Accounting and taxation

The tax and accounting treatment of digital assets today is complex and raises specific questions, which we are addressing in this working group.

Work carried out
  • Position paper on the accounting and tax treatment of digital assets (in draft)

COVID19 Crisis

The economic and health crisis caused by the COVID19 has not spared any industry, including the digital assets industry. The working group set up on this occasion aims to accompany the sector in this difficult period - in particular by supporting them in their efforts to benefit from the support measures put in place and by highlighting the solutions they are proposing to deal with the pitfalls of the crisis - and to take stock of the impact of COVID19 on the players and the lessons to be learned from it in order to define the "new normal".

Work carried out
  • Dedicated site "Digital assets and COVID19".
  • Background note "COVID 19 and the transformation of the financial industry".
  • Directory of post-crisis solutions proposed by Adan members
  • Survey on the impact of the COVID19 on the crypto/blockchain industry, and synthesis report

Fight against money laundering and terrorist financing

We work with members, regulators and international organizations to ensure that KYC-AML dispositions are tailored to crypto-assets.

Work carried out
  • Note to the French authorities on the work of the Financial Action Task Force
  • Response to French regulator AML-TF questionnaire
  • Participation in dedicated working groups (Treasury, Fintech ACPR Forum)
  • Work on the "Travel Rule"
  • Operational reference frame (under construction)
  • Position paper

Bank relations

It is still very difficult today for players in the world of digital assets to open a bank account in France. This is a symptom of the difficult relations between the sector and traditional financial players. We are working to find practical solutions to these blockages.

Work carried out
  • Participation in market working groups with banking players
  • Response to the Competition Authority's consultation on the relationship between the banking sector and the cryoto-assets sector
  • Bilateral contacts and work with other market associations (AMAFI, AFTI, AGF, FBF)

Security tokens

Security tokens - financial instruments issued and traded on the blockchain - raise many questions. Indeed, unlike the "digital assets" introduced by the PACTE law in France, security tokens are not new legal objects: they are legally qualified as financial instruments and, therefore, subject to the relevant European regulations: MiFID 2, MAR, CSDR, Finality, etc. However, in the current state of European legislation, subjecting security tokens to the traditional framework applicable to financial instruments reveals many incompatibilities: the resulting regulatory uncertainty hinders the development of this new market.

The Adan Security tokens working group is considering the necessary adaptations of the existing rules, and to this end is promoting the solution of a European pilot scheme. The work carried out in this body is being conducted in close coordination with the AMF as part of its proposal for a European Digital Lab.

Work carried out
  • Promotion of the European Digital Laboratory / pilot scheme for security tokens
  • Report "Security tokens: the need for an appropriate European framework".
  • Participation in the drafting of the HCJP Security tokens report


Stablecoins, digital assets whose value is close or identical to that of another reference value (usually a fiduciary currency) are projected to the forefront of the international scene with the announcement, in June 2019, of the Libra project piloted by Facebook. Since then, private companies, policy-makers and regulators around the world have been analyzing this phenomenon. In this respect, they are notably wondering about the regulatory framework that should be applied to them. The advent of stablecoins has also had the virtue of awakening the appetite of Central Banks for an older subject, namely the issuance of a genuine central bank digital currency (CBDC), and of considering the blockchain as the technological support for this innovation. At the same time, private initiatives have developed rapidly, and more than 10 billion dollars of stablecoins have already been issued on public blockchains.

The Stablecoins working group accompanies the reflections of private actors and authorities on these subjects, and tries in particular to improve the understanding of these assets and their fundamental interest for the acceleration of the crypto/blockchain industry.

Work carried out
  • Response to the FSB consultation on stablecoins
  • Participation in the Banque de France's call for experimentation for a CBDC
  • Reflections on a euro stablecoin