Why Is France Pressing Crypto Firms Now?
France’s top markets regulator has warned crypto companies that they could be blacklisted and prosecuted if they continue seeking EU customers without a licence after the bloc’s June 30 deadline.
The warning comes as the European Union moves into the full rollout of MiCA, its crypto regulatory framework. Under the rules, crypto companies must secure authorisation from a regulator in one EU member state to keep operating across the bloc. Firms that miss the deadline are expected to have orderly wind-down plans rather than continue serving customers without approval.
Marie-Anne Barbat-Layani, president of France’s AMF, said the timeline has become critical. “It’s becoming very, very urgent to finalise the licences applications,” she told journalists on Thursday.
The message is aimed at firms that have delayed applications or are relying on national transition periods while still targeting European clients. Once the deadline passes, the regulatory issue changes from licensing delay to unauthorised activity. That gives supervisors a stronger basis for blacklists, enforcement action, and prosecution.
What Does MiCA Change For Crypto Companies?
MiCA brings crypto companies under a more formal EU supervisory regime after years of fragmented national rules. The framework creates common requirements for licensing, governance, customer protection, market conduct, and ongoing oversight.
The most important feature is passporting. A crypto company that receives a licence from one EU country can use that approval to operate across the 27-nation bloc. For exchanges, custodians, stablecoin issuers, and other service providers, that turns a single national licence into access to one of the world’s largest regulated financial markets.
That structure is commercially valuable, but it also raises supervisory risk. If one national regulator approves firms more quickly or applies the rules more lightly than others, companies may seek the easiest route into the EU market. That is why licence quality has become as important as licence speed.
The French warning makes clear that MiCA is not only about opening the EU to regulated crypto firms. It is also about removing firms that fail to meet the new requirements. Companies without approval after June 30 will face a different operating environment, especially if they continue marketing to EU clients.
Investor Takeaway
MiCA is shifting European crypto regulation from registration and transition periods to enforceable market access. For investors, the key risk is not only which firms receive licences, but whether their licences are accepted across the bloc without challenge.
Why Is Passporting Becoming A Regulatory Fault Line?
France has also warned that it may block the passporting of licences granted by other EU countries if it disagrees with the decision. Barbat-Layani said this would not be the regulator’s preferred outcome because it would represent a “serious collective failure.”
The warning reflects a deeper tension inside MiCA. The framework is designed to create one EU market for crypto services, but approvals still begin at the national level. If regulators disagree on how strictly the rules should be applied, firms may face legal and operational uncertainty even after receiving a licence.
Malta has already drawn scrutiny over the speed of its licence approvals. That concern matters because a licence issued in one member state can, in principle, give a company access to customers across the EU. Larger regulators such as France are unlikely to accept a system where lighter national supervision becomes the easiest path into the entire bloc.
For crypto companies, this creates a strategic choice. A fast licence may not be enough if other major markets question the approval. Firms seeking durable access to Europe will need to show that their compliance, governance, and customer protection standards can withstand review beyond the country that issued the licence.
What Are The Market Implications?
The June 30 deadline raises pressure on crypto exchanges and service providers that still lack EU authorisation. Firms that fail to obtain a licence may need to stop onboarding customers, restrict services, or exit parts of the market. Continuing to operate without approval could expose them to blacklists and legal action.
For licensed firms, MiCA may create a competitive advantage. Once the deadline passes, authorised platforms can present themselves as compliant gateways into the EU market while unlicensed rivals face enforcement risk. That could push trading activity, custody relationships, and institutional flows toward companies that cleared the regulatory process early.
The timing also highlights a policy split between Europe and the U.S. While the Trump administration has eased regulation for the crypto sector in the U.S., the EU is moving toward stricter licensing and cross-border supervision. That divergence may affect where firms launch products, how they structure compliance teams, and which jurisdictions become preferred bases for global crypto operations.
France’s stance shows that the next phase of MiCA will be less about drafting rules and more about enforcement. The deadline gives crypto companies a clear choice: secure authorisation, wind down EU activity, or face the risk of being treated as unauthorised operators in one of the world’s most important financial markets.
