Saint Pierre and Miquelon

## Report: Retail Cryptocurrency Trading Status in Saint Pierre and Miquelon

**Date:** 2025-06-26

**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).

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### Retail_Trading_Status

**Identified Status:** Allowed-Regulated

**Detailed Narrative Explanation:**

Saint Pierre and Miquelon, as a French overseas collectivity, is subject to French national law in most areas, including financial regulations. Therefore, the legal status of retail cryptocurrency trading in Saint Pierre and Miquelon mirrors that of mainland France.

France has established a comprehensive regulatory framework for cryptocurrencies and related activities. The PACTE Law (Plan d'Action pour la Croissance et la Transformation des Entreprises), enacted in 2019, introduced specific provisions for Digital Asset Service Providers (DASPs, or PSANs in French - Prestataires de Services sur Actifs Numériques). This framework aims to foster innovation while ensuring investor protection and combating illicit activities such as money laundering and terrorist financing.

Under French law, entities providing services such as cryptocurrency exchange (crypto-to-fiat and crypto-to-crypto), custody of digital assets, and operating digital asset trading platforms must register with the Autorité des Marchés Financiers (AMF), the French financial markets regulator. For certain activities, a more stringent optional license is also available from the AMF. These registration and licensing processes entail compliance with Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) obligations, know-your-customer (KYC) procedures, and requirements related to business conduct and cybersecurity.

Individual citizens and residents in France, and by extension Saint Pierre and Miquelon, are legally permitted to buy, sell, and hold cryptocurrencies. They are, however, subject to taxation on capital gains derived from cryptocurrency trading. The French tax authorities have issued guidelines on how such gains should be declared and taxed.

The AMF and the Autorité de Contrôle Prudentiel et de Résolution (ACPR), the French banking and insurance supervisor, regularly issue warnings to the public regarding the risks associated with investing in cryptocurrencies, particularly concerning unregistered platforms or highly speculative assets. These warnings emphasize the volatility of cryptocurrencies and the potential for scams.

Given that Saint Pierre and Miquelon falls under French jurisdiction for these matters, the "Allowed-Regulated" status is the most accurate. Retail trading is permitted, but it operates within a defined legal and regulatory framework established by French authorities, including AML/KYC requirements for service providers and tax obligations for individuals.

**Specific, Relevant Text Excerpts and Sources:**

*   **Source 1: Autorité des Marchés Financiers (AMF) - France**
    *   **Excerpt (Summary):** The AMF website details the regulatory framework for Digital Asset Service Providers (DASPs) in France, stemming from the PACTE Law. It outlines the mandatory registration for certain DASP activities and the optional license, both of which require adherence to AML/CFT rules, investor protection measures, and cybersecurity standards. The AMF maintains a public register of authorized DASPs.
    *   **Relevance:** This directly substantiates the "Regulated" aspect of the status, as service providers catering to French residents (including those in Saint Pierre and Miquelon) must comply with these AMF regulations.
    *   **URL:** [https://www.amf-france.org/en/professionals/fintech/my-fintech-project-digital-assets-icis-and-crowdfunding/digital-asset-service-providers-dasps](https://www.amf-france.org/en/professionals/fintech/my-fintech-project-digital-assets-icis-and-crowdfunding/digital-asset-service-providers-dasps) (Note: This is a general link to the AMF's DASP section; specific documents within this section provide further detail.)

*   **Source 2: French Tax Administration (Direction générale des Finances publiques - DGFiP)**
    *   **Excerpt (Summary):** The French tax code and official guidance from the DGFiP clarify that capital gains from the sale of digital assets by individuals are subject to taxation. Specific tax regimes apply depending on the frequency and volume of trading.
    *   **Relevance:** This demonstrates that cryptocurrency trading is recognized and regulated from a fiscal perspective for French residents.
    *   **URL:** [https://www.impots.gouv.fr/portail/particulier/questions/comment-declarer-et-imposer-les-plus-values-de-cession-dactifs-numeriques-non](https://www.impots.gouv.fr/portail/particulier/questions/comment-declarer-et-imposer-les-plus-values-de-cession-dactifs-numeriques-non) (This link, in French, provides information on the taxation of digital asset capital gains.)

*   **Source 3: Ordonnance n° 2020-1544 du 9 décembre 2020 renforçant le cadre de la lutte contre le blanchiment de capitaux et le financement du terrorisme (LCB-FT) applicable aux actifs numériques (French Ordinance strengthening the AML/CFT framework for digital assets)**
    *   **Excerpt (Summary):** This ordinance further strengthened the AML/CFT requirements for DASPs, aligning French law more closely with international standards, such as those from the Financial Action Task Force (FATF). It reinforced KYC obligations for transactions involving digital assets.
    *   **Relevance:** Highlights the specific regulatory focus on AML/CFT within the cryptocurrency space in France, which applies to Saint Pierre and Miquelon.
    *   **URL:** [https://www.legifrance.gouv.fr/jorf/id/JORFTEXT000042624444](https://www.legifrance.gouv.fr/jorf/id/JORFTEXT000042624444) (Official French legal text)

**Conclusion:**

The legal and regulatory environment for retail cryptocurrency trading in Saint Pierre and Miquelon is determined by French law. France has implemented a specific regulatory regime for Digital Asset Service Providers, mandating registration with the AMF and compliance with AML/CFT and KYC requirements. Individuals are permitted to trade and hold cryptocurrencies but are subject to French tax laws on any resulting capital gains. Therefore, the status is "Allowed-Regulated."