France's Financial Markets Authority (AMF) issued a warning this Tuesday, stating that nearly one-third of cryptocurrency firms operating in France without an EU license have still failed to inform the regulator of their intentions: whether they plan to apply for a license under the new EU regulations or cease operations by July of this year.
Under the requirements of the European Union's Markets in Crypto-Assets Regulation (MiCA), cryptocurrency firms must obtain a license from a member state's regulatory authority to conduct business across the entire EU.
This landmark regulatory framework came into full effect last year, aiming to bring crypto assets within a formal supervisory structure.
Stéphane Pontoiseau, Executive Director of the AMF's Supervision of Intermediaries and Market Infrastructures division, told reporters in Paris that the regulator had sent letters to the relevant firms last November, reminding them that the transitional period in France would end on June 30th of this year.
Currently, there are approximately 90 registered cryptocurrency firms in France that have not yet obtained a MiCA license; among these, 30% have submitted license applications, while 40% have explicitly stated they will not apply for a license.
Pontoiseau pointed out that the remaining 30% of firms have neither communicated their plans to the regulator nor responded to the November letter, expressing concern over the stance of these companies.
The European Securities and Markets Authority (ESMA) stated last December that it requires cryptocurrency firms not authorized under MiCA to either have already implemented an "orderly wind-down plan" or to have such a plan prepared before the end of the transitional period. It is noteworthy that the deadline for this transitional period varies among EU member states.
Several cryptocurrency firms have already secured a MiCA license, including the US-based cryptocurrency exchange Coinbase Global, Inc., stablecoin issuer Circle, and UK fintech company Revolut.
Last year, France had threatened to oppose the "passporting" system for licenses between member states, voicing concerns that some firms might deliberately choose to register in jurisdictions with more lenient licensing standards.
In December, the European Commission proposed that the European Securities and Markets Authority should centrally supervise cryptocurrency firms at the EU level; however, this proposal has faced opposition from some countries.
While outlining the regulator's 2026 work plan, AMF Chair Marie-Anne Barbat-Layani also reiterated France's support for strengthening European capital markets and endorsed granting greater supervisory powers to the European Securities and Markets Authority.
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