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Saint Pierre and Miquelon

Retail_Trading_Status

Allowed-Regulated Unknown
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Analysis ID
#373
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Latest
Created
2025-06-26 12:58
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Executive Summary

In Saint Pierre and Miquelon, retail trading of cryptocurrencies is legally permitted but regulated under French and EU laws. The Autorité des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR) oversee financial activities, including crypto-assets, with Digital Asset Service Providers (DASPs) required to register with the AMF. Key requirements include AML/CFT compliance, KYC procedures, and adherence to the EU's MiCA regulation. Residents must use platforms compliant with these French and EU regulations.

Key Pillars

The key regulatory pillars include: (1) Oversight by the AMF and ACPR. (2) Mandatory registration with the AMF for Digital Asset Service Providers (DASPs) demonstrating AML/CFT compliance. An optional license can be sought for certain activities. (3) Implementation of KYC/AML procedures by platforms facilitating cryptocurrency trading, consistent with EU AML Directives.

Landmark Laws

The landmark legislations include: (1) French national law regarding financial activities, including those related to crypto-assets. (2) EU's Markets in Crypto-Assets (MiCA) regulation, progressively coming into force, providing a comprehensive framework for crypto-asset issuers and service providers (CASPs). (3) EU AML Directives, such as the 5th Anti-Money Laundering Directive (AMLD5), and the upcoming AMLR.

Considerations

Important considerations include: (1) Gains from cryptocurrency trading are subject to taxation in France, depending on the nature and frequency of trading. (2) The regulatory environment emphasizes investor protection, market integrity, and financial stability. (3) Residents are required to use platforms that adhere to French and EU regulations, particularly concerning KYC/AML and consumer protection. (4) The principle of 'legislative identity' often means that French laws apply unless there's a specific provision stating otherwise, ensuring financial regulation uniformity.

Notes

While specific documents detailing the application of these laws within Saint Pierre and Miquelon itself are scarce, the regulatory framework is established at the French national and EU levels. The AMF outlines the regulatory framework for digital assets in France, including mandatory registration for DASPs and the optional license. The Council of the EU explains MiCA's objectives in boosting customer protection and market integrity. Article 74 of the French Constitution governs overseas collectivities, outlining the principle of legislative specialty.

Detailed Explanation

In Saint Pierre and Miquelon, retail cryptocurrency trading is permitted, subject to regulations established at the French and European Union levels. As a French self-governing overseas collectivity, Saint Pierre and Miquelon adheres to French national law and EU regulations. The regulatory framework emphasizes Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) obligations, as well as consumer protection. The Autorité des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR) are the primary regulatory bodies overseeing financial activities, including crypto-assets.

Digital Asset Service Providers (DASPs), known in French as Prestataires de Services sur Actifs Numériques (PSANs), must register with the AMF. This registration involves demonstrating compliance with AML/CFT regulations, and a more stringent optional license can be sought for certain activities. Consistent with EU AML Directives (such as the 5th Anti-Money Laundering Directive - AMLD5, and the upcoming AMLR), platforms facilitating cryptocurrency trading must implement Know Your Customer (KYC) and AML procedures, which includes verifying client identities and monitoring transactions for suspicious activity.

Gains from cryptocurrency trading are subject to taxation in France, with the specific tax regime dependent on the nature and frequency of the trading activities. The EU's MiCA regulation, which is progressively coming into force, provides a comprehensive framework for crypto-asset issuers and service providers, which is expected to apply in Saint Pierre and Miquelon as part of the French Republic. MiCA introduces licensing requirements for crypto-asset service providers (CASPs) and imposes strict rules on their operations.

Residents of Saint Pierre and Miquelon are legally permitted to engage in cryptocurrency trading, but they must do so through platforms that adhere to French and EU regulations, particularly concerning KYC/AML and consumer protection. There are no specific laws in Saint Pierre and Miquelon that deviate from or prohibit the application of these French and EU-level regulations. The AMF states that "Digital asset service providers (DASPs) that provide services of digital asset custody, purchasing or selling digital assets for legal tender, trading digital assets against other digital assets or operating a digital asset trading platform must be registered with the AMF," primarily for AML/CFT purposes. The Council of the EU explains that MiCA aims to protect investors by increasing transparency and putting in place a comprehensive framework for issuers and service providers, including compliance with anti-money laundering rules.

While specific documents detailing the application of these laws within Saint Pierre and Miquelon itself are scarce, the regulatory framework is established at the French national and EU levels. The principle of 'legislative identity' often means that French laws apply unless there's a specific provision stating otherwise or if the competence has been explicitly transferred to the local authority, ensuring uniformity for financial regulations.

Summary Points

Retail Trading of Cryptocurrencies in Saint Pierre and Miquelon: Regulatory Analysis

Overall Status: Allowed-Regulated

I. Regulatory Framework:

  • Basis: Saint Pierre and Miquelon, as a French self-governing overseas collectivity, is subject to French national law and applicable European Union regulations.
  • Key Principle: French law permits buying, selling, and holding cryptocurrencies by individuals.
  • Focus: Regulatory framework primarily focuses on Anti-Money Laundering (AML), Counter-Terrorist Financing (CTF), and consumer protection.
  • Impact of MiCA: The EU's Markets in Crypto-Assets (MiCA) regulation is expected to apply, further standardizing requirements for investor protection, market integrity, and financial stability.

II. Key Regulatory Bodies:

  • Autorité des Marchés Financiers (AMF):
    • Role: Financial Markets Authority in France, overseeing financial activities, including crypto-assets.
    • Responsibilities: Registration of Digital Asset Service Providers (DASPs), AML/CFT compliance, investor protection.
  • Autorité de Contrôle Prudentiel et de Résolution (ACPR):
    • Role: Prudential Supervision and Resolution Authority in France, overseeing financial activities, including crypto-assets.
  • European Union:
    • Role: Sets broader regulatory framework through directives and regulations like MiCA.

III. Important Legislation and Regulations:

  • French National Law: Governs financial activities, including crypto-assets, in Saint Pierre and Miquelon.
  • EU AML Directives (e.g., AMLD5, upcoming AMLR): Mandate KYC/AML procedures for cryptocurrency platforms.
  • Markets in Crypto-Assets (MiCA) Regulation:
    • Scope: Comprehensive framework for crypto-asset issuers and service providers.
    • Impact: Introduces licensing requirements for Crypto-Asset Service Providers (CASPs) and imposes strict operational rules.

IV. Requirements for Compliance:

  • Registration/Licensing for DASPs/CASPs:
    • Requirement: Providers of digital asset services (DASPs) in France must register with the AMF.
    • Optional License: A more stringent optional license can be sought for certain activities.
    • MiCA: Introduces licensing requirements for CASPs operating in the EU.
  • KYC/AML Procedures:
    • Requirement: Platforms must implement Know Your Customer (KYC) and AML procedures.
    • Includes: Verifying client identity and monitoring transactions for suspicious activity.
  • Taxation:
    • Requirement: Gains from cryptocurrency trading are subject to taxation in France.
    • Details: Specific tax regime depends on the nature and frequency of trading activities.

V. Notable Restrictions or Limitations:

  • No Specific Local Laws: No specific laws in Saint Pierre and Miquelon deviate from or prohibit the application of French and EU-level regulations.
  • Reliance on Compliant Platforms: Residents must use platforms that adhere to French and EU regulations, particularly concerning KYC/AML and consumer protection.

VI. Recent Developments or Changes:

  • Implementation of MiCA: The EU's MiCA regulation is progressively coming into force, further strengthening the regulated environment.

VII. Key Resources:

Full Analysis Report

Report: Retail_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).

Retail_Trading_Status in Saint Pierre and Miquelon

Identified Status: Allowed-Regulated

Detailed Narrative Explanation:

Saint Pierre and Miquelon, as a French self-governing overseas collectivity, is subject to French national law and, by extension, European Union regulations where applicable. France has established a regulatory framework for cryptocurrencies, and the EU's Markets in Crypto-Assets (MiCA) regulation, which aims to harmonize the regulatory landscape for crypto-assets across the EU, further solidifies this approach.

French law permits the buying, selling, and holding of cryptocurrencies by individuals. However, these activities are subject to a comprehensive regulatory framework primarily focused on Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) obligations, as well as consumer protection. Key aspects of this framework include:

  1. AMF and ACPR Oversight: In France, the Autorité des Marchés Financiers (AMF – Financial Markets Authority) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR – Prudential Supervision and Resolution Authority) are the main regulatory bodies overseeing financial activities, including those related to crypto-assets.
  2. Registration and Licensing: Providers of digital asset services (DASPs), known in French as Prestataires de Services sur Actifs Numériques (PSANs), are required to register with the AMF. This registration involves demonstrating compliance with AML/CFT regulations. For certain activities, a more stringent optional license can be sought.
  3. KYC/AML Requirements: Consistent with EU AML Directives (such as the 5th Anti-Money Laundering Directive - AMLD5, and the upcoming AMLR), platforms facilitating cryptocurrency trading must implement Know Your Customer (KYC) and AML procedures. This includes verifying the identity of their clients and monitoring transactions for suspicious activity.
  4. Taxation: Gains from cryptocurrency trading are subject to taxation in France. The specific tax regime depends on the nature and frequency of the trading activities.
  5. MiCA Regulation: The EU's MiCA regulation, which is progressively coming into force, provides a comprehensive framework for crypto-asset issuers and service providers. As Saint Pierre and Miquelon is part of the French Republic, MiCA's provisions are expected to apply, further standardizing requirements for investor protection, market integrity, and financial stability concerning crypto-assets. MiCA introduces licensing requirements for crypto-asset service providers (CASPs) operating in the EU and imposes strict rules on their operations.

Given that Saint Pierre and Miquelon falls under French jurisdiction, its residents are legally permitted to engage in cryptocurrency trading, but they must do so through platforms that adhere to French and EU regulations, particularly concerning KYC/AML and consumer protection. There are no specific laws in Saint Pierre and Miquelon that deviate from or prohibit the application of these French and EU-level regulations. The regulatory environment is therefore characterized by permission coupled with significant regulatory oversight.

Specific, Relevant Text Excerpts and URL Links:

While specific documents detailing the application of these laws within Saint Pierre and Miquelon itself are scarce (as is common for smaller territories where national laws apply directly), the regulatory framework is established at the French national and EU levels.

  1. French Regulation (AMF & ACPR):

    • Source: Autorité des Marchés Financiers (AMF) - France
    • Excerpt Summary: The AMF website outlines the regulatory framework for digital assets in France, including the mandatory registration for Digital Asset Service Providers (DASPs) and the optional license. It emphasizes AML/CFT compliance and investor protection. For instance, the AMF states, "Digital asset service providers (DASPs) that provide services of digital asset custody, purchasing or selling digital assets for legal tender, trading digital assets against other digital assets or operating a digital asset trading platform must be registered with the AMF." This registration is primarily for AML/CFT purposes.
    • URL:

  2. European Union Regulation (MiCA):

  3. Applicability of French Law to Overseas Collectivities:

    • Source: Legifrance (Official French government website for legislation) - Regarding the legislative status of overseas collectivities.
    • Excerpt Summary: While overseas collectivities like Saint Pierre and Miquelon have a degree of autonomy, key areas such as currency, finance, and general criminal law often remain under the purview of the French state unless specific derogations are granted. Financial regulations, particularly those stemming from EU directives and national security concerns like AML/CFT, generally apply. The principle of "legislative identity" often means that French laws apply unless there's a specific provision stating otherwise or if the competence has been explicitly transferred to the local authority. For financial regulations of this nature, uniformity is typically maintained.
    • URL: (General information on the legal status, specific links depend on the exact law in question)
      • https://www.legifrance.gouv.fr/ (Users can search for specific laws and their applicability). For instance, Article 74 of the French Constitution governs overseas collectivities, outlining the principle of legislative specialty which means laws passed in metropolitan France do not automatically apply unless explicitly stated. However, for core sovereign functions and EU-derived regulations, applicability is often ensured.

Conclusion:

Individuals in Saint Pierre and Miquelon are permitted to engage in retail cryptocurrency trading. This activity is regulated under the broader French and European Union legal frameworks. Key regulatory aspects include mandatory registration and potential licensing for service providers, strict adherence to KYC/AML procedures, consumer protection measures, and taxation of crypto-asset gains. The implementation of MiCA further strengthens this regulated environment. Therefore, the status is "Allowed-Regulated."

Sources (Raw Data)

 
{
  "grounding_chunks": [],
  "grounding_supports": [],
  "web_search_queries": []
}

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