French AMF Clears Yonder Protocol Token Sale, Second Under New PSAN Regime

France's Autorité des Marchés Financiers on Tuesday granted full regulatory approval for the token sale of Yonder Protocol, a decentralized mapping and geospatial data network building on Base. The €45 million raise, conducted under the AMF's updated PSAN (prestataire de services sur actifs numériques) framework, is the second approved under the new regime and the first in 2026.

What makes PSAN approvals different

The AMF's framework is unusual among European token sale regimes in requiring a substantive review of the project's utility and governance mechanics, not only its disclosure quality. Reviews take an average of 14 weeks, and a meaningful share of applications are declined for reasons the AMF does not publicly disclose. The fact that Yonder's application cleared at all is, by the AMF's own internal standards, notable.

"Getting through PSAN is closer to getting a listed-equity prospectus approved than it is to getting a DMCA takedown filed." — Pauline Leclerc-Glorieux, an independent securities lawyer based in Paris

The project

Yonder's network is designed to reward contributors for submitting geospatial data — road conditions, building locations, business updates — in a format that can be consumed by downstream applications. The network's obvious competitor is Helium's mapping protocol, which has been operating on Solana for two years with mixed adoption. Yonder's team includes former Mapbox and Google Maps engineers and is based in Lyon.

The distribution

The €45 million sale will be distributed to token holders over a 90-day window rather than at a single moment. This mechanism — a rolling distribution with a price band — is explicitly permitted under PSAN and is designed to limit the price volatility that has historically characterized ICO launches.

• Total raise: €45 million
• Distribution window: 90 days, daily tranches
• Price band: 12% above and below a time-weighted reference
• Participants: individual investors resident in France, EU under PSAN passport

The passport mechanism is the more important feature. Yonder's approval at the AMF makes the sale available to investors throughout the EU, under home-state supervision in each jurisdiction. The framework is functionally identical to MiFID equity passporting, applied to a novel asset category.

Whether the Yonder sale succeeds commercially is secondary to whether the PSAN framework is producing a steady pipeline of approved issuances. The AMF's internal roadmap, according to people familiar with the process, anticipates approximately four to six approvals per year under the current staffing — not a large number by absolute standards, but a meaningful signal in an industry starved for credible European regulatory pathways.