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Saint Pierre and Miquelon

Retail_Trading_Status

Allowed-Regulated Unknown
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Analysis ID
#72
Version
Archived
Created
2025-04-12 06:41
Workflow Stage
Live

Executive Summary

Retail cryptocurrency trading is legal and regulated in Saint Pierre and Miquelon, aligning with France's regulatory framework. The Autorité des Marchés Financiers (AMF) oversees intermediaries (DASPs/PSANs) through registration and AML/KYC requirements established by the PACTE Law (Law No. 2019-486). Stricter EU-wide Markets in Crypto-Assets (MiCA) regulations are being phased in. There are no specific legal challenges or workarounds mentioned in the report.

Key Pillars

  • Primary regulator: Autorité des Marchés Financiers (AMF) and Autorité de Contrôle Prudentiel et de Résolution (ACPR).
  • Core compliance requirements: Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) regulations, Know Your Customer (KYC) procedures. Anonymous crypto accounts are prohibited.
  • Licensing/Registration: Digital Asset Service Providers (DASPs, or Prestataires de Services sur Actifs Numériques - PSANs) must register with the AMF; optional, more stringent license available.

Landmark Laws

  • PACTE Law (Law No. 2019-486 of 22 May 2019):
  • Date of issue: 22 May 2019
  • Summary: Established a regulatory framework for crypto-assets in France, primarily regulating intermediaries (DASPs/PSANs).
  • Markets in Crypto-Assets (MiCA):
  • Date of issue: N/A (EU Regulation)
  • Summary: Aims to create a harmonized regulatory landscape across the EU for crypto-asset issuers and service providers (CASPs).

Considerations

  • Cryptocurrencies are not considered legal tender; the Euro remains the sole legal currency.
  • Gains from selling cryptocurrencies are subject to taxation in France (and thus SPM, subject to any specific local fiscal provisions outlined by the Direction des Services Fiscaux de Saint-Pierre-et-Miquelon).
  • Individuals must declare capital gains, and declaring accounts held on foreign crypto platforms is mandatory.

Notes

  • Saint Pierre and Miquelon, as an overseas collectivity of France, falls under the French legal and regulatory framework concerning financial activities.
  • The French framework is transitioning towards the comprehensive European Union regulation, Markets in Crypto-Assets (MiCA), with a transitional period for existing registered French PSANs until mid-2026 to obtain a mandatory MiCA license.
  • The Invezz summary mentions that "many cryptocurrency exchanges aren't regulated in Saint Pierre and Miquelon, as the legislation has yet to catch up with the reality of the crypto market," but the report clarifies that this refers to global platforms potentially not being registered in France, rather than a lack of regulation within SPM itself.

Detailed Explanation

Saint Pierre and Miquelon (SPM), being a self-governing overseas collectivity of France, operates under the French legal and regulatory framework for financial activities, which includes crypto-assets (actifs numériques). Retail cryptocurrency trading is legal in SPM; there is no ban on buying, selling, or holding cryptocurrencies for individual citizens and residents. However, cryptocurrencies are not legal tender, with the Euro being the sole legal currency. The regulatory framework is primarily shaped by the PACTE Law (Law No. 2019-486 of 22 May 2019), which regulates intermediaries known as Digital Asset Service Providers (DASPs, or Prestataires de Services sur Actifs Numériques - PSANs). These entities, if providing services in France (or targeting the French market, including SPM), must register with the Autorité des Marchés Financiers (AMF). Mandatory registration applies to services such as custody, buying/selling crypto against legal tender, exchanging crypto for other crypto, and operating a trading platform. A more stringent optional license also exists, requiring adherence to higher standards. Registered DASPs/PSANs are subject to strict Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) regulations, overseen by the AMF and the Autorité de Contrôle Prudentiel et de Résolution (ACPR). This includes mandatory Know Your Customer (KYC) procedures; anonymous crypto accounts are prohibited. Fund transfers between France and SPM are treated as internal transfers for regulatory purposes. The AMF and ACPR also issue warnings about unregistered platforms offering services illegally in France. The French framework is transitioning to the EU's Markets in Crypto-Assets (MiCA) regulation. Key provisions of MiCA began applying in June 2024 (for stablecoins) and December 2024 (for other crypto-assets), with a transitional period for existing French PSANs until mid-2026 to obtain a MiCA license. Gains from selling cryptocurrencies are subject to taxation in France (and thus SPM, subject to any specific local fiscal provisions outlined by the Direction des Services Fiscaux de Saint-Pierre-et-Miquelon), and declaring accounts held on foreign crypto platforms is mandatory.

Summary Points

Okay, here's the regulatory analysis report converted into a clear, well-structured bullet point format:

Retail Cryptocurrency Trading Status in Saint Pierre and Miquelon (SPM)
Date: April 12, 2025

I. Overall Regulatory Status:

  • Allowed-Regulated: Retail cryptocurrency trading (buying, selling, holding) is legal in Saint Pierre and Miquelon.
  • Not Legal Tender: Cryptocurrencies are not legal tender; the Euro remains the sole legal currency.

II. Key Regulatory Bodies and Their Roles:

  • Autorité des Marchés Financiers (AMF):
    • French financial markets authority.
    • Oversees registration of Digital Asset Service Providers (DASPs/PSANs).
    • Enforces AML/CFT regulations in conjunction with ACPR.
    • Issues warnings about unregistered platforms.
    • Plays a key role in the transition to MiCA.
  • Autorité de Contrôle Prudentiel et de Résolution (ACPR):
    • French banking and insurance supervisor.
    • Oversees AML/CFT compliance in conjunction with AMF.
  • Direction des Services Fiscaux de Saint-Pierre-et-Miquelon:
    • Responsible for local fiscal provisions, including taxation of cryptocurrency gains.

III. Important Legislation and Regulations:

  • French Legal Framework: SPM falls under the French legal and regulatory framework for financial activities, including crypto-assets.
  • PACTE Law (Law No. 2019-486 of 22 May 2019):
    • Established the initial regulatory framework for crypto-assets in France.
    • Introduced the Digital Asset Service Provider (DASP/PSAN) regime.
  • Markets in Crypto-Assets (MiCA) Regulation (EU):
    • EU-wide regulation aiming to harmonize crypto-asset regulation.
    • Key provisions are being implemented, with full application expected by mid-2026.
    • Will require existing French PSANs to obtain a MiCA license.

IV. Requirements for Compliance (Primarily for DASPs/PSANs):

  • Registration/Licensing:
    • Entities providing crypto-asset services (e.g., custody, exchange) must register with the AMF.
    • A more stringent optional license is available with higher standards.
    • Transition to mandatory MiCA licensing by mid-2026.
  • Anti-Money Laundering/Counter-Financing of Terrorism (AML/CFT):
    • Strict AML/CFT regulations apply, overseen by AMF and ACPR.
    • Mandatory Know Your Customer (KYC) procedures for users.
    • Prohibition of anonymous crypto accounts.
  • Investor Protection:
    • Regulations aim to protect investors and ensure market integrity.

V. Notable Restrictions or Limitations:

  • No Legal Tender Status: Cryptocurrencies are not legal tender.
  • Regulatory Oversight: Participation in the crypto market is subject to regulatory oversight, particularly through the DASP/PSAN regime.
  • Taxation: Gains from selling cryptocurrencies are subject to taxation.
  • Foreign Account Declaration: Mandatory declaration of accounts held on foreign crypto platforms.

VI. Recent Developments or Changes:

  • EU Harmonization (MiCA): The French framework is transitioning towards the comprehensive EU MiCA regulation.
    • Key provisions of MiCA began applying in June 2024 (for stablecoins) and December 2024 (for other crypto-assets and services).
    • Transitional period for existing registered French PSANs until mid-2026 to obtain a mandatory MiCA license.

Full Analysis Report

Report: Retail Cryptocurrency Trading Status in Saint Pierre and Miquelon

Date: April 12, 2025

Jurisdiction: Saint Pierre and Miquelon (Overseas Collectivity of France)

Topic: Retail_Trading_Status

Description: Assessment of whether individual citizens and residents in Saint Pierre and Miquelon are legally permitted to buy, sell, and hold cryptocurrencies, including details on the regulatory environment (e.g., KYC/AML requirements, warnings).

1. Current Status: Allowed-Regulated

2. Detailed Narrative Explanation:

Saint Pierre and Miquelon (SPM), as a self-governing overseas collectivity of France, falls under the French legal and regulatory framework concerning financial activities, including those related to crypto-assets (referred to as actifs numériques in French law). Therefore, the status of retail cryptocurrency trading in SPM mirrors that of mainland France.

  • Legality: It is legal for individual citizens and residents of Saint Pierre and Miquelon to buy, sell, and hold cryptocurrencies. There is no specific ban on these activities for retail users. However, cryptocurrencies are not considered legal tender; the Euro remains the sole legal currency [35].
  • Regulatory Framework: France established a pioneering regulatory framework for crypto-assets with the PACTE Law (Law No. 2019-486 of 22 May 2019) [13, 35]. This framework primarily regulates intermediaries, known as Digital Asset Service Providers (DASPs, or Prestataires de Services sur Actifs Numériques - PSANs).
    • DASP/PSAN Regime: Entities providing certain crypto-asset services in France (or targeting the French market, which includes SPM) must register with the Autorité des Marchés Financiers (AMF), the French financial markets authority. Mandatory registration applies to services such as custody of digital assets, buying/selling digital assets against legal tender, exchanging digital assets for other digital assets, and operating a digital asset trading platform [5, 13, 14, 24]. An optional, more stringent license is also available, requiring adherence to higher prudential and organizational standards [13, 24].
    • AML/CFT Compliance: Registered DASPs/PSANs are subject to strict Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) regulations, overseen by the AMF and the Autorité de Contrôle Prudentiel et de Résolution (ACPR), the banking and insurance supervisor [4, 5, 9, 14]. This includes mandatory Know Your Customer (KYC) procedures for users. Anonymous crypto accounts are prohibited in France [7]. The integration of SPM into the French/EU AML framework is further evidenced by decisions treating fund transfers between France and SPM as internal transfers for regulatory purposes [31].
    • Investor Protection: The regulations aim to protect investors and ensure market integrity. The AMF and ACPR issue warnings about unregistered platforms offering services illegally in France [9, 30].
  • EU Harmonization (MiCA): The French framework is transitioning towards the comprehensive European Union regulation, Markets in Crypto-Assets (MiCA) [14, 29, 39]. MiCA aims to create a harmonized regulatory landscape across the EU for crypto-asset issuers and service providers (CASPs). Key provisions of MiCA began applying in June 2024 (for stablecoins) and December 2024 (for other crypto-assets and services), with a transitional period for existing registered French PSANs until mid-2026 to obtain a mandatory MiCA license to continue operating within the EU, including France and its territories like SPM [16, 29, 39, 41]. This reinforces the regulated nature of the market.
  • Taxation: Gains from selling cryptocurrencies are subject to taxation in France (and thus SPM, subject to any specific local fiscal provisions outlined by the Direction des Services Fiscaux de Saint-Pierre-et-Miquelon [25]). Individuals must declare capital gains, and declaring accounts held on foreign crypto platforms is mandatory [5, 18, 41, 43].

In summary, residents of Saint Pierre and Miquelon can legally participate in the cryptocurrency market. However, the activity is regulated, primarily through the oversight of service providers (exchanges, custodians) who must comply with French (and increasingly, EU-wide MiCA) registration/licensing, AML/KYC, and investor protection rules. Individuals are also subject to tax obligations.

3. Specific Relevant Text Excerpts:

  • On Legality in SPM:
    > "Is cryptocurrency legal in Saint Pierre and Miquelon? Yes, buying Bitcoin is legal in Saint Pierre and Miquelon. You can safely buy and sell cryptocurrency using a French crypto exchange. However, many cryptocurrency exchanges aren't regulated in Saint Pierre and Miquelon, as the legislation has yet to catch up with the reality of the crypto market." (Summary of Invezz [3] - Note: The latter part refers to global platforms potentially not being registered in France, rather than a lack of regulation within SPM itself).
  • On French Regulation (DASP/PSAN):
    > "The PACTE Law (Law No. 2019-486 of 22 May 2019 on

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