New Caledonia

Retail_Trading_Status

Allowed-Regulated Unknown

Analysis ID: #97
Version: Archived
Created: 2025-04-12 06:45
Run: 93294629...
History: View all versions
Workflow Stage: Live

Executive Summary

Retail cryptocurrency trading is allowed and regulated in New Caledonia under the French legal and regulatory framework, particularly the PACTE Law and soon MiCA. The Autorité des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR) are key regulators, with registration required for Digital Asset Service Providers (DASPs). Compliance with AML/CFT regulations, including KYC procedures, is mandatory. The Institut d'Émission d'Outre-Mer (IEOM) has issued warnings about the risks associated with crypto-assets.

Key Pillars

Primary Regulators: Autorité des Marchés Financiers (AMF) and Autorité de Contrôle Prudentiel et de Résolution (ACPR).
Core Compliance: Strict AML/CFT regulations, including mandatory Know Your Customer (KYC) procedures.
Licensing/Registration: Mandatory registration with the AMF for Digital Asset Service Providers (DASPs/PSANs) offering specific crypto services; transitioning to MiCA-authorized CASPs.

Landmark Laws

PACTE Law (Law No. 2019-486 of May 22, 2019): Established a comprehensive framework for Digital Asset Service Providers (DASPs/PSANs).
Markets in Crypto-Assets (MiCA) Regulation: EU regulation that will introduce licensing requirements for Crypto-Asset Service Providers (CASPs), effective from December 30, 2024, with a transitional period until July 1, 2026.
Ordinance n° 2020-1544 of December 9, 2020: Aims to bring the national regulatory framework relating to digital assets into conformity with the recommendations of the Financial Action Task Force (FATF) in the fight against money laundering and terrorist financing (LCB-FT)

Considerations

Crypto-assets are not legal tender in New Caledonia; the CFP Franc is the only legal tender.
The IEOM has issued warnings regarding the risks associated with crypto-assets, including volatility and lack of deposit guarantees.
Investors are urged to use only AMF-authorized providers established in France.
AML/CFT requirements necessitate KYC procedures for virtual asset service providers (VASPs).

Notes

New Caledonia falls under the French legal and regulatory framework for financial matters, including crypto-assets.
The Institut d'Émission d'Outre-Mer (IEOM) serves as the central bank for French Pacific collectivities, including New Caledonia.
The IEOM issued a press release on January 8, 2024, providing guidance for New Caledonia residents on crypto investments, advising vigilance and checking for AMF authorization.
Existing PSANs must obtain CASP approval before July 1, 2026, to continue operating under the MiCA regulation.

Detailed Explanation

New Caledonia, as a French sui generis collectivity, operates under the French legal and regulatory framework for financial matters, including crypto-assets. There are no specific local New Caledonian laws restricting the buying, selling, or holding of cryptocurrencies by retail individuals, thus, such activity is permitted. The primary regulatory influence stems from France's implementation of European directives and its national laws, notably the PACTE Law (Law No. 2019-486 of May 22, 2019), which established a framework for Digital Asset Service Providers (DASPs, or PSAN in French). Key regulators are the Autorité des Marchés Financiers (AMF) for market conduct and investor protection, and the Autorité de Contrôle Prudentiel et de Résolution (ACPR) for prudential supervision. Service providers offering crypto services to New Caledonia residents must register with the AMF for services like crypto custody and crypto-to-fiat exchange. France is implementing the EU's Markets in Crypto-Assets (MiCA) regulation, effective from December 30, 2024, introducing licensing for Crypto-Asset Service Providers (CASPs), with a transitional period until July 1, 2026, for existing PSANs to obtain CASP approval. Registered and licensed DASPs/PSANs (and soon CASPs) are subject to strict Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) regulations, including Know Your Customer (KYC) procedures, aligning with FATF standards. The Institut d'Émission d'Outre-Mer (IEOM), the central bank for French Pacific collectivities including New Caledonia, has issued warnings about the risks of crypto-assets, emphasizing they are not legal tender (the CFP Franc is), are volatile, lack deposit guarantees, and advising investors to use only AMF-authorized providers established in France. Ordinance n° 2020-1544 of December 9, 2020, aims to bring the national regulatory framework relating to digital assets into conformity with the recommendations of the Financial Action Task Force (FATF) in the fight against money laundering and terrorist financing (LCB-FT) and is applicable in New Caledonia.

Summary Points

**Retail Cryptocurrency Trading Status in New Caledonia: Regulatory Overview**

**I. General Status:**

*   **Allowed-Regulated:** Retail cryptocurrency trading is permitted in New Caledonia but is subject to French and EU regulations.

**II. Key Regulatory Bodies & Roles:**

*   **Autorité des Marchés Financiers (AMF):**
    *   Role: Market conduct and investor protection.
    *   Responsibility: Registers Digital Asset Service Providers (DASPs/PSANs) operating in France (including those serving New Caledonia residents).
*   **Autorité de Contrôle Prudentiel et de Résolution (ACPR):**
    *   Role: Prudential supervision of financial institutions.
*   **Institut d'Émission d'Outre-Mer (IEOM):**
    *   Role: Central bank for French Pacific collectivities (including New Caledonia).
    *   Responsibility: Issues warnings and guidance regarding crypto-asset risks to New Caledonia residents.

**III. Important Legislation & Regulations:**

*   **French PACTE Law (Law No. 2019-486 of May 22, 2019):**
    *   Established the initial framework for Digital Asset Service Providers (DASPs/PSANs).
    *   Mandates registration for certain crypto services.
*   **EU Markets in Crypto-Assets (MiCA) Regulation:**
    *   Creates a harmonized framework for crypto-assets across the EU (and influences French overseas territories).
    *   Introduces licensing requirements for Crypto-Asset Service Providers (CASPs).
    *   Effective Date: December 30, 2024.
    *   Transitional Period: Existing DASPs/PSANs have until July 1, 2026, to obtain CASP approval.
*   **AML/CFT Regulations:**
    *   Registered/licensed DASPs/PSANs (and future CASPs) are subject to strict Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) regulations.
    *   Ordinance n° 2020-1544 of December 9, 2020, brings national regulatory framework into conformity with FATF recommendations.

**IV. Requirements for Compliance:**

*   **DASP/PSAN Registration (Currently):**
    *   Service providers offering specific crypto services (custody, crypto-to-fiat, fiat-to-crypto, crypto-to-crypto exchange, operating a trading platform) to New Caledonia residents must register with the AMF.
*   **CASP Licensing (Under MiCA):**
    *   From December 30, 2024, Crypto-Asset Service Providers (CASPs) will require a license under MiCA.
*   **AML/CFT Compliance:**
    *   Mandatory Know Your Customer (KYC) procedures to verify customer identities.
    *   Monitoring transactions for suspicious activity.
    *   Compliance with Financial Action Task Force (FATF) standards.

**V. Notable Restrictions or Limitations:**

*   **No Legal Tender Status:** Crypto-assets are not legal tender in New Caledonia. The CFP Franc is the only legal tender.
*   **Investor Risk:** IEOM warns of the high volatility and lack of deposit guarantees associated with crypto-assets.
*   **Geographic Limitation:** IEOM recommends using AMF-authorized providers established in France.

**VI. Recent Developments or Changes:**

*   **MiCA Implementation:** France is actively implementing the EU's MiCA regulation.
*   **IEOM Warnings:** The IEOM continues to issue warnings regarding the risks of investing in crypto-assets.
*   **AML/CFT Updates:** Ongoing efforts to align with FATF recommendations in AML/CFT.

Full Analysis Report

Report: Retail Cryptocurrency Trading Status in New Caledonia

1. Retail_Trading_Status

Status: Allowed-Regulated

2. Narrative Explanation

New Caledonia, as a French sui generis collectivity, generally falls under the French legal and regulatory framework for financial matters, including crypto-assets. There is no specific legislation originating from New Caledonia that bans or restricts the buying, selling, or holding of cryptocurrencies by retail individuals. Therefore, the activity is permitted.

The regulation stems from France's implementation of European directives and its own national laws, primarily the PACTE Law (Law No. 2019-486 of May 22, 2019). This law established a comprehensive framework for Digital Asset Service Providers (DASPs, or Prestataires de Services sur Actifs Numériques - PSAN in French).

Key aspects of the French regulatory framework applicable to New Caledonia include:

Regulatory Authorities: The main regulatory bodies are the Autorité des Marchés Financiers (AMF) for market conduct and investor protection, and the Autorité de Contrôle Prudentiel et de Résolution (ACPR) for prudential supervision of financial institutions.
DASP/PSAN Regime: Service providers offering specific crypto services in France (including to residents of New Caledonia) must register with the AMF. Mandatory registration applies to services like crypto custody, crypto-to-fiat exchange, fiat-to-crypto exchange, and crypto-to-crypto exchange. An optional, more stringent license is available for other services.
MiCA Implementation: France is implementing the European Union's Markets in Crypto-Assets (MiCA) regulation, which creates a harmonized framework across the EU (and by extension, often influences French overseas territories). MiCA introduces licensing requirements for Crypto-Asset Service Providers (CASPs) effective from December 30, 2024, with a transitional period for existing registered DASPs/PSANs until July 1, 2026.
AML/CFT Requirements: Registered and licensed DASPs/PSANs (soon CASPs under MiCA) are subject to strict Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) regulations. This includes mandatory Know Your Customer (KYC) procedures to verify customer identities and monitor transactions for suspicious activity. These requirements align with Financial Action Task Force (FATF) standards.
Investor Warnings: The Institut d'Émission d'Outre-Mer (IEOM), which serves as the central bank for French Pacific collectivities including New Caledonia, has issued warnings regarding the risks associated with crypto-assets. These warnings emphasize that crypto-assets are not legal tender (the CFP Franc is the only legal tender), are highly volatile, lack deposit guarantees, and urge investors to use only AMF-authorized providers established in France.

Therefore, while retail individuals in New Caledonia can legally trade cryptocurrencies, they should do so through platforms that comply with the French/EU regulatory framework (i.e., AMF-registered/licensed providers, transitioning to MiCA-authorized CASPs) to benefit from applicable investor protection and AML/CFT safeguards. Trading occurs within a regulated environment, albeit one defined and supervised primarily by French authorities rather than specific New Caledonian bodies.

3. Supporting Excerpts

On the applicability of French DASP regime to French territory:
- "All the DASPs in the scope of the French DASP regime that carry on their activity on the French territory must be registered with the AMF. This includes two scenarios: when they are established in France; when they provide services to clients who are resident or established in France." (Source: Adan - The French Regulatory Framework for Markets in Crypto-Assets)
On IEOM's guidance for New Caledonia residents:
- "Crypto-assets are attracting increasing interest in the French Pacific collectivities... The Institut d'émission d'Outre-Mer (IEOM) invites you to exercise the utmost vigilance... Ensure that the intermediary offering products or services on digital assets is authorized to do so. To do this, consult the list of digital asset service providers authorized by the Autorité des Marchés Financiers (AMF White List of PSANs). In this list, only providers established in France are entitled to carry out their activity in the French Pacific collectivities. They are identifiable by a French Trade and Companies Register (RCS) number..." (Source: IEOM Press Release, January 8, 2024)
On the French DASP/PSAN framework:
- "Since the entry into force of the PACTE law on May 22, 2019... providers operating in certain sectors related to cryptocurrencies must meet specific conditions to carry out their activities..." (Source: Forvis Mazars - France)
- "If you offer services on crypto-assets, registration as a digital asset service provider (PSAN) is mandatory if you wish to provide services for: custody of digital assets; purchase or sale of digital assets in legal tender currency; exchange of digital assets for other digital assets; operation of a digital asset trading platform." (Source: ACPR - Banque de France)
On the transition to MiCA:
- "The provisions of the MiCA Regulation on the provision of crypto-asset services will replace existing national regimes (such as the PACTE law in France) from January 1, 2025. Transitional period of 18 months: PSANs must obtain CASP approval before July 1, 2026 to continue." (Source: ACPR - Banque de France)
On AML/CFT application:
- "...the ordinance n° 2020-1544 of December 9, 2020... aims to bring the national regulatory framework relating to digital assets into conformity with the recommendations of the Financial Action Task Force (FATF) in the fight against money laundering and terrorist financing (LCB-FT)..." applicable in "...New Caledonia, French Polynesia and the Wallis and Futuna Islands." (Source: Lexbase)
- "Cryptocurrency KYC refers to the set of identity verification procedures required by law for virtual asset service providers (VASPs). KYC processes are important because they enable criminal investigators to connect pseudonymous cryptocurrency addresses to real-world entities..." (Source: Chainalysis)

4. Source URLs

IEOM Press Release (Jan 2024 - Guidance for French Pacific Territories):
- https://www.ieom.fr/ieom/communication/communiques-presse/article/l-ieom-vous-informe-des-precautions-a-prendre-en-matiere-d-investissement-en (Direct link to the specific press release)
IEOM/IEDOM General Warning (Nov 2024):
- https://www.ieom.fr/ieom/communication/communiques-presse/article/attention-a-l-usage-et-a-l-investissement-dans-les-crypto-actifs-prudence-et
Adan (Association for the Development of Digital Assets) - French Regulatory Framework Overview:
- https://adan.eu/en/publications/the-french-regulatory-framework-for-markets-in-crypto-assets
Autorité de Contrôle Prudentiel et de Résolution (ACPR) - DASP/PSAN Information:
- https://acpr.banque-france.fr/je-suis-un-professionnel/fintech-innovation/mon-activite-concerne/je-propose-des-services-sur-crypto-actifs (French)
Autorité des Marchés Financiers (AMF) - MiCA Regulation Overview:
- https://www.amf-france.org/en/regulation/digital-finance/european-regulation-markets-crypto-assets-mica
Lexbase (Mentioning AML/CFT Ordinance Applicability):
- https://www.lexbase.fr/breves/78656188-breves-actifs-numeriques-renforcement-lutte-contre-blanchiment-capitaux-financement (Requires subscription for full view, but snippet confirms applicability)
Forvis Mazars (Mentioning PACTE Law):
- https://www.mazars.fr/Accueil/Services/Conseil-financier/Regulation-financiere/Lutte-contre-le-blanchiment-des-capitaux/Prestataires-de-Services-sur-Actifs-Numeriques-PSAN (French)
Chainalysis (General KYC/AML Explanation):
- https://www.chainalysis.com/blog/what-is-aml-kyc-for-crypto/

**Report: Retail Cryptocurrency Trading Status in New Caledonia**

**1. Retail_Trading_Status**

*   **Status:** Allowed-Regulated

**2. Narrative Explanation**

New Caledonia, as a French *sui generis* collectivity, generally falls under the French legal and regulatory framework for financial matters, including crypto-assets. There is no specific legislation originating from New Caledonia that bans or restricts the buying, selling, or holding of cryptocurrencies by retail individuals. Therefore, the activity is permitted.

The regulation stems from France's implementation of European directives and its own national laws, primarily the PACTE Law (Law No. 2019-486 of May 22, 2019). This law established a comprehensive framework for Digital Asset Service Providers (DASPs, or *Prestataires de Services sur Actifs Numériques* - PSAN in French).

Key aspects of the French regulatory framework applicable to New Caledonia include:

*   **Regulatory Authorities:** The main regulatory bodies are the Autorité des Marchés Financiers (AMF) for market conduct and investor protection, and the Autorité de Contrôle Prudentiel et de Résolution (ACPR) for prudential supervision of financial institutions.
*   **DASP/PSAN Regime:** Service providers offering specific crypto services in France (including to residents of New Caledonia) must register with the AMF. Mandatory registration applies to services like crypto custody, crypto-to-fiat exchange, fiat-to-crypto exchange, and crypto-to-crypto exchange. An optional, more stringent license is available for other services.
*   **MiCA Implementation:** France is implementing the European Union's Markets in Crypto-Assets (MiCA) regulation, which creates a harmonized framework across the EU (and by extension, often influences French overseas territories). MiCA introduces licensing requirements for Crypto-Asset Service Providers (CASPs) effective from December 30, 2024, with a transitional period for existing registered DASPs/PSANs until July 1, 2026.
*   **AML/CFT Requirements:** Registered and licensed DASPs/PSANs (soon CASPs under MiCA) are subject to strict Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) regulations. This includes mandatory Know Your Customer (KYC) procedures to verify customer identities and monitor transactions for suspicious activity. These requirements align with Financial Action Task Force (FATF) standards.
*   **Investor Warnings:** The Institut d'Émission d'Outre-Mer (IEOM), which serves as the central bank for French Pacific collectivities including New Caledonia, has issued warnings regarding the risks associated with crypto-assets. These warnings emphasize that crypto-assets are not legal tender (the CFP Franc is the only legal tender), are highly volatile, lack deposit guarantees, and urge investors to use only AMF-authorized providers established in France.

Therefore, while retail individuals in New Caledonia can legally trade cryptocurrencies, they should do so through platforms that comply with the French/EU regulatory framework (i.e., AMF-registered/licensed providers, transitioning to MiCA-authorized CASPs) to benefit from applicable investor protection and AML/CFT safeguards. Trading occurs within a regulated environment, albeit one defined and supervised primarily by French authorities rather than specific New Caledonian bodies.

**3. Supporting Excerpts**

*   **On the applicability of French DASP regime to French territory:**
    *   "All the DASPs in the scope of the French DASP regime that carry on their activity on the French territory must be registered with the AMF. This includes two scenarios: when they are established in France; when they provide services to clients who are resident or established in France." (Source: Adan - The French Regulatory Framework for Markets in Crypto-Assets)
*   **On IEOM's guidance for New Caledonia residents:**
    *   "Crypto-assets are attracting increasing interest in the French Pacific collectivities... The Institut d'émission d'Outre-Mer (IEOM) invites you to exercise the utmost vigilance... Ensure that the intermediary offering products or services on digital assets is authorized to do so. To do this, consult the list of digital asset service providers authorized by the Autorité des Marchés Financiers (AMF White List of PSANs). In this list, only providers established in France are entitled to carry out their activity in the French Pacific collectivities. They are identifiable by a French Trade and Companies Register (RCS) number..." (Source: IEOM Press Release, January 8, 2024)
*   **On the French DASP/PSAN framework:**
    *   "Since the entry into force of the PACTE law on May 22, 2019... providers operating in certain sectors related to cryptocurrencies must meet specific conditions to carry out their activities..." (Source: Forvis Mazars - France)
    *   "If you offer services on crypto-assets, registration as a digital asset service provider (PSAN) is mandatory if you wish to provide services for: custody of digital assets; purchase or sale of digital assets in legal tender currency; exchange of digital assets for other digital assets; operation of a digital asset trading platform." (Source: ACPR - Banque de France)
*   **On the transition to MiCA:**
    *   "The provisions of the MiCA Regulation on the provision of crypto-asset services will replace existing national regimes (such as the PACTE law in France) from January 1, 2025. Transitional period of 18 months: PSANs must obtain CASP approval before July 1, 2026 to continue." (Source: ACPR - Banque de France)
*   **On AML/CFT application:**
    *   "...the ordinance n° 2020-1544 of December 9, 2020... aims to bring the national regulatory framework relating to digital assets into conformity with the recommendations of the Financial Action Task Force (FATF) in the fight against money laundering and terrorist financing (LCB-FT)..." applicable in "...New Caledonia, French Polynesia and the Wallis and Futuna Islands." (Source: Lexbase)
    *   "Cryptocurrency KYC refers to the set of identity verification procedures required by law for virtual asset service providers (VASPs). KYC processes are important because they enable criminal investigators to connect pseudonymous cryptocurrency addresses to real-world entities..." (Source: Chainalysis)

**4. Source URLs**

*   **IEOM Press Release (Jan 2024 - Guidance for French Pacific Territories):**
    *   `https://www.ieom.fr/ieom/communication/communiques-presse/article/l-ieom-vous-informe-des-precautions-a-prendre-en-matiere-d-investissement-en` (Direct link to the specific press release)
*   **IEOM/IEDOM General Warning (Nov 2024):**
    *   `https://www.ieom.fr/ieom/communication/communiques-presse/article/attention-a-l-usage-et-a-l-investissement-dans-les-crypto-actifs-prudence-et`
*   **Adan (Association for the Development of Digital Assets) - French Regulatory Framework Overview:**
    *   `https://adan.eu/en/publications/the-french-regulatory-framework-for-markets-in-crypto-assets`
*   **Autorité de Contrôle Prudentiel et de Résolution (ACPR) - DASP/PSAN Information:**
    *   `https://acpr.banque-france.fr/je-suis-un-professionnel/fintech-innovation/mon-activite-concerne/je-propose-des-services-sur-crypto-actifs` (French)
*   **Autorité des Marchés Financiers (AMF) - MiCA Regulation Overview:**
    *   `https://www.amf-france.org/en/regulation/digital-finance/european-regulation-markets-crypto-assets-mica`
*   **Lexbase (Mentioning AML/CFT Ordinance Applicability):**
    *   `https://www.lexbase.fr/breves/78656188-breves-actifs-numeriques-renforcement-lutte-contre-blanchiment-capitaux-financement` (Requires subscription for full view, but snippet confirms applicability)
*   **Forvis Mazars (Mentioning PACTE Law):**
    *   `https://www.mazars.fr/Accueil/Services/Conseil-financier/Regulation-financiere/Lutte-contre-le-blanchiment-des-capitaux/Prestataires-de-Services-sur-Actifs-Numeriques-PSAN` (French)
*   **Chainalysis (General KYC/AML Explanation):**
    *   `https://www.chainalysis.com/blog/what-is-aml-kyc-for-crypto/`

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