Digital law

Our Hong Kong office, in Asia's second-largest regulated crypto hub, gives us direct access to the regime of the Securities and Futures Commission (SFC) and to the VATP framework applicable to crypto-asset exchange platforms. This allows us to coordinate, as one integrated team, European (MiCA / PSCA) and Asian licensing strategies for projects with a transcontinental dimension.

A regulatory framework taking shape

Blockchain knows no borders, but regulations vary from one jurisdiction to another. In France and the European Union, several texts now closely govern crypto-asset activities:

• The MiCA regulation (Markets in Crypto-Assets), applicable since 2024, harmonises at European level the rules governing the issuance and trading of crypto-assets, together with the ESMA/EBA Level 2 measures (RTS/ITS) since 2025 and the DLT pilot regime (Regulation 2022/858);
• The French PSCA status (crypto-asset service provider, successor to the PSAN regime), which subjects exchange platforms and service providers to registration, internal control and anti-money laundering obligations;
• The GDPR, applicable to the processing of personal data carried out within blockchain projects, including on public chains.

Anticipating these constraints from the design phase of a project is far more effective, and less costly, than remedying issues after the fact.

Our areas of expertise

Legal structuring of blockchain projects

We advise founders and developers on the legal structuring of their project: choice of corporate form, governance arrangements, drafting of constitutional documents and terms of use, and structuring of relationships with contributors and partners.

Token issuance: ARTs/EMTs under MiCA, RWA (real-world assets), fund tokenization

Issuing digital tokens raises complex questions regarding their legal classification (utility, security, e-money) and investor disclosure obligations. We help you structure your issuance in compliance with the legal framework, drafting the necessary documents (whitepaper, terms of issuance, prospectus where required).

Obtaining PSCA authorisation

Crypto-asset exchange platforms and service providers must register with the AMF (French financial markets authority) and the Banque de France. We assist applicants throughout the procedure: preparing the file, liaising with the supervisory authorities and achieving compliance beforehand.

Regulatory compliance and data protection

We implement GDPR-compliant arrangements for blockchain projects involving the processing of personal data, taking into account the technical specificities of public and private blockchains. We also advise on anti-money laundering frameworks (KYC/AML) and DAC8 compliance.

Litigation and disputes

In the event of a dispute, whether with investors, partners or users, our team assists you in managing the litigation: drafting formal demand letters, urgent interim proceedings, international arbitration.

Legal risks to anticipate

• The classification of digital assets: depending on their nature, tokens may fall under financial regulation, securities law or a sui generis regime. An incorrect classification exposes you to significant penalties;
• Regulatory non-compliance: providing crypto-asset services without authorisation is a criminal offence;
• Contractual disputes between stakeholders in the same project, which are frequent in the absence of robust legal documentation;
• Protecting intellectual property in protocols, source code and associated creations, particularly in the NFT sector.

Frequently asked questions

What is the MiCA regulation and does it apply to my project?

MiCA is the first unified European regulatory framework applicable to issuers of, and service providers dealing in, crypto-assets. Its scope is broad, but certain activities fall outside it (notably non-fractionable NFTs and decentralised finance protocols). A case-by-case analysis is essential.

Is my NFT project subject to financial regulation?

Not necessarily. The legal classification of an NFT depends on its intrinsic characteristics. If it represents a fraction of an asset or grants financial rights to its holder, it may be reclassified as a financial instrument. A prior legal audit is strongly recommended.

What are the penalties for breaching crypto-asset regulations?

Penalties can be administrative (fines, injunctions, withdrawal of authorisation) or criminal (imprisonment, prohibition from practising). The AMF (French financial markets authority) and the Banque de France have extensive supervisory and enforcement powers.