Facing the regulatory puzzle created by the dual classification of e-money tokens (EMTs), the ACPR has clarified its expectations for crypto industry participants (in French). The regulator has outlined the framework for a “simplified” payment institution authorisation, designed as an add-on to the CASP status. Here is everything you need to know to bring your CASP into compliance before the July 2026 deadline.

On 19 February 2026, the Prudential Supervision and Resolution Authority (ACPR) published a decisive update for the French crypto-asset ecosystem. This document details the regulator’s expectations regarding the so-called “simplified” payment institution (PI) authorisation for crypto-asset service providers (CASPs) offering services on e-money tokens (EMTs). This position provides concrete elements to ensure compliance with the regulatory overlap resulting from the dual classification of EMTs as both crypto-assets and electronic money.

The overlap of MiCA and the PSD2 directive on e-money stablecoins

The implementation of the MiCA Regulation has revealed a complex overlap with payment services regulations. Under Article 48 of the MiCA Regulation, e-money tokens are deemed to be electronic money. However, the PSD2 Directive explicitly classifies electronic money as funds, which places services involving these tokens under the scope of payment services.

The European Banking Authority has adopted a maximalist interpretation by equating the majority of EMT flows with payment services. This decision requires CASPs to obtain a dual authorisation to continue operating legally with these assets. The ACPR’s position therefore frames this supplementary authorisation process, seeking to reconcile prudential rigour with the fluidity necessary for the development of French players.

The scope of the simplified payment institution authorisation

The authorisation proposed by the ACPR is described as simplified because it is based on a principle of non-redundancy. The regulator commits to not re-evaluating substantive elements already analysed by the Financial Markets Authority (AMF) during the CASP authorisation procedure.

However, this authorisation is strictly limited to the provision of services on EMTs. It does not, under any circumstances, allow for the processing of traditional fiat money, such as euros, for which a full payment institution authorisation remains required. Consequently, the simplified PI authorisation can be viewed as an add-on allowing CASPs to provide services on EMTs, whereas a full PI authorisation allows for a diversified range of services in legal tender, such as providing means of payment or a payment account with an euro balance.

Identifying the relevant payment service for EMT activities

A CASP must precisely identify the payment services it requires based on its actual business activity. When a provider safeguards and administers EMTs on behalf of its clients, this activity is treated as the maintenance of a payment account.

In this scenario, the CASP must apply for authorisations for services one and two regarding payment account management, as well as service three for the execution of credit transfers and service four for the acquisition of payment transactions. Conversely, if the provider limits itself to performing EMT transfers without holding accounts, it must only request service five for money remittance.

Service correspondence based on activity

A timeline defined by regulatory pragmatism

While the EBA’s position theoretically left participants only three weeks to comply, the ACPR recognises the material impossibility of such a schedule. For digital asset service providers (DASPs) benefiting from the transitional regime in France, the deadline is set for 1 July 2026, or the date of CASP authorisation if earlier.

In practice, a DASP or CASP that submits a simplified PI authorisation application may, under certain conditions, continue to provide these EMT services during the review process until the July 2026 deadline (i.e., the end of the grand-fathering MiCA period).

The ACPR is also showing flexibility regarding reporting obligations. Institutions benefit from an eighteen-month grace period for prudential reporting, such as RUBA or RACI, with the first deadline set for 31 December 2027. This administrative truce does not, however, apply to anti-money laundering and countering the financing of terrorism (AML/CFT), for which the first report is still expected by 31 March 2027.

Key compliance deadlines

Governance and own funds requirements

On the financial side, the impact of this dual authorisation is limited. The ACPR confirms that there is no significant gap regarding own funds, as the capital required for a payment institution is generally covered by the requirements already imposed for EMT custody under MiCA. The financial neutrality of this status is therefore a positive signal for CASPs.

The major challenge actually lies at the governance level. The simplified PI authorisation mandates a strict separation between the management body and the supervisory body. For many French CASPs emerging from the startup world, where founders often combine executive and control functions, this requirement could necessitate a profound restructuring of management bodies. Preparation must be most rigorous on this organisational point.

Strategic choices: simplified authorisation, full authorisation, or agent status

The choice of regulatory vehicle must result from a detailed analysis of each entity’s business model. The simplified PI authorisation is intended as a natural extension of CASP status for players wishing to specialise exclusively in crypto services. For companies aiming to offer a broader range including sovereign currency accounts, a full payment institution authorisation remains the only option.

Using the status of a payment institution agent is an alternative often mentioned, but its application to EMTs is subject to reservations. The difficulty lies in the hybrid nature of these assets: they fall under both the payment services regime and the CASP regime. Unlike PSD2, the MiCA Regulation did not establish an agent regime. This regulatory asymmetry casts doubt on the possibility for a player to rely on a third party’s licence to handle EMTs.

How to prepare for a simplified authorisation application

Map your EMT flows precisely The ACPR requires you to determine exactly which payment services you provide as part of your stablecoin (EMT) activities. If you hold private keys for your clients, you are providing a service equivalent to account maintenance. You must draft a detailed flow diagram showing how the EMT moves from user A to user B and where your intervention occurs.

Audit your governance This is the most significant change for a CASP. You must ensure that your effective managers (those making daily decisions) do not chair the supervisory body, such as the board of directors or supervisory board. If your structure is a simplified joint-stock company (SAS) with a single founder-president, you will likely need to update your articles of association and appoint independent, competent members to the supervisory body.

Propose a suitable business plan While there is usually no financial gap between own funds requirements, this must be verified. Ask your accountant to confirm that your share capital and reserves cover the higher amount between MiCA requirements and the minimum capital required for a PI, which is generally between €50,000 and €125,000 depending on the services.

Prepare the scoping analysisThe simplified procedure relies on your formal commitment to limit your payment services exclusively to EMTs. Prepare a scoping analysis explaining that you will not handle fiat money through this authorisation. This exempts the ACPR from re-analysing elements already validated by the AMF for your CASP status.

Anticipate the reporting calendar Once the simplified authorisation is obtained, supervision begins immediately. Your internal AML/CFT procedures must already integrate payment-specific features, such as detecting suspicious transactions on EMT flows, ahead of the March 2027 deadline. You should also plan the update of your transaction monitoring tools to generate the data required by the ACPR for RUBA and RACI reports.

If you have any questions regarding the compliance of your stablecoin (EMT) service activities, the ORWL team is available to assist you (contact).