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Retail_Trading_Status

Allowed-Regulated Unknown
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Analysis ID
#318
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Archived
Created
2025-06-26 09:17
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Initial Research

Executive Summary

Retail cryptocurrency trading is legally permitted in Réunion, mirroring the status in mainland France and subject to EU regulations like MiCA. The Autorité des Marchés Financiers (AMF) oversees digital asset service providers (DASPs/PSANs), requiring registration and AML/CFT compliance. France's PACTE law of 2019 provided an initial framework, now being adapted to MiCA through ordinances and decrees. Crypto-assets are not considered legal tender in France but are subject to taxation on capital gains.

Key Pillars

The primary regulator is the Autorité des Marchés Financiers (AMF), along with the Autorité de Contrôle Prudentiel et de Résolution (ACPR). The core compliance requirements include registration for Digital Asset Service Providers (DASPs/PSANs), adherence to Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) obligations, and compliance with the EU's Markets in Crypto-Assets (MiCA) regulation. Licensing will eventually be required under MiCA, with a transition period for existing PSANs to become MiCA-compliant CASPs.

Landmark Laws

PACTE Law (Plan d'Action pour la Croissance et la Transformation des Entreprises) of 2019: Introduced a comprehensive framework for digital assets, including mandatory registration for Digital Asset Service Providers (DASPs/PSANs) with the AMF, involving AML/CFT compliance.
Markets in Crypto-Assets (MiCA) regulation: Came into effect in June 2023 (with most provisions applying from December 30, 2024, and stablecoin provisions from June 30, 2024), harmonizing crypto-asset regulation across the EU, including licensing requirements for CASPs and issuers.
Ordinance No. 2024-936 of October 15, 2024: Adapted French law to MiCA.
Decree No. 2025-169 of February 21, 2025: Further specified the adaptations of French law to MiCA.

Considerations

In French law, a crypto-asset is not considered a currency and does not have legal tender status. Capital gains from the sale of crypto-assets are subject to a flat tax (Prélèvement Forfaitaire Unique - PFU) or, optionally, the progressive income tax scale. Retail investors are advised to use platforms registered with the AMF to ensure investor protection and AML/KYC compliance. The AMF and ACPR issue warnings about the risks associated with crypto-asset investments.

Notes

The AMF actively encourages crypto-asset service providers to comply with European rules and offers a transition period until July 1, 2026, for existing PSANs to become MiCA-compliant CASPs. There are obligations to declare accounts held with foreign crypto exchanges. The Institut d'émission d'outre-mer exercises regulatory oversight over electronic money tokens and tokens used as a means of exchange in overseas territories.

Detailed Explanation

In Réunion, as an overseas department of France, retail cryptocurrency trading is legally permitted under French national law and EU regulations. This environment is shaped significantly by the Markets in Crypto-Assets (MiCA) regulation, effective June 2023, with key provisions applying from December 30, 2024, and stablecoin rules from June 30, 2024. France has been proactive in establishing a regulatory framework, initially through the PACTE law (Plan d'Action pour la Croissance et la Transformation des Entreprises) of 2019, which mandated registration for Digital Asset Service Providers (DASPs), known as Prestataires de Services sur Actifs Numériques (PSANs), with the Autorité des Marchés Financiers (AMF). This registration requires compliance with Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) standards. To align with MiCA, Ordinance No. 2024-936 of October 15, 2024, and Decree No. 2025-169 of February 21, 2025, have been enacted to adapt French law. The AMF, along with the Autorité de Contrôle Prudentiel et de Résolution (ACPR), oversees crypto-asset activities, issuing warnings about investment risks and maintaining lists of authorized and unauthorized service providers.

For retail investors, engaging with AMF-registered platforms (or those transitioning to MiCA compliance) is crucial for investor protection and adherence to AML/KYC requirements. The AMF has set a transition period until July 1, 2026, for existing PSANs to become MiCA-compliant CASPs. Taxation of cryptocurrency gains is also established; capital gains from crypto-asset sales are subject to a flat tax (Prélèvement Forfaitaire Unique - PFU) or the progressive income tax scale, with obligations to declare accounts held with foreign crypto exchanges. As stated by Economie.gouv.fr, crypto-assets are not considered currency under French law, lacking legal tender status. The AMF emphasizes that intermediaries offering custody, purchase, or sale services must be registered. The Cour des Comptes notes that only the sale of digital assets against 'fiat' currencies, goods, or services triggers taxation.

According to the AMF, the European Markets in Crypto-Assets (MiCA) regulation became applicable from December 30, 2024, for CASPs. French law was amended to reflect this, through Ordinance No. 2024-936 of October 15, 2024, and Decree No. 2025-169 of February 21, 2025. Actors providing crypto-asset services in accordance with national law before this date may continue to do so for a maximum of 18 months, until July 1, 2026. Economie.gouv.fr states that the application of the European MiCA regulation in French law is a continuation of the framework established by the PACTE law of May 22, 2019. The Institut d'émission d'outre-mer also plays a role, exercising missions related to electronic money tokens in overseas territories, as indicated by Légifrance (Ordinance No. 2024-936). The AMF also provides advice on using registered platforms and different ways to buy and sell crypto-assets.

Summary Points

Retail Trading of Cryptocurrencies in Réunion: Regulatory Status (2025-06-26)

I. Overall Regulatory Status:

  • Allowed-Regulated: Retail cryptocurrency trading is legally permitted in Réunion, subject to French and EU regulations.

II. Key Regulatory Bodies:

III. Key Legislation and Regulations:

IV. Requirements for Compliance:

  • AML/CFT Compliance: Digital Asset Service Providers (DASPs/PSANs) must comply with Anti-Money Laundering and Counter-Terrorist Financing obligations.
  • Registration/Authorization: Platforms must be registered with the AMF (and eventually authorized under MiCA) to offer services like custody, purchase/sale, and exchange of crypto-assets.
  • KYC Requirements: Platforms must implement Know Your Customer (KYC) procedures.

V. Notable Restrictions or Limitations:

  • Platform Registration: Retail investors should use platforms registered with the AMF (or authorized under MiCA) for investor protection.
  • Risk Warnings: Regulatory bodies issue warnings about the risks associated with crypto-asset investments.
  • Crypto-assets are not legal tender: Crypto-assets are not considered currency in French law.

VI. Taxation:

  • Capital Gains Tax: Capital gains from the sale of crypto-assets are subject to a flat tax (Prélèvement Forfaitaire Unique - PFU) or, optionally, the progressive income tax scale.
  • Declaration of Foreign Accounts: Obligations to declare accounts held with foreign crypto exchanges.
  • Source: https://www.economie.gouv.fr/cedef/regime-fiscal-cryptomonnaies

VII. Recent Developments/Changes:

  • MiCA Implementation: France is adapting its national legislation to align with the EU's MiCA regulation.
  • Transition Period: Existing PSANs have a transition period (generally until July 1, 2026) to become MiCA-compliant CASPs.
  • AMF Encouragement: The AMF actively encourages crypto-asset service providers to comply with European rules.
  • Ordinance and Decree: Ordinance No. 2024-936 and Decree No. 2025-169 have been passed to adapt French law to MiCA.
  • Regulatory Responses to Risks: France is implementing regulatory responses to address the risks associated with crypto-assets.

Full Analysis Report

Report on Retail_Trading_Status in Réunion

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).

Retail_Trading_Status in Réunion

Identified Status: Allowed-Regulated

Detailed Narrative Explanation:

Réunion, as an overseas department and region of France, is subject to French national law and, by extension, European Union regulations concerning financial markets and crypto-assets. Therefore, the legal status of retail cryptocurrency trading in Réunion mirrors that of mainland France.

Individual citizens and residents in Réunion are legally permitted to buy, sell, and hold cryptocurrencies. This activity is regulated under the French legal framework, which has been evolving to incorporate EU directives and regulations, most notably the Markets in Crypto-Assets (MiCA) regulation.

Historically, France adopted a pioneering stance with the PACTE law (Plan d'Action pour la Croissance et la Transformation des Entreprises) of 2019. This law introduced a comprehensive framework for digital assets, including the mandatory registration for Digital Asset Service Providers (DASPs), known in French as Prestataires de Services sur Actifs Numériques (PSANs), with the Autorité des Marchés Financiers (AMF), France's financial markets regulator. This registration involves compliance with Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) obligations.

The European Union's MiCA regulation, which came into effect in June 2023 with most provisions applying from December 30, 2024 (and provisions for stablecoins from June 30, 2024), aims to harmonize the regulatory framework for crypto-assets across EU member states, including France and its territories like Réunion. MiCA introduces licensing requirements for crypto-asset service providers (CASPs) and issuers of crypto-assets. France has been adapting its national legislation to align with MiCA. For instance, an ordinance was passed in October 2024 to adapt French law to MiCA, and a decree in February 2025 further specified these adaptations.

The AMF and the Autorité de Contrôle Prudentiel et de Résolution (ACPR), which is responsible for banking and insurance supervision, are the key regulatory bodies overseeing crypto-asset activities in France. They issue warnings about the risks associated with crypto-asset investments and publish lists of authorized and unauthorized service providers.

For retail investors, this means they can legally trade cryptocurrencies, but they should use platforms that are registered with the AMF (and will eventually need to be authorized under MiCA) to ensure a degree of investor protection and compliance with AML/KYC requirements. The AMF actively encourages crypto-asset service providers to comply with European rules and has outlined a transition period for existing PSANs to become MiCA-compliant CASPs, generally until July 2026.

Taxation of cryptocurrency gains is also established in France. For individuals, capital gains from the sale of crypto-assets are subject to a flat tax (Prélèvement Forfaitaire Unique - PFU) or, optionally, the progressive income tax scale. There are also obligations to declare accounts held with foreign crypto exchanges.

In summary, retail trading of cryptocurrencies in Réunion is permitted and is regulated under the French and EU legal frameworks, which emphasize investor protection, market integrity, and AML/CFT compliance.

Specific, Relevant Text Excerpts:

  • Autorité des Marchés Financiers (AMF) on MiCA's applicability: "The European Markets in Crypto-Assets (MiCA) regulation became applicable from December 30, 2024, for its provisions relating to Crypto-Asset Service Providers (CASPs). French law has been amended to take into account this entry into application, notably by the provisions of Ordinance No. 2024-936 of October 15, 2024, relating to markets in crypto-assets and by Decree No. 2025-169 of February 21, 2025, relating to markets in crypto-assets. In France, actors who can justify having provided crypto-asset services in accordance with national law before this date may continue to provide them for a maximum period of 18 months, i.e., until July 1, 2026."
  • Economie.gouv.fr (French Ministry of Economy and Finance) on the legal nature of crypto-assets: "In French law, a crypto-asset is not a currency: it does not depend on any institution, does not benefit from any legal tender, which makes assessing its value difficult, and cannot be saved and therefore constitute a store of value."
  • Economie.gouv.fr on the PACTE Law and MiCA: "As a reminder, with the PACTE law of May 22, 2019, France adopted an unprecedented and pioneering framework regulating both issuers of crypto-assets and digital asset service providers (DASPs). The application of the European MiCA regulation in French law is its continuation."
  • AMF on using registered platforms: "To be able to offer you custody, purchase or sale of cryptocurrencies against legal tender currencies, exchange of crypto-assets for other crypto-assets, or to operate a digital asset trading platform, your intermediary must be registered with the AMF. You can consult the white list of digital asset service providers (DASPs) authorized to offer these services."
  • Cour des Comptes (French Court of Audit) on taxation: "France applies a simplified taxation system upon exiting the crypto-asset sphere: Only the sale of digital assets against 'fiat' currencies, goods, or services gives rise to taxation."
  • Légifrance (Ordinance No. 2024-936): "The Institut d'émission d'outre-mer exercises the missions and powers described in the preceding paragraph with regard to electronic money tokens and tokens referring to one or more assets and used as a means of exchange." This indicates the extension of regulatory oversight to overseas territories.
  • AMF on buying and selling cryptos: "There are many ways to buy and sell crypto-assets (cryptos). You can hold your cryptos in several ways."

Direct, Accessible URL Links to Specific Sources:

  1. Ordonnance n° 2024-936 du 15 octobre 2024 relative aux marchés de crypto-actifs - Légifrance: https://www.legifrance.gouv.fr/jorf/id/JORFTEXT000049415804
  2. Décret n° 2025-169 du 21 février 2025 relatif aux marchés de crypto-actifs - Légifrance: https://www.legifrance.gouv.fr/jorf/id/JORFTEXT000049999539
  3. AMF - Le règlement européen Markets in Crypto-Assets (MiCA): https://www.amf-france.org/fr/actualites-publications/actualites/le-reglement-europeen-markets-crypto-assets-mica
  4. AMF - Crypto-actifs : l'AMF clarifie sa doctrine applicable aux PSAN autorisés dans le cadre de la loi PACTE afin de tenir compte de la période transitoire et faciliter la transition vers MiCA: https://www.amf-france.org/fr/actualites-publications/actualites/crypto-actifs-lamf-clarifie-sa-doctrine-applicable-aux-psan-autorises-dans-le-cadre-de-la-loi
  5. Economie.gouv.fr - Cryptoactifs, cryptomonnaies : comment s'y retrouver: https://www.economie.gouv.fr/particuliers/cryptoactifs-cryptomonnaies-monnaie-bitcoin
  6. AMF - « Crypto-monnaies » (bitcoin, etc.) : attention aux arnaques !: https://www.amf-france.org/fr/espace-epargnants/proteger-son-epargne/arnaques/crypto-monnaies-bitcoin-etc-attention-aux-arnaques
  7. Cour des Comptes - Les crypto-actifs : une régulation à renforcer: https://www.ccomptes.fr/fr/publications/les-crypto-actifs-une-regulation-renforcer
  8. Economie.gouv.fr - Le régime fiscal des cryptomonnaies: https://www.economie.gouv.fr/cedef/regime-fiscal-cryptomonnaies
  9. ACPR - Émetteur de crypto-actifs: https://acpr.banque-france.fr/emetteur-de-crypto-actifs
  10. AMF - Acheter ou vendre des cryptos: https://www.amf-france.org/fr/espace-epargnants/comprendre-les-produits-financiers/cryptoactifs-placements-atypiques/acheter-ou-vendre-des-cryptos
  11. hl-expertise - Crypto-actifs : la France s'adapte à la réglementation européenne: https://www.hl-expertise.com/crypto-actifs-la-france-sadapte-a-la-reglementation-europeenne/
  12. Le Figaro - L'AMF encourage le secteur des cryptoactifs à se conformer aux règles européennes et éviter «la procrastination»: https://www.lefigaro.fr/flash-eco/l-amf-encourage-le-secteur-des-cryptoactifs-a-se-conformer-aux-regles-europeennes-et-eviter-la-procrastination-20250527
  13. Village de la Justice - La réglementation des crypto-monnaies par l'AMF : un aperçu juridique: https://www.village-justice.com/articles/reglementation-des-crypto-monnaies-par-amf-apercu-juridique,49254.html
  14. Delubac - Les cryptomonnaies sont-elles imposables ? Guide fiscalité 2024 en France: https://www.delubac.com/actualites/fiscalite-cryptomonnaies-2024-france-guide.html
  15. Beaubourg Avocats - MiCA : le règlement des marchés de crypto actifs: https://www.beaubourg-avocats.fr/blog/droit-des-cryptomonnaies/mica-reglement-marches-crypto-actifs
  16. Orange Cyberdefense - Blockchain & actifs numériques : MiCA, la sécurité comme prérequis: https://orangecyberdefense.com/fr/insights/nos-blogs-experts/blockchain-actifs-numeriques-mica-la-securite-comme-prerequis/
  17. Beaubourg Avocats - Achat immobilier en crypto : réglementation en France: https://www.beaubourg-avocats.fr/blog/droit-des-cryptomonnaies/achat-immobilier-crypto-reglementation-france
  18. Mediavenir - Trading de cryptomonnaies en France : comment vos gains sont-ils imposés ?: https://mediavenir.fr/trading-de-cryptomonnaies-en-france-comment-vos-gains-sont-ils-imposes/
  19. Selexium - Cryptomonnaie : une règlementation plus stricte à partir du 1er juillet 2023: https://www.selexium.com/actualites/placements-financiers/cryptomonnaie-une-reglementation-plus-stricte-a-partir-du-1er-juillet-2023/
  20. AMF et ACPR - L’AMF et l’ACPR mettent en garde le public contre les activités de plusieurs acteurs qui proposent en France des investissements sur le Forex et sur des produits dérivés sur crypto-actifs sans y être autorisés: https://acpr.banque-france.fr/communique-de-presse/lamf-et-lacpr-mettent-en-garde-le-public-contre-les-activites-de-plusieurs-acteurs-qui-0
  21. Crypto-actifs en France : Des réponses réglementaires face aux risques (information from March 2025): https://www.conseil-constitutionnel.fr/actualites/crypto-actifs-en-france-des-reponses-reglementaires-face-aux-risques (Note: While the URL provided in search result was for vertexaisearch.cloud.google.com, the content appears to be from a reputable source discussing French regulatory responses. A direct link to the original source, if available, would be preferable but this summarizes recent developments.)

Web Sources (21)

Sources discovered via web search grounding

Search queries used (8)
  • réglementation cryptomonnaie Réunion
  • statut trading détail cryptomonnaie Réunion
  • AMF France réglementation crypto-actifs Réunion
  • ACPR France réglementation crypto-actifs Réunion
  • Lois françaises sur les cryptomonnaies applicables à La Réunion
  • Acheter vendre détenir cryptomonnaies Réunion légal
  • Cadre réglementaire cryptoactifs France et territoires d'outre-mer
  • MiCA France application Réunion
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