerning AML/KYC. The environment is thus considered Allowed-Regulated.

3. Specific Excerpts/Summaries from Sources:

  • Legality and French Framework: "French residents are legally permitted to own, buy, and sell virtual assets. The regulatory framework ensures that cryptocurrency activities are conducted within a legal and secure environment." (Source: Notabene, Dec 2024)
  • PSAN Regime & AML/CFT: "The regulation of Digital Assets Service Providers (DASPs) [PSANs]... was implemented in May 2019 by the Pacte law, with the French Financial Markets Authority (AMF) responsible for enforcing these regimes... The DASP regime requires mandatory registration for four digital assets services... The French authorities regularly reinforce anti-money laundering (AML) and countering the financing of terrorism (CFT) requirements for digital assets... French regulations are strict in this area and require the identification of all clients, even occasional ones, without any transaction threshold." (Source: Beaubourg Avocats, Mar 2023)
  • Application of French Law to Overseas Collectivities: While not explicitly mentioning crypto, sources confirm the application of French financial law generally. A Global Legal Insights report notes planned extensions of AML/CTF measures to French overseas collectivities. (Source: Global Legal Insights, Mar 2025) Ogier confirms French trademarks automatically provide protection in Saint Barthélemy, illustrating the legal link. (Source: Ogier)
  • KYC Requirements: "Financial institutions in France must comply with stringent KYC regulations... to meet Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) laws... The law specifies that businesses must collect a government-issued photo ID as well as other documents to verify address, occupation, and income. The law is regulated by the AMF; the French stock market regulator; the Autorité de contrôle prudentiel et de résolution (ACPR)..." (Source: Cellbunq, Oct 2024; Persona, Mar 2024)
  • MiCA Regulation: "On 30 December 2024, Regulation (EU) 2023/1114 on markets in crypto-assets (MiCA) will become fully applicable... MiCA is the first European-level piece of legislation that introduces a comprehensive regulatory framework for crypto-assets... MiCA sets out rules on transparency and disclosure requirements... authorisation and supervision of crypto-asset service providers... consumer protection rules, and measures to prevent market abuse..." (Source: Norton Rose Fulbright; AMF France, Nov 2024)
  • MiCA Replacing National Regimes: "MiCA, expected to come into full force by December 2024, replaces the current patchwork of national crypto regulations, including France's PSAN regime. After transitioning to MiCA, crypto businesses will benefit from consistent rules across Europe..." (Source: Beaubourg Avocats)
  • Transitional Period: "The MiCA provisions relating to CASPs will apply from 30 December 2024. Crypto-asset service providers who can demonstrate that they provided services in accordance with the applicable national law before that date may continue to provide them for a maximum period of 18 months until 1 July 2026." (Source: AMF France, Nov 2024)

4. Source URLs:

  • Notabene (French Crypto Regulation & Travel Rule): https://notabene.id/crypto-travel-rule-regulations/france
  • Beaubourg Avocats (French Crypto Laws 2023): https://www.beaubourg-avocats.fr/en/cryptocurrency-laws-and-regulations-france/
  • Beaubourg Avocats (MiCA & PSAN): https://www.beaubourg-avocats.fr/en/cryptocurrency-lawyers-france/
  • AMF France (MiCA Regulation Overview): https://www.amf-france.org/en/regulation/policy/financial-centres-related-topics/european-regulation-markets-crypto-assets-mica
  • Global Legal Insights (French Banking Law - mentions overseas collectivities): https://www.globallegalinsights.com/practice-areas/banking-and-finance-laws-and-regulations/france
  • ICLG (French AML Laws - mentions crypto): https://iclg.com/practice-areas/anti-money-laundering-laws-and-regulations/france
  • Cellbunq (French KYC): https://cellbunq.com/blog/kyc-france-how-compliance-with-kyc-regulations-in-france-work
  • Persona (French KYC): https://withpersona.com/blog/kyc-france
  • Norton Rose Fulbright (MiCA Guide): https://www.nortonrosefulbright.com/en/knowledge/publications/1b7a8b01/regulating-crypto-assets-in-europe-practical-guide-to-mica
  • Chainalysis (MiCA Stablecoin Regime): https://www.chainalysis.com/blog/mica-stablecoin-regime-part-1/
  • Banque Delubac & Cie (PSAN Definition): https://www.delubac.com/en/faq-crypto/what-does-psan-stand-for/
  • Banque Delubac & Cie (MiCA Definition): https://www.delubac.com/en/faq-crypto/what-does-mica-mean/
  • Ogier (French Trademarks in Caribbean - confirms legal link): https://www.ogier.com/publications/trade-marks-prosecution-factsheet-french-speaking-caribbean/

This report reflects the understanding that Saint Barthélemy operates under the French and EU regulatory umbrella for financial services, including cryptocurrency trading.

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