Ask a crypto actor, and they will often give you the same answer about PSAN registration:

"I waited over a year."

"My caller changed several times."

"I didn't hear from them for four months."

This slowness and these difficulties would be attributed to the lack of means of the Autorité des marchés financiers (AMF) which must manage all the files 📂

Over the past year, the regulator has lost some of its staff without compensating for the departures, which creates some traffic jams.

For its part, the regulator justifies these delays by the fact that some files are incomplete. "There are companies that have clearly not understood the importance of the process," explains a source close to the Autorité des marchés financiers (AMF).

To defend itself, the authority also refers to the fact that 60 companies have already been registered, which is significantly higher than other European countries.

This argument, however, does not convince on the side of the Association for the Development of Digital Assets (Adan), where they simply point out the existence of "a pool of companies" 🇫🇷 important.

In the meantime, the risk for France, and other countries, is that some companies, especially the most dynamic ones, will go elsewhere to get registered and approved, to avoid losing time.

"We have French clients who are willing, for example, to go to Luxembourg," says Arnaud Touati, founding partner of Hashtag Avocats.