Marketing crypto-asset services in France: a practical guide for CASPs

Marketing crypto-asset services is a sensitive exercise. Providers need it to make their services known, but it must follow a set of rules and good practices. Since the end of the transitional period, these rules rest on a European base, Regulation (EU) 2023/1114 (“MiCA”), supplemented by French law: the Monetary and Financial Code (CMF), the Consumer Code and Law No. 2023-451 of 9 June 2023 on commercial influence. This guide sets out which marketing methods are allowed, good practices and the risks involved.

Which providers may market to the French public?

The French PSAN regime created by the PACTE Law has gone. MiCA has applied to crypto-asset service providers since 30 December 2024. Firms under the former national regime had until 1 July 2026 to obtain a MiCA authorisation; PSANs that had not obtained it were struck off on 2 July 2026.

The distinction between mandatory registration and optional licence no longer exists. There is a single status, that of crypto-asset service provider (CASP). The following may promote crypto-asset services to the French public:

• CASPs authorised by the AMF under Article 59 of MiCA;
• CASPs authorised in another Member State, acting in France under the European passport (MiCA, Art. 65);
• certain financial entities already authorised (credit institutions, investment firms, etc.), after a notification to the national authority under Article 60 of MiCA that the authority has found complete.

Two checks are needed before any campaign. First, confirm that the entity appears on the AMF list of CASPs or, for a passported provider, on the ESMA register. Second, check that the authorisation covers the service promoted: under Article 59 of MiCA, each authorisation specifies the services for which the provider is authorised.

For firms established outside the Union, the reverse solicitation exemption (MiCA, Art. 61) is construed narrowly. Under the ESMA guidelines, which the AMF has adopted (DOC-2025-03), it does not apply where the solicitation comes from the firm itself or from anyone acting on its behalf or closely linked to it, influencers included. Our page on crypto marketing rules in France covers providers based in another Member State or outside the Union.

Finally, no unauthorised person may use a name, advertisement or any other means suggesting that it is authorised, or likely to create confusion on that point (CMF, Art. L. 54-10-4).

Which marketing methods are reserved to authorised providers?

Under the PACTE Law, four practices were closed to PSANs that were merely registered. Since 1 July 2026 the dividing line lies elsewhere: providers authorised under MiCA may use these methods for the services covered by their authorisation, and all other firms may neither provide these services nor promote them.

Electronic advertising and indirect canvassing

Article L. 222-16-1 of the Consumer Code prohibits electronic advertising aimed at clients who may be non-professionals and relating to crypto-asset services, unless the advertiser is authorised under Article 59 of MiCA. Under the same conditions, it also prohibits electronic advertising that invites a person, through a reply or contact form, to request or provide information.

This second limb targets indirect canvassing, a two-step approach: an online advertisement collects information about the client, then the firm contacts the client to offer its services. In our view, signing up for a newsletter on a provider’s website falls outside this scope, as it is not an advertisement.

Canvassing

Article L. 341-1 of the CMF defines canvassing as any unsolicited contact, by any means, with a specific natural or legal person in order to obtain their agreement to a transaction, including in crypto-assets. Only the persons listed in Article L. 341-3 may canvass, and Article L. 353-2 punishes unlawful canvassing with the penalties for fraud.

Canvassing differs from commercial promotion in two cumulative ways: it is unsolicited (a cold call, email or LinkedIn message) and it targets a specific client. Ordinance No. 2024-936 of 15 October 2024 adapted the rules on canvassing, indirect canvassing, advertising, sponsorship and commercial influence to MiCA.

Since 11 August 2026, telephone marketing to consumers has also been prohibited in all sectors, unless the consumer has given prior consent or the call relates to an existing contract (Consumer Code, Art. L. 223-1, as amended by Law No. 2025-594 of 30 June 2025). The firm must be able to prove verifiable consent for each number called. This requirement applies on top of the financial canvassing rules.

Sponsorship and patronage with an advertising effect

In its version in force since 1 July 2026, Article L. 222-16-2 of the Consumer Code prohibits any sponsorship or patronage whose purpose or effect is direct or indirect advertising for crypto-asset services. The ban does not apply where the sponsor is authorised under Article 59 of MiCA for the services concerned.

In practice, sponsorship means associating one’s name or product with a club, a monument, a festival or a conference. Case law has clarified where the line lies. Patronage becomes a problem when support for a public-interest cause is used to promote the provider’s services.

The label given to the operation does not change its legal nature. The DGCCRF, the French consumer authority, found prohibited sponsorship in material support for a blockchain training programme, which had the effect of advertising a crypto-asset platform.

What makes a communication fair, clear and not misleading?

This principle now has a European basis. Article 66 of MiCA requires CASPs to act honestly, fairly and professionally in the best interests of their clients, and to provide information that is fair, clear and not misleading, including in marketing communications, which must be identified as such. The same article requires CASPs to warn clients of the risks of crypto-asset transactions and forbids misleading a client, deliberately or through negligence, about the real or perceived advantages of a crypto-asset.

Where the communication concerns an offer to the public or an admission to trading, Articles 7, 29 and 53 of MiCA add specific requirements: in particular, the information must be consistent with the white paper where one is required. These rules apply alongside the law on misleading commercial practices (Consumer Code, Art. L. 121-1 et seq.).

Clear communication

Clear communication avoids technical or ambiguous terms, and any doubt about who the advertiser is, particularly on social media.

Avoid technical or ambiguous terms. Providers must strike a balance between blockchain vocabulary and a clear account of the risks. They should avoid overly technical, ambiguous or incomplete terms, and unexplained jargon, so that clients understand the complexity and features of the services. Font sizes must be legible.

For example, “stablecoin” is not a legal category. MiCA distinguishes e-money tokens (EMTs) from asset-referenced tokens (ARTs), and the word may suggest guaranteed stability. It is better to use the regulatory term and explain what it means. For an EMT, marketing communications must state clearly that holders have a right of redemption at par value, at any time, against the issuer.

Identify the advertiser. Every medium must make the provider clearly and easily identifiable, and the website must carry a legal notice. At a minimum it must show:

• the company name and, where relevant, the trading name;
• the company registration number;
• the reference of the CASP authorisation;
• the competent authority, that is the AMF or, for a passported provider, the home-state authority.

A dedicated social media account. We recommend a separate business account for communications on regulated services, with a handle that makes its professional nature clear. For example, @servicename_marketing and @servicename_corporate separate promotion from posts about company life (job offers, etc.).

Accurate communication

Risk warnings. Article 66 of MiCA requires firms to warn clients of the risks. The following must be stated, without being played down:

• the risk of losing all or part of the capital;
• high volatility;
• the failure of the provider;
• regulatory risks, in particular reclassification as a financial instrument; the AMF has adopted the ESMA guidelines on the criteria for classifying crypto-assets as financial instruments (DOC-2025-04).

Avoid hypothetical wording and any phrasing that minimises the risk. Writing “The investment might not be profitable” is not enough. Write instead: “This investment carries a risk of losing part or all of your capital. Only invest what you are prepared to lose.”

Appropriate form. The risk warning must stand out from other statements, appear in bold or colour, and show from the start of any video through a visible, permanent banner. These rules also apply orally: we recommend recording client calls to be able to prove compliance.

Balanced presentation. Communications must present risks and selling points in proportion. Past performance is no guide to future performance and must not be the main element of the communication. Example: “Diversify your investments in crypto-assets with Satoshi France. Investing in crypto-assets carries a risk of total or partial capital loss. Past performance is no guide to future performance.”

Honest presentation of performance. Avoid any return presented as guaranteed or stable, and any reference to returns linked to exceptional circumstances. Phrases such as “safe, high returns” or “effortless returns of up to 80%” could be held inaccurate. Two practices are recommended: state the reference period (1 month, 1 year, 3 years, 5 years) and compare performance with a benchmark over the same period (the price of bitcoin or ether).

Communication that does not mislead

What counts as misleading. A communication may be misleading where it contains:

• distorted information: lack of transparency on fees, retrocessions or the essential features of the service;
• misleading reviews: fake reviews on Google, social media or app stores;
• false or truncated testimonials;
• overly optimistic claims: “the best platform”, “the best investment”…

Regulated status as a selling point. A factual statement of status is part of identifying the advertiser. But the status must not become a selling point, and regulators or their logos may not be used in advertising. Taglines such as “a service compliant with AMF requirements” or “approved by the AMF and the ACPR” must be avoided.

ESMA has clarified this point. On 11 July 2025 it warned against a “hallo effect”: clients may wrongly believe that all products of a regulated CASP enjoy MiCA protection. ESMA asks firms not to use their regulated status to promote unregulated products, and to use, for example, warning pop-ups so that clients acknowledge that some products are unregulated. Among products outside MiCA, ESMA cites direct investment in commodities such as gold, and crypto-asset lending.

Promotional nature of the communication. The commercial nature must be explicit, as Article 66 of MiCA requires. It is also customary to rule out any contractual or regulatory character, and the rule applies when a third party communicates on the provider’s behalf. For example, a promotional article in the media should carry a statement such as: “This is a marketing communication. Please refer to the information document of […] before making any investment decision.”

Avoid confusion with other products. Communications must not liken the service to financial instruments or banking products. Avoid any comparison with regulated savings accounts (such as the Livret A) and any reference to banking status (“neobank”).

Misleading commercial practices: general consumer law

MiCA is not the only set of rules governing the content of communications. The general law on misleading commercial practices (Consumer Code, Art. L. 121-1 et seq.), which transposes Directive 2005/29/EC, applies to any communication aimed at consumers.

Cumulative regimes

The two sets of rules apply together and have separate enforcers: the AMF supervises Article 66 of MiCA; the DGCCRF and the criminal courts enforce the Consumer Code. An authorised CASP that complies with MiCA can therefore still be prosecuted on this basis. The regime also covers the whole promotional chain: advertiser, agency, affiliate, influencer.

Three offences

Misleading action (Art. L. 121-2). A practice is misleading when it rests on false claims or claims likely to mislead. For crypto-asset services, this covers in particular claims about:

• the essential features of the service and the results expected from its use (returns, safety of assets);
• the price or how it is calculated (fees, spreads, commissions);
• the identity, qualities or authorisations of the professional.

A practice is also misleading when the person on whose behalf it is carried out cannot be clearly identified, which ties in with the duty to identify the advertiser.

Misleading omission (Art. L. 121-3). This means omitting, hiding or providing material information in an unclear, ambiguous or untimely way. It also covers failing to state the commercial intent where it is not apparent from the context. Examples in the sector:

• fees buried in hard-to-find terms and conditions;
• a welcome offer whose eligibility or withdrawal conditions are missing from the advertisement;
• staking rewards presented without stating that they are variable and conditional;
• a product outside MiCA promoted without flagging the lack of protection.

Practices deemed misleading in all circumstances (Art. L. 121-4). This article reproduces the “blacklist” in Annex I of the Directive. Its practical weight is considerable: the criminal chamber of the Court of Cassation holds that these practices are unfair in all circumstances, without the court having to show any distortion of consumer behaviour (Cass. crim., 28 January 2020, No. 19-80.496). Several cases concern crypto-asset services directly:

• falsely claiming an authorisation or approval, or failing to meet its conditions: promoting as “authorised” a service that the CASP authorisation does not cover falls within this case;
• undisclosed advertorials: using editorial content in the media to promote a service the professional has paid for, without saying so clearly;
• false urgency: falsely stating that an offer is available for a very limited time only (“only 24 hours left to claim the bonus”);
• false “free” claims: describing a service as “free” or “fee-free” when the consumer bears costs other than unavoidable ones; a platform advertising “zero-fee trading” while earning a spread between buy and sell prices must take particular care;
• fake reviews: posting or commissioning fake consumer reviews, or presenting reviews as genuine without taking reasonable steps to check them.

Who is liable

The person on whose behalf the practice is carried out is primarily liable. A CASP therefore answers for campaigns run in its name by an agency, affiliate or influencer, which justifies prior review of content and the contract clauses recommended below. The intermediary that spreads the practice may also be prosecuted, notably as an accomplice.

Influencers are expressly covered: the Law of 9 June 2023 treats as a misleading commercial practice the failure to state the commercial intent clearly, legibly and understandably where it is not apparent from the context. Even before this law, the DGCCRF penalised such practices: in 2021, an influencer followed by several million people paid a settlement fine of EUR 20,000 for promoting, in 2018, trading courses offered by a bitcoin exchange website without disclosing that she was paid by the companies running it.

Penalties and enforcement

Article L. 132-2 of the Consumer Code punishes misleading commercial practices with two years’ imprisonment and a fine of EUR 300,000. The fine may be raised, in proportion to the gains made, to 10% of average annual turnover or 50% of the advertising spend. Where the offence is committed online, the penalties rise to five years’ imprisonment and a fine of EUR 750,000. For legal persons, the fine is multiplied by five (Criminal Code, Art. 131-38).

The DGCCRF may also offer a criminal settlement, as in the 2021 case, or order the professional to stop the practice, subject to a penalty payment and publication at its own expense. For a business built on trust, publication is often the most feared measure.

In practice, MiCA compliance of a communication is not enough: internal control must also test it against the Consumer Code, in particular the blacklist in Article L. 121-4.

Should providers follow the ARPP recommendations?

The ARPP, the French advertising self-regulatory body, issues non-binding recommendations. As part of their joint work programme, the AMF and the ARPP updated the recommendations on the financial sector and created a recommendation on advertising for digital assets.

Most of these recommendations overlap with the regulations, but the ARPP goes further. It advises against presenting products as a game (the AMF has noted that gamification is an added risk factor), suggesting quick wealth without work or effort, and making excessive use of crypto-asset services seem normal. Advertisements showing investors in a game or party atmosphere, or investing every day, are therefore to be avoided.

The ARPP also seeks to protect minors. It advises against addressing them directly, using visual or written elements that make these services appealing to them, and showing minors using these services, even with adults. Particular care is needed on platforms with a very young audience (TikTok).

How to work with an influencer?

Working with an influencer remains possible, but the rules tightened on 1 July 2026. In its version in force since that date, Article 4 of the Law of 9 June 2023 allows the promotion of crypto-asset services only if the advertiser is authorised under Article 59 of MiCA. Mere PSAN registration, which sufficed until 30 June, no longer counts. Partnerships with unauthorised firms can no longer be performed, and content still online should be taken down. The conditions:

1. Sign a written contract. Since 1 January 2026, a written contract has been mandatory from EUR 1,000 excluding VAT of fees and benefits in kind paid by the same advertiser over a year, for the same promotional purpose. It remains advisable below that threshold: the law makes the advertiser, its agent, the talent agent and the influencer jointly liable for damage caused to third parties in performing the contract.
2. Require the mandatory notices. Each piece of content must carry the words “publicité” (advertisement) or “collaboration commerciale” (paid partnership), legibly and not only in hashtags.
3. Review content. Approve content before publication and check from time to time what is done on the provider’s behalf.
4. Forbid personalised advice. The influencer must not give any personalised recommendation: advice on crypto-assets is a MiCA service that requires authorisation.
5. Prefer a certified influencer. In their joint factsheet for finfluencers, ESMA and the AMF noted that the AMF encourages professionals working with influencers to check their ARPP certification.

Enforcement is active. The AMF says it has identified more than 150 finfluencers each followed by over 10,000 people; on its referral, the DGCCRF ordered some twenty of them, in 2024 and 2025, to stop promoting offers from unauthorised firms. The duties of influencers, media and affiliates are covered in our page on promoting crypto services in France.

How to run affiliate and referral programmes?

Affiliate and referral programmes, not to be confused with sponsorship, are widely used because they spread quickly. Affiliation gives a partner a sign-up link and pays it according to the number of clients it brings; it targets a wide audience (listeners of a podcast, readers of a blog, viewers of a YouTube channel), usually without personalised communication. Referral lets clients recommend the service to their contacts, with a reward for each new client; it reaches a smaller but more targeted audience.

A contract with the partner or referrer remains advisable to keep some control. Under MiCA, an affiliate link or influencer campaign run by a firm established outside the Union amounts to solicitation: the ESMA guidelines take a broad view of solicitation, covering any promotion by any means, including through affiliates or influencers. The foreign firm can then no longer rely on reverse solicitation.

For an authorised CASP, these methods can lead to harmful practices without safeguards, such as aggressive messages from partners or referrers. We recommend:

• capping by contract the number of referees over a given period;
• forbidding private messages to specific persons, which may be treated as canvassing;
• treating any paid referrer with an audience as an influencer.

Controlling communications

Complying with these rules requires an internal control plan. In practice, we recommend:

• adopting a communication policy or guidelines, built into the governance and compliance framework required by MiCA (Art. 68);
• appointing a person responsible for compliance of communications;
• training staff and framing service providers (agencies, affiliates, influencers) with suitable contract clauses;
• keeping records of all communication activities, in case of inspection or dispute;
• monitoring the AMF blacklists and ESMA and AMF publications.

Check a campaign in four questions

Each step in detail: who may market, canvassing, working with influencers and content rules.

Enforcement and penalties

For breaches of MiCA, Article 111 of the Regulation requires Member States to provide, for infringements of Articles 59 to 83 by legal persons, maximum fines of at least EUR 5 million or a percentage of annual turnover.

Website blocking is real: on 10 July 2026, the Paris Judicial Court ordered the blocking of a website offering the purchase, sale and custody of crypto-assets without authorisation.