French Monetary and Financial Code
In force1° The service of custody of digital assets on behalf of third parties consists of controlling, on behalf of a third party, the means of access to the digital assets registered in the shared electronic recording device and keeping a register of positions, opened in the name of the third party, corresponding to its rights to the said digital assets.
The custody service provider thus defined processes events affecting the digital assets or the associated rights under conditions defined by the general regulations of the Autorité des marchés financiers.
When the cryptographic technique used by the shared electronic recording device on which the digital assets are recorded is asymmetric cryptography, the means of access to a digital asset are private cryptographic keys.
2° The service of buying or selling digital assets in legal tender is constituted by concluding purchase or sale contracts on behalf of a third party relating to digital assets in legal tender, with, where applicable, the interposition of the service provider's own account;
3° The service of exchanging digital assets for other digital assets is constituted by the conclusion of contracts providing for the exchange of digital assets for other digital assets on behalf of a third party, with, where applicable, the interposition of the service provider's own account;
4° The service of operating a digital asset trading platform is constituted by managing one or more digital asset trading platforms, within which multiple buying and selling interests expressed by third parties for digital assets against other digital assets or in legal tender can interact in a way that results in the conclusion of contracts;
5-1. The service of receiving and transmitting orders for digital assets on behalf of third parties consists of receiving and transmitting orders for digital assets on behalf of a third party;
5-2. The service of portfolio management of digital assets on behalf of third parties is the discretionary and individualised management of portfolios including one or more digital assets under a mandate given by a third party;
5-3. The service of providing advice to subscribers of digital assets consists of providing personalised recommendations to a third party, either at the request of the third party or at the initiative of the service provider providing the advice, concerning one or more digital assets;
5-4. The service of underwriting digital assets consists of acquiring digital assets directly from an issuer of digital assets, with a view to selling them;
5-5. The service of guaranteed placement of digital assets consists of seeking purchasers on behalf of an issuer of digital assets and guaranteeing the issuer a minimum amount of purchases by undertaking to purchase the digital assets not placed;
5-6. The service of unsecured placement of digital assets consists of seeking purchasers on behalf of an issuer of digital assets without guaranteeing the issuer a purchase amount.
