France has one of the largest banking systems in the EU, dominated by a few large universal banking groups, and Paris is a major centre for asset management and market infrastructure. The ACPR licenses banks (with the ECB), payment, e-money and investment firms, while the AMF handles crypto-asset service providers and market conduct.
Risk flagStandard
FATFNot listed
EU AML high-risk listNot listed
EU tax listNot listed
Licence regimes6
CurrencyEUR
S&P ratingA+
Next election18 April 2027
France is not on the FATF grey or black lists (plenary of 19 June 2026); as an EU Member State it is outside the scope of the EU high-risk third-country list (Delegated Reg. 2016/1675, consolidated 29 January 2026) and the EU tax list (Annex I, updated 17 February 2026). Checked 7 October 2026.
Government and politics
Government
Semi-presidential republic
President
Emmanuel Macron · since May 2017
Prime Minister
Sébastien Lecornu (Renaissance)
Governing parties
Renaissance, Democratic Movement (MoDem), Horizons, Union of Democrats and Independents (UDI)
Last election
Legislative election (snap, National Assembly), second round, 7 July 2024
Next election
Presidential election, 18 April 2027. Second round on 2 May 2027; Macron cannot stand again. Lecornu leads a minority government; he resigned and was reappointed on 10 October 2025
Legislature
Parliament: National Assembly (577 seats) and Senate (348 seats)
Legal system
Civil law
Economy and finance
Population
68.7m (2025)
GDP
USD 3.4tn (2025)
GDP per person
USD 48,930 (2025)
Currency
Euro (EUR), euro (floating, managed by the ECB as part of the Eurosystem)
Central bank
Banque de France (part of the Eurosystem)
Credit rating
S&P A+ (stable) · Moody's Aa3 (negative) · Fitch A+ (stable) (as of August 2026)
A large, diversified economy with strengths in aerospace, luxury goods, pharmaceuticals and tourism; Paris hosts major global banks and insurers and has gained trading and asset management activity since Brexit.
Bank
Agrément as a credit institution (établissement de crédit)
Minimum capitalUSD 5.6m
Timeline6 months from a complete file, and at most 12 months from initial submission (ACPR)
AuthorityECB on proposal of the ACPR
EU minimum of EUR 5 million (CRD art. 12); the ACPR page refers to the required minimum capital without stating the French amount
Law
Code monétaire et financier, art. L.311-1 and Book V Title I; Regulation (EU) No 1024/2013 (SSM) art. 14
Passporting
Yes: EU passport under CRD (Arts. 33 to 39) for branches and cross-border services
Key requirements
At least two persons effectively running the institution, with integrity, knowledge, experience and competence
Board members meeting fit and proper standards
Head office (central administration) in France, at the registered office
File submitted through the ECB IMAS portal after contacting the ACPR authorisations directorate
Agrément as a payment institution (établissement de paiement)
Minimum capitalUSD 140k
Timeline3 months from a complete file (ACPR)
AuthorityACPR
EU minimums (PSD2 art. 7): EUR 125,000 for payment services 1 to 5, EUR 50,000 for payment initiation only, EUR 20,000 for money remittance only; the ACPR page does not state the amounts
Law
Code monétaire et financier, art. L.314-1 (payment services) and Book V Title II
Passporting
Yes: EU passport under PSD2 Art. 28 (branch, agent or free provision of services)
Key requirements
Legal form suited to the activity and capital adequate to prudential requirements
Sound governance and internal control
Simplified agrément available up to EUR 3 million average monthly payment volume and no money remittance
Account information service providers follow a registration route
Crypto-asset service provider (CASP) authorisation under MiCA
Minimum capitalUSD 56k
TimelineMiCA Art. 63: 25 working days to check completeness, then 40 working days to decide on a complete application (clock can be suspended for information requests)
AuthorityAMF
MiCA Art. 67 and Annex IV: EUR 50,000 (class 1: order execution, placing, transfer services, reception and transmission, advice, portfolio management), EUR 125,000 (class 2: adds custody and administration, and exchange for funds or other crypto-assets), EUR 150,000 (class 3: adds operating a trading platform); or one quarter of prior-year fixed overheads if higher
Law
Regulation (EU) 2023/1114 (MiCA), arts. 59 to 63
Passporting
Yes: MiCA authorisation can be passported across the EU/EEA by notification (MiCA Art. 65)
Key requirements
Registered office in the Member State where at least part of the services are provided, place of effective management in the EU and at least one director resident in the EU (MiCA Art. 59(2))
Fit and proper management body and suitable qualifying shareholders
Safeguarding and segregation of client crypto-assets and funds, complaints handling, conflicts of interest policy
AML/CFT framework and compliance with the Transfer of Funds Regulation (EU) 2023/1113 travel rule
Autorité de contrôle prudentiel et de résolution (ACPR) · websiteBanks, E-money institutions, Payment service providers, Investment firms
Autorité des marchés financiers (AMF) · websiteVirtual asset service providers (VASPs), Investment firms, Funds
European Central Bank (Single Supervisory Mechanism) (ECB) · websiteBanks
Autorité nationale des jeux (ANJ) · websiteOnline gaming
MiCA: France applied an 18-month transitional period; digital asset service providers (PSAN) registered or licensed under the PACTE Law could continue until 1 July 2026, after which a MiCA authorisation from the AMF is required. French national minimum capital amounts for banks, PIs, EMIs and investment firms were not found on the ACPR pages consulted, so the EU minimums are shown. Paris is also a major asset management centre, with management companies authorised by the AMF.
General information
About France
Natural Earth boundaries. Map is indicative.
Status
Sovereign state
Capital
Paris
Area
643,801 km²
Official languages
French
Time zone
UTC+01:00 (UTC+02:00 in summer); capital; country including overseas territories spans UTC-10:00 to UTC+12:00
Main exports
aircraft
cars
packaged medicine
gas turbines
vehicle parts
tourism
Main export partners
Germany
Italy
United States
Belgium
Spain
Sources for the country information(9)
Country information checked 9 October 2026. Licensing data updated 7 October 2026. Information only, not legal advice; requirements change. Regulatory notice.
