Holding and using crypto-assets in a French company

A company considering paying or collecting a transaction in crypto-assets asks itself, in this order, three questions: am I entitled to hold these assets? — how does my chartered accountant record them? — what do I declare, and to whom? This note answers these questions for your situation, that of the user company, and not for that of the infrastructure provider. It aims to reassure legal, finance and accounting departments, and not to promote a service.

French law imposes neither a prohibition in principle nor a requirement of prior authorisation. Holding crypto-assets falls within a company's freedom of management, subject to three internal formalities that secure the decision and the audit trail.

Regulation (EU) 2023/1114 (MiCA) has applied to providers since 30 December 2024. France had opened an 18-month transitional period for players registered as PSAN under the 2019 PACTE law; this period ended on 1 July 2026. Since then, providing a crypto-asset service without CASP authorisation exposes the provider to two years' imprisonment and a €30,000 fine.

Ten services are subject to authorisation: custody and administration on behalf of third parties; operating a trading platform; exchange for funds; exchange for other crypto-assets; execution of orders; placing; reception and transmission of orders; advice; portfolio management; transfer (transfer services).

Collecting or paying the price of a machine falls under the first line: the company remains an end user and does not fall within the scope of any of the ten services.

ACTUARUS never takes possession of the funds. The sums are locked in a smart contract according to the conditions signed by the parties and released by the execution of the code. No segregated account, no holding of users' private keys, no discretionary power over the locked funds.

Two consequences for the client:

• No third-party holder risk. A failure of ACTUARUS does not deprive the client of their funds, which are never on its balance sheet.
• Ownership retained until settlement. Locked assets remain the buyer's, which simplifies their treatment if a transaction straddles the year-end.

A stablecoin backed by an official currency is classified by MiCA as an electronic money token (EMT). Its issuance is reserved for a credit institution or electronic money institution authorised in the Union, with 1:1 backed reserves and a right of redemption at nominal value.

ACTUARUS uses EURC as its default settlement rail, with EURCV available for institutional counterparties wanting a token issued by a French banking institution.

For occasional transactional use, the first route is generally the most suitable.

Current framework: ANC Regulation 2018-07 as amended by Regulation 2020-05. ANC Regulation 2026-01 of 9 January 2026 overhauls the section of the General Chart of Accounts and aligns it with MiCA. It is mandatory for financial years beginning on or after 1 January 2027, early application possible.

• Capital gains and losses are determined, at your choice, under FIFO or CUMP (weighted average unit cost), applied consistently.
• The notes must state how market value is determined: sources or platforms used and valuation time. Set this policy in writing from the first operation.
• Lending or staking operations with an obligation to return now have explicit treatment.

• Origin of funds — keep for each operation the signed contract, the on-chain transaction identifier, the conversion provider's statement and the commercial invoice.
• Travel Rule — Regulation (EU) 2023/1113 requires authorised providers to accompany transfers with information on the sender and the beneficiary. The CASP will ask for the counterparty to be identified on inflows and outflows.
• Banking relationship — some institutions restrict accounts showing recurring crypto flows. Inform your account manager in advance, with a supporting file.

Each transaction rests on an electronic contract signed by both parties; its clauses determine execution, the smart contract executing only what has been signed.

The applicable framework is the eIDAS Regulation (EU) 910/2014, revised by Regulation (EU) 2024/1183. Recording on a distributed ledger provides a technically verifiable timestamp and integrity trace, but does not constitute a qualified timestamp within the meaning of eIDAS: it is free-form evidence subject to the judge's assessment. Adding a qualified signature is recommended for high-stakes transactions.

1. 1

   Check the compatibility of the corporate purpose

   Owner: Legal department

2. 2

   Adopt the minutes authorising the holding and setting the internal policy

   Owner: General management

3. 3

   Open an account in the company's name with a CASP listed on the ESMA register

   Owner: Finance department

4. 4

   Choose the settlement stablecoin from among the authorised EMTs

   Owner: Finance department

5. 5

   Define in writing the valuation source and the time used

   Owner: Accounting

6. 6

   Inform the banking partner and build the supporting file

   Owner: Treasury

7. 7

   Decide on early application of ANC Regulation 2026-01

   Owner: Chartered accountant

8. 8

   Check the reporting obligations

   Owner: Tax

General information note. It does not constitute legal advice or tax or accounting advice, and does not replace the analysis of a lawyer, a chartered accountant or a statutory auditor. It reflects the legal position as of 2 August 2026. Regulation is evolving rapidly, both at European level (ESMA and EBA guidelines and Q&A under MiCA) and in accounting matters, with the entry into application of ANC Regulation 2026-01. The lists of authorised tokens and providers are indicative and must be checked against the ESMA public registers on the date of the intended operation.