meta_id 3377307

On August 4, 2026, the Autorité des Marchés Financiers (AMF) updated its doctrine regarding the provision of advice on crypto-assets by financial investment advisers (FIAs) following the entry into application of the Markets in Crypto-assets Regulation (MiCA) and the end of its transitional period. Under MiCA, the provision of advice on crypto-assets is now subject to mandatory authorisation at the European level as a crypto-asset services provider (CASP). This represents a significant change from the previous regime, where FIAs could provide advice on digital assets either with optional approval as a digital asset services provider (DASP) or without such approval under general wealth management advice activities. The scope of advice on crypto-assets under MiCA is broader than investment advice under the Markets in Financial Instruments Directive (MiFID II), as it encompasses not only transactions in crypto-assets but also advice on the use of crypto-asset services. The AMF clarified that FIAs are not eligible for the notification procedure available to certain already-authorised entities, such as investment services providers. To address questions from FIAs, the AMF added a new question-and-answer section to its Position-Recommendation DOC-2006-23, which supplements guidance from the European Securities and Markets Authority (ESMA). The update provides non-exhaustive examples of situations in which FIAs do or do not require CASP status. Notably, FIAs do not need CASP authorisation when disseminating non-personalised information about crypto-assets or crypto-asset services to the public, or when providing advice on financial instruments with crypto-asset underlying assets, such as alternative investment funds or crypto-asset-linked debt securities. The AMF Position-Recommendation DOC-2006-23 is available on the AMF website.