France’s financial markets regulator has raised serious concerns about the compliance status of crypto companies operating in the country as the European Union’s landmark Markets in Crypto-Assets (MiCA) regime moves closer to its enforcement date.
According to the Autorité des Marchés Financiers (AMF), around 90 crypto firms currently active in France have yet to obtain the licences required under MiCA, ó was designed to bring digital asset services under formal EU oversight.
MiCA, which began taking effect in stages starting late 2024, requires crypto service providers , including exchanges, trading platforms, and custodians , to be authorised by national regulators if they wish to serve customers within the European Economic Area. The transition period ends on June 30, 2026, after which unlicensed firms must either exit or comply fully with the rules.
In a briefing with journalists in Paris, Stéphane Pontoizeau, executive director of the AMF’s Market Intermediaries and Infrastructure Supervision Directorate, said just 30 % of the unlicensed companies have submitted applications for MiCA licences. A larger group ,approximately 40 % , have stated they do not intend to seek authorisation, and the final 30 % have not communicated their plans or responded to regulator inquiries.
The AMF sent reminder letters to these companies in November, urging them to confirm whether they would apply for licences or prepare orderly plans to wind down operations before the mid-year deadline.
If firms fail to comply by the deadline, they will effectively be barred from offering regulated crypto services in France, and their operations may need to cease or be restructured under national and EU law.
Wider Implications for the EU Market
MiCA represents the first comprehensive regulatory framework for crypto assets across the EU, with the goal of enhancing investor protection, market integrity, and legal certainty. Regulators such as the European Securities and Markets Authority (ESMA) expect unlicensed firms to have “orderly wind-down plans” in place by the end of the transition period if they do not meet compliance requirements.
Some major players have already secured licences under MiCA, including U.S.-headquartered Coinbase, stablecoin issuer Circle, and the fintech Revolut. These licences allow authorised firms to operate across the EU under a common regulatory standard.
France has also expressed support for deeper regulatory integration across the EU, including proposals to strengthen ESMA’s supervisory powers, a move aimed at centralising oversight of digital asset markets and improving harmonisation among member states.
While some firms have been proactive in pursuing MiCA licences, others may be reassessing their strategies given the administrative burden and compliance obligations. Firms that remain silent risk losing access to the EU’s lucrative digital asset market, while those that obtain approval early may gain competitive advantages.
As the deadline approaches, the AMF’s warnings underscore the growing maturity of crypto regulation in Europe and the increasing expectation that digital asset services operate under the same standards of transparency and oversight as traditional financial sectors.
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