Saint Pierre and Miquelon
Retail_Trading_Status
- Analysis ID
- #774
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- Created
- 2025-12-12 05:11
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- e7c1ef3e...
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Executive Summary
Retail cryptocurrency trading is legal and regulated in Saint Pierre and Miquelon under the French regulatory framework, specifically the PSAN (Prestataires de Services sur Actifs Numériques) regime overseen by the Autorité des Marchés Financiers (AMF). The territory, an Overseas Collectivity of France using the Euro, falls under the monetary oversight of the Institut d'Émission des Départements d'Outre-Mer (IEDOM), which actively issues consumer warnings regarding crypto assets while confirming their legality. Intermediaries operating in the territory must comply with French AML/CFT laws and register with the AMF, with the framework currently transitioning to the EU's MiCA regulation.
Key Pillars
Autorité des Marchés Financiers (AMF) as primary conduct regulator
Institut d'Émission des Départements d'Outre-Mer (IEDOM) as local central bank agency
Mandatory PSAN registration for custody and fiat-to-crypto exchange services
Strict AML/CFT compliance under French law (Tracfin reporting)
Transition to EU Markets in Crypto-Assets (MiCA) regulation
Landmark Laws
Loi PACTE (Action Plan for Business Growth and Transformation) (Loi n° 2019-486) - Enacted: 2019-05-22
- Established the PSAN regulatory regime, creating a mandatory registration requirement for crypto-custodians and fiat-to-crypto exchanges, and an optional license for other services.
- Source
Code Monétaire et Financier (Articles L54-10-1 to L54-10-7) (Code monétaire et financier) - Enacted: 2019-05-24
- Codifies the definition of digital assets and the specific obligations for Digital Asset Service Providers (DASPs/PSANs), applicable in Saint Pierre and Miquelon.
- Source
Ordinance on Markets in Crypto-Assets (MiCA Adaptation) (Ordonnance n° 2024-936) - Enacted: 2024-10-15
- Adapts French national law to align with the EU MiCA regulation, ensuring continuity of the PSAN regime during the transition period.
- Source
Considerations
Saint Pierre and Miquelon uses the Euro but is an OCT (Overseas Country and Territory), not an EU Outermost Region; however, French financial law generally applies.
The IEDOM explicitly warns consumers about the lack of protection for unregulated assets but directs them to AMF-registered providers.
Capital gains from crypto trading are subject to tax under the French tax code applicable to the territory.
Local banking access for crypto transactions may be stricter than in mainland France due to de-risking policies.
Notes
Saint Pierre and Miquelon's status is unique: it is not in the EU but uses the Euro and applies French financial law. This effectively extends the 'Allowed-Regulated' status of France to the territory.
Remaining Uncertainties
- Specific local tax reporting nuances for Saint Pierre and Miquelon residents versus mainland France residents.
- The exact timeline for full MiCA application in OCTs compared to the EU mainland, though French ordinance suggests unified application.
Detailed Explanation
Detailed Explanation
Retail cryptocurrency trading is legal and regulated in Saint Pierre and Miquelon. The territory operates under the French regulatory framework, as an Overseas Collectivity of France. The primary regulatory regime is the PSAN (Prestataires de Services sur Actifs Numériques) system, established by the Loi PACTE (Loi n° 2019-486) enacted on 2019-05-22. This framework mandates that digital asset service providers, specifically those offering custody and fiat-to-crypto exchange services, must register with the Autorité des Marchés Financiers (AMF), France's financial markets authority. The specific obligations for these providers are codified in the French Monetary and Financial Code (Articles L54-10-1 to L54-10-7), enacted on 2019-05-24. The local monetary oversight is provided by the Institut d'Émission des Départements d'Outre-Mer (IEDOM), which acts as the central bank agency and actively issues consumer warnings about the risks associated with crypto assets while confirming their legality under the regulated framework. All intermediaries must comply with strict French anti-money laundering and counter-terrorist financing (AML/CFT) laws, with reporting obligations to Tracfin. The regulatory landscape is currently transitioning to align with the European Union's Markets in Crypto-Assets (MiCA) regulation, facilitated by the Ordinance on Markets in Crypto-Assets (Ordonnance n° 2024-936) enacted on 2024-10-15, which adapts French national law for this purpose. It is important to note that while Saint Pierre and Miquelon uses the Euro, it is not part of the European Union but an Overseas Country and Territory (OCT), though French financial law generally applies. Capital gains from cryptocurrency trading are subject to taxation under the French tax code as applicable in the territory. A notable practical consideration is that local banking access for cryptocurrency-related transactions may be more restrictive than in mainland France due to de-risking policies adopted by financial institutions.
Summary Points
I. Regulatory Status
* Retail cryptocurrency trading is Allowed-Regulated.
* The activity is legal and operates under a specific regulatory framework.
* The territory falls under the French financial regulatory system.
II. Key Regulatory Bodies
* Autorité des Marchés Financiers (AMF): The primary conduct regulator, responsible for overseeing and registering Digital Asset Service Providers (PSANs).
* Institut d'Émission des Départements d'Outre-Mer (IEDOM): The local central bank agency providing monetary oversight and issuing consumer warnings regarding crypto assets.
* Tracfin: The French financial intelligence unit responsible for AML/CFT reporting.
III. Important Legislation
* Loi PACTE (Action Plan for Business Growth and Transformation) (Loi n° 2019-486)
* Enacted: 2019-05-22
* Established the mandatory PSAN registration regime for crypto-custodians and fiat-to-crypto exchanges.
* Code Monétaire et Financier (Articles L54-10-1 to L54-10-7)
* Enacted: 2019-05-24
* Codifies the definition of digital assets and the specific obligations for Digital Asset Service Providers (DASPs/PSANs).
* Ordinance on Markets in Crypto-Assets (MiCA Adaptation) (Ordonnance n° 2024-936)
* Enacted: 2024-10-15
* Adapts French national law to align with the EU's MiCA regulation, ensuring regulatory continuity.
IV. Compliance Requirements
* Mandatory PSAN registration with the AMF for entities providing custody and fiat-to-crypto exchange services.
* Strict compliance with French AML/CFT laws, including reporting to Tracfin.
* Capital gains from crypto trading are subject to tax under the French tax code applicable to the territory.
* Service providers must adhere to the evolving framework transitioning to the EU's MiCA regulation.
V. Notable Restrictions or Limitations
* The IEDOM explicitly warns consumers about the lack of protection for unregulated crypto assets.
* Local banking access for cryptocurrency transactions may be stricter than in mainland France due to de-risking policies.
* While the Euro is used, Saint Pierre and Miquelon is an Overseas Country and Territory (OCT), not an EU Outermost Region.
VI. Recent Developments or Notes
* The regulatory framework is actively transitioning to comply with the EU's Markets in Crypto-Assets (MiCA) regulation.
* French financial law, including the PSAN regime, is effectively extended to Saint Pierre and Miquelon due to its political status.
* Consumers are directed by the IEDOM to use only AMF-registered providers.
Full Analysis Report
Full Analysis Report
Saint Pierre and Miquelon, as a French Overseas Collectivity (Collectivité d'outre-mer - COM), shares the monetary and financial regulatory framework of France. Consequently, the status of retail cryptocurrency trading is 'Allowed-Regulated'. The primary legislation governing this activity is the 'Loi PACTE' of May 2019, which introduced the PSAN (Prestataires de Services sur Actifs Numériques) regime. This framework requires entities providing digital asset custody or fiat-to-crypto exchange services to register with the Autorité des Marchés Financiers (AMF) and comply with anti-money laundering (AML) and counter-terrorism financing (CFT) regulations.
The Institut d'Émission des Départements d'Outre-Mer (IEDOM) acts as the central bank agency for the territory. In January 2024, the IEDOM issued a specific communication to residents of Saint Pierre and Miquelon regarding crypto-assets. The warning advised 'greatest vigilance' and directed users to consult the AMF's white list of registered providers and blacklists of fraudulent sites. This official communication confirms that holding and trading crypto assets is legal for residents, provided they are aware of the risks and utilize regulated channels.
While Saint Pierre and Miquelon is constitutionally distinct from the EU (holding OCT status), its monetary agreement with the EU and its integration into the French legal system mean that financial regulations are effectively harmonized. The French 'Code monétaire et financier' (CMF) applies to the territory, including the definitions of digital assets found in Article L54-10-1. The territory is currently in a transition phase alongside mainland France towards the full implementation of the EU's Markets in Crypto-Assets (MiCA) regulation, which will supersede parts of the national PSAN regime.
Enforcement is carried out by French authorities. The AMF oversees market conduct and registration, while the ACPR (Autorité de Contrôle Prudentiel et de Résolution) handles prudential supervision. Residents have access to French and international crypto exchanges that comply with these regulations. However, the IEDOM's localized warnings suggest a focus on consumer protection against scams, which are prevalent in the region. There are no specific local prohibitions on mining or the use of crypto for payments, although the Euro remains the sole legal tender.
Saint Pierre and Miquelon, as a French Overseas Collectivity (Collectivité d'outre-mer - COM), shares the monetary and financial regulatory framework of France. Consequently, the status of retail cryptocurrency trading is 'Allowed-Regulated'. The primary legislation governing this activity is the 'Loi PACTE' of May 2019, which introduced the PSAN (Prestataires de Services sur Actifs Numériques) regime. This framework requires entities providing digital asset custody or fiat-to-crypto exchange services to register with the Autorité des Marchés Financiers (AMF) and comply with anti-money laundering (AML) and counter-terrorism financing (CFT) regulations. The Institut d'Émission des Départements d'Outre-Mer (IEDOM) acts as the central bank agency for the territory. In January 2024, the IEDOM issued a specific communication to residents of Saint Pierre and Miquelon regarding crypto-assets. The warning advised 'greatest vigilance' and directed users to consult the AMF's white list of registered providers and blacklists of fraudulent sites. This official communication confirms that holding and trading crypto assets is legal for residents, provided they are aware of the risks and utilize regulated channels. While Saint Pierre and Miquelon is constitutionally distinct from the EU (holding OCT status), its monetary agreement with the EU and its integration into the French legal system mean that financial regulations are effectively harmonized. The French 'Code monétaire et financier' (CMF) applies to the territory, including the definitions of digital assets found in Article L54-10-1. The territory is currently in a transition phase alongside mainland France towards the full implementation of the EU's Markets in Crypto-Assets (MiCA) regulation, which will supersede parts of the national PSAN regime. Enforcement is carried out by French authorities. The AMF oversees market conduct and registration, while the ACPR (Autorité de Contrôle Prudentiel et de Résolution) handles prudential supervision. Residents have access to French and international crypto exchanges that comply with these regulations. However, the IEDOM's localized warnings suggest a focus on consumer protection against scams, which are prevalent in the region. There are no specific local prohibitions on mining or the use of crypto for payments, although the Euro remains the sole legal tender.
Source Evidence
Primary and secondary sources cited in this analysis
"Si vous êtes détenteur de crypto-actifs ou si vous envisagez d'en acquérir, l'Institut d'émission des départements d'Outre-Mer (IEDOM) vous invite à la plus grande vigilance."
"Pour l'application du présent chapitre, les actifs numériques comprennent : 1° Les jetons... 2° Toute représentation numérique d'une valeur..."
"Consultez les listes noires figurant sur son site (listes-noires-et-mises-en-garde - AMF)."
"Le présent décret modifie la partie règlementaire du code monétaire et financier pour assurer sa cohérence et sa conformité avec le règlement (UE) 2023/1114"
"L'enregistrement est obligatoire pour les services de conservation d'actifs numériques... et d'achat/vente d'actifs numériques contre monnaie ayant cours légal."
Web Sources (4)
Sources discovered via web search grounding
Search queries used (9)
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https://www.adan.eu/en/publication/the-french-regulatory-framework-for-markets-in-crypto-assets/
https://formation.lefebvre-dalloz.fr/actualite/loi-pacte-quel-cadre-juridique-pour-les-cryptos-actifs-en-france
https://www.iedom.fr/L-IEDOM-vous-informe-des-precautions-a-prendre-en-matiere-d-investissement-en-9430
https://www.ccomptes.fr/fr/documents/67782