France“One of the pioneering firms in web3 solutions, digital assets and tokenization, recognized for its innovation and solid reputation across Spain and Latin America.”
Jorge CorredorLawyer, Rincón Cuéllar & Asociados
Asset tokenization in France
We build the platform to tokenize bonds, shares and revenue rights in France: investor onboarding, ERC-3643 tokens and the distributed ledger that replaces the issuer's securities account, coordinated with the law firm that structures the issuance under the Monetary and Financial Code or MiCA.
Tokenize your asset
They trust Metlabs to tokenize their assets
Why France
Why tokenize assets in France?
Since the 2017 ordinance, France has allowed unlisted securities, such as shares in an SA or SAS and bonds, to be recorded on a distributed ledger that replaces the issuer's securities account. In 2025 the AMF approved the rules of LISE, a DLT trading and settlement system, and since 2024 MiCA has governed crypto-assets that are not financial instruments.
2017
year of the ordinance that allowed unlisted securities to be recorded on a distributed ledger
Légifrance · Ordonnance 2017-1674What gets tokenized
Debt, equity and revenue: what gets tokenized in France
Almost every tokenized issuance represents one of these three rights against the issuer. The right determines the vehicle, the applicable law and who keeps the register, and it is settled before the network or the token standard.
| Right | Debt | Equity | Revenue |
|---|---|---|---|
| What is issued | Bonds (obligations) | Shares | Revenue rights |
| The investor receives | The investor lends to the issuer and receives interest and, at maturity, the principal. | The investor joins the share capital: dividends, voting rights and a share of any sale or liquidation. | The investor receives a share of the income from an asset: rents, energy sold, sales or royalties. |
| The token enforces |
|
|
|
| Issuer | SA or SAS; SARL within limits | SA or SAS | SA, SAS or SARL |
| Register | Issuer's DLT register (L211-7) | Issuer's DLT register (L211-7) | DLT register if a security |
| Law | CMF, arts. L211-3 and L211-7 | CMF and Commercial Code | CMF or MiCA, by classification |
| How it is issued | A security not admitted to a central securities depository is recorded in its holder's name in an account kept by the issuer or, if the issuer so decides, on a distributed ledger, which counts as a book entry. An SARL can only issue bonds with an auditor, three approved financial years and no offer to the general public. | Unlisted shares in an SA or SAS can be recorded on a distributed ledger instead of in the issuer's account. Holdings in an SARL cannot be represented by negotiable securities, and transferring them to third parties requires the consent of a majority of members holding at least half the capital. | If the right is a financial instrument, it is issued as a security and can be recorded on DLT. If not, and it is fungible, it may fall under MiCA. An offer of rights over assets that highlights a return may also be miscellaneous goods intermediation, with a document registered with the AMF. |
Regulation
Regulation guide for FranceWhich regulation applies to tokenization in France?
It depends on the right the token represents. A share or a bond is a financial security: it follows the Monetary and Financial Code, which allows it to be recorded on a distributed ledger, and the EU public offer regime, with the AMF as supervisor. If the token is not a financial instrument, it may fall under MiCA, the EU crypto-asset regulation, which the AMF applies to service providers.
A distributed ledger replaces the securities account only in the cases the law sets out: securities not admitted to a central securities depository, recorded in the holder's name by the issuer's decision, or securities admitted to an infrastructure under the EU DLT pilot regime. A decree requires that ledger to offer safeguards, particularly on authentication, at least equivalent to a book entry.
There are three routes to investors: a prospectus approved by the AMF, an exempt offer or a crowdfunding platform authorized under the EU regulation. The EU Listing Act revised the prospectus exemption threshold in 2024, with an option for each country, and the law firm confirms the figure that applies to each offer. We coordinate the structure with specialist law firms, and authorized entities provide the regulated services.
France
FavourableScore100
- Scope
- European Union
- Authorities
- AMF, ACPR
- Latest regulatory change
- Jul 2026
Applicable frameworks
| Framework | Applies to | Key authorisations |
|---|---|---|
| MiCA | Crypto-assets and CASP services | CASP authorisation or Article 60 route |
| MiFID II · CMF | Tokens qualifying as financial instruments | Permission according to service and infrastructure |
| PSD2 | Certain EMT operations | Payment entitlement, where applicable |
Our legal partners
Methodology
How we tokenize an asset in France, step by step
The four phases of our methodology, with the parties involved in France. The law firm and our engineering team work in parallel from the asset review to investor acquisition.
We review the asset's title, encumbrances and cash flows, and decide with the issuer whether the token will be debt, shares or a revenue right. That sets the vehicle, an SA, an SAS or an SARL, the amount and the rules of the issuance.
The law firm classifies the token, drafts the documentation and chooses the offer route: prospectus, exempt offer or crowdfunding platform. If the token is an unlisted security, the issuer decides to record it on the distributed ledger.
We configure the white label platform with your brand: investor onboarding with KYC, signature, payment and ERC-3643 tokens carrying the offer's rules. The holder register and coupon or dividend schedules are custom development, with the authentication the code requires.
With the issuer and, where there is one, the placing entity, we prepare the offer page and measure the journey to a paid subscription. After the issuance, the platform handles distributions, transfers between verified investors and reporting.
Milestones
Tokenization milestones in France
The dates that gave a legal basis to securities recorded on distributed ledgers in France, from the 2017 ordinance to LISE, taken from our regulation guide. Each milestone links to its source.
See the full timelinePublication of the shared ledger ordinance
The Official Journal publishes Ordinance 2017-1674 of 8 December on representing and transferring certain securities through shared ledgers. Publication is distinct from subsequent application.
Légifrance · Original publicationGeneral MiCA application and financial code amendments
General application of the regulation and the cited Article L.211-3 amendments on distributed ledgers begins.
MiCA · Article 149Amended Article L.211-7 applies
The consolidated text incorporates Law 2025-391 amendments concerning securities entries and infrastructure frameworks.
CMF · L.211-7Publication of approval of Lise’s rules
The AMF publishes its decision on the rules of Lise’s DLT trading and settlement system. This infrastructure milestone is distinct from crypto-asset service provider authorisation.
AMF · Lise rules
Reviews in France
What do our clients think of Metlabs?
“We structured the tokenization of real estate projects with them, and I value the team's ability to understand our corporate needs and genuinely solve them.”
Joan MejíaManager, GLOBYNE
“They advised us on the feasibility of tokenizing real estate assets in Uruguay with direct, cordial treatment. A professional team, responsive and always available.”
Álvaro Silva SantamaríaCEO, Sp Inmuebles
“Great professionals at structuring tokenized projects, with technical command and attention to detail that inspire full confidence at every stage of the work.”
Francisco BetancourtVerified Google review
“As a blockchain lawyer, I value their experience and professionalism in consulting and executing tokenization projects. Technology partners you can fully trust.”
Vanessa RivasBlockchain lawyer, El Salvador
“Great professionals, very attentive to their clients and always mindful of every detail. Working with their team has been a genuine pleasure from start to finish.”
CriptorentVerified Google review
“A very professional yet approachable company that empathizes with your doubts and needs. Highly recommended for entrepreneurs with a tokenization project.”
Javier EspasaTokenization entrepreneur
“Exceptional in every sense. From legal support I value their rigor and transparency: working with Metlabs means professionalism, innovation and security.”
Pedro A. Agúndez MéndezGoogle Local Guide
“Excellent service across blockchain development, asset tokenization and consulting. A very professional team that I recommend wholeheartedly, without reservation.”
José Luis DíazVerified Google review
“I have worked with them on several projects and they are very professional. A guarantee that everything turns out perfectly. Without a doubt, 100% recommended.”
Ignacio Fernández JiménezVerified Google review
“One of the pioneering firms in web3 solutions, digital assets and tokenization, recognized for its innovation and solid reputation across Spain and Latin America.”
Jorge CorredorLawyer, Rincón Cuéllar & Asociados
“Great professionals at structuring tokenized projects, with technical command and attention to detail that inspire full confidence at every stage of the work.”
Francisco BetancourtVerified Google review
“A very professional yet approachable company that empathizes with your doubts and needs. Highly recommended for entrepreneurs with a tokenization project.”
Javier EspasaTokenization entrepreneur
“I have worked with them on several projects and they are very professional. A guarantee that everything turns out perfectly. Without a doubt, 100% recommended.”
Ignacio Fernández JiménezVerified Google review
“We structured the tokenization of real estate projects with them, and I value the team's ability to understand our corporate needs and genuinely solve them.”
Joan MejíaManager, GLOBYNE
“As a blockchain lawyer, I value their experience and professionalism in consulting and executing tokenization projects. Technology partners you can fully trust.”
Vanessa RivasBlockchain lawyer, El Salvador
“Exceptional in every sense. From legal support I value their rigor and transparency: working with Metlabs means professionalism, innovation and security.”
Pedro A. Agúndez MéndezGoogle Local Guide
“They advised us on the feasibility of tokenizing real estate assets in Uruguay with direct, cordial treatment. A professional team, responsive and always available.”
Álvaro Silva SantamaríaCEO, Sp Inmuebles
“Great professionals, very attentive to their clients and always mindful of every detail. Working with their team has been a genuine pleasure from start to finish.”
CriptorentVerified Google review
“Excellent service across blockchain development, asset tokenization and consulting. A very professional team that I recommend wholeheartedly, without reservation.”
José Luis DíazVerified Google review
Platform
What does our white label tokenization platform include in France?
The investor portal, ERC-3643 tokens and issuer console, under your brand. Out of the box it handles onboarding, signing, payment and distributions; anything else your issuance needs, such as a local payment method or a connection to your bank or custodian, we build on the same platform.
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- Your brand and domainYour visual identity and legal notices across the investor portal.
- Investor onboardingSign-up, KYC with ID card (CNI) or passport, KYB, AML (LCB-FT) and a custodial wallet.
- End-to-end investmentE-signature and payment in euros by SEPA transfer or with stablecoin (USDC/EURC).
- ERC-3643 tokensEvery subscription is issued under the rules of the offer to qualified investors.
- Issuer consoleProjects, investors, euro reconciliation, coupons and reporting.
- Compliance and audit trailKYC and AML (LCB-FT) file per investor and an exportable audit log.
Institutional custody, integrated
We integrate custody and key management providers through their APIs, including Fireblocks, BitGo, Coinbase Prime, Anchorage Digital, Copper and Ledger Enterprise. Depending on the provider and model, keys are managed with MPC or multisig so that none depends on a single device. If the token is a security, custody on behalf of clients is provided by an authorized entity.
FAQ
Frequently asked questions about tokenization in France
What we are asked before a project starts.
Talk to our teamIs asset tokenization legal in France?
Yes. The Monetary and Financial Code allows unlisted financial securities to be recorded on a distributed ledger, with the same effect as a book entry, and provides for the EU DLT pilot regime route. MiCA regulates crypto-assets that are not financial instruments. What requires authorization is the activity: custody, placement or trading.
Can holdings in a French SARL be tokenized?
Not as securities: the Commercial Code prohibits representing them with negotiable securities, and transferring them to third parties requires the consent of a majority of members holding at least half the capital. An SARL with an auditor and three approved financial years can issue bonds, without an offer to the general public, or convert into an SA or SAS.
How much can be raised without a prospectus in France?
It depends on the route. A crowdfunding platform allows up to €5 million per project owner over 12 months. Outside it, the exemption threshold is set by the EU Prospectus Regulation, which the Listing Act revised in 2024 with a national option, and the law firm confirms the figure that applies to each offer.
What is a DEEP in securities tokenization?
It is the dispositif d'enregistrement électronique partagé (shared electronic recording device) introduced by the 2017 ordinance, which the code now calls distributed ledger technology. It lets an issuer of unlisted securities record them on a blockchain instead of in its securities account, and that entry has the same value as a book entry.
Asset tokenization
Assets we tokenize in France.
Asset tokenization
Articles on tokenization
MiFID II and tokenization: classification, services and limits
MiFID II and tokens: financial instrument classification, investment services and the distinction from MiCA before designing an issuance.
Real Asset Tokenization: How RWA Tokenization Works
How to structure an RWA project: holder rights, issuance, recordkeeping, payments and recovery. What blockchain adds and what depends on the legal arrangement.
OpenZeppelin and ERC-3643: how a security token is built
What OpenZeppelin libraries and ERC-3643 controls provide, and what a securities issuance also requires: rights, permissions, operations and review.
Tokenize your asset in France
Tell us which right you want to issue and we will propose the technical structure, timeline and phased budget.
Where we are
We're your tokenization company in:
Metlabs Offices
Av. García Sabell, 1, Edificio Proa 15009 A Coruña, Spain
We tokenize assets in
SpainUnited StatesUAEUnited KingdomMexicoSingaporeAustraliaSwitzerlandColombiaArgentinaChilePeruPortugalGermanyHong KongBrazilEcuadorIndiaPanamaAndorraAustriaBahrainBelgiumBoliviaCanadaCosta RicaCubaCyprusCzechiaDenmarkDominican RepublicEl SalvadorEstoniaFinlandGreeceGuatemalaHondurasHungaryIrelandIsraelItalyJapanKuwaitLiechtensteinLithuaniaLuxembourgMaltaMonacoMoroccoNetherlandsNew ZealandNicaraguaNigeriaNorwayOmanParaguayPolandPuerto RicoQatarRomaniaSan MarinoSaudi ArabiaSeychellesSouth AfricaSouth KoreaSwedenTurkeyUruguayVenezuela
