Publication of the decree regarding the transfer of ownership and the pledging of digital assets

 

Decree No. 2026-420 of May 29, 2026, published in the Official Journal on May 31, 2026, is issued for the implementation of Articles L. 226-2 and L. 226-5 of the Monetary and Financial Code. It provides as follows:

• the rules governing the transfer of ownership of crypto-assets, a mechanism introduced by the Order of October 15, 2024, on crypto-asset markets;
• and the procedures for implementing the pledging of crypto-assets, a mechanism introduced by the Act of April 30, 2025, on various provisions adapting to European Union law (DDADUE).

The Adan contributed to the drafting of this text by participating in the prior public consultation. It provided technical comments on five articles of the draft decree, with the aim of enhancing legal certainty for stakeholders and ensuring the regulatory framework’s compatibility with the operational specificities of distributed ledgers.

 

 

The main provisions of the decree

 

• Time of transfer of ownership (Art. R. 226-1)

The transfer takes place, depending on the method of holding, either at the moment the entry becomes irreversible in the DLT in accordance with its consensus mechanism (direct holding), or, in the case of custody by a service provider, at the moment the purchaser’s position is recorded in the service provider’s position register (indirect holding), with this entry required to occur as soon as possible after the transaction is settled.

 

• Required information in the notice of pledge (Art. R. 226-2)

The declaration must include seven mandatory items, failure to do so rendering it null and void. These include the identification of the parties by name and address rather than by public key alone, the distributed ledger address or account number as defined in Regulation (EU) 2023/1113, and the nature and number of assets included in the pledge. Any change to the underlying assets must be reported in a supplementary declaration.

 

• Characteristics of the clause enforcement agent (Art. R. 226-3)

The party proposing the use of an automated system must ensure that the system guarantees the integrity of the declaration, the traceability and timestamping of information, data retention through a business continuity plan that includes external backup, and the identification of the asset owner.

 

• Notice of Default and Enforcement of the Security Interest (Art. R. 226-4 and R. 226-5)

The decree specifies the content of the formal notice and the procedures for enforcing the security interest. It introduces the option of appointing an independent third party to value the assets at the time of enforcement; failing that, an objective market-based method applies. It remains possible to hold both the status of secured creditor and that of asset custodian.

 

 

ADAN's contribution 

 

ADAN's input helped shape the text on several key points, in particular:

• The removal of the obligation imposed on the “designer” of the automated system. The obligation now falls on the party proposing the use of the automated system.

• Replacing the technical identifier alone (public key) with a complete identification of the parties, including name, address, and distributed ledger address or account number.

• The breakdown of the requirements for the controller into four distinct technical criteria, as listed in Article R. 226-3.

• The correction of the erroneous reference to R. 226-3 regarding the clause enforcement mechanism, which was effectively resolved by the renumbering of the sections.

 

 

Points to watch out for 

 

Two questions raised by Adan were not addressed in the published decree. 

The definition of irreversibility remains based on the “consensus mechanism,” with no clarification regarding how chain reorganizations are handled. This issue may require doctrinal clarification or a statement from the competent authority. 

The status of crypto-assets generated automatically by the protocol (forks, staking rewards) remains unresolved. It is unclear whether they are included in the collateral base as income and proceeds.

 

 

Due dates

 

The decree took effect on June 1, 2026. Effective July 1, 2026, references to “digital assets” in Articles R. 226-1 through R. 226-5 will be automatically replaced with “crypto-assets,” in accordance with the MiCA compliance timeline.