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Conflicting rules on France s journey to digital assets custody Dec 14, 2020 By Funds Europe
Conflicting rules surrounding custody of digital assets is hindering major French service providers from positioning themselves in the market.
The French Pacte Law was seen as an innovative first step in creating a framework for digital-assets service providers and more recently the AMF issued further guidance for firms seeking to apply for a ‘DASP’ (digital asset service provider) licence or registration.
Meanwhile, the European Commission outlined proposals for a digital-assets framework, known as the MiCA law. This includes a proposed pilot regime for service providers to develop blockchain-based offerings for digital securities, such as custody.