France’s crypto regulatory transition has entered its final phase. The French Financial Markets Authority (AMF) requires crypto companies that have not yet obtained a MiCA license to complete their application preparations by June 30. Entities not granted authorization must cease providing services to French customers and implement prior exit plans.
Starting July 1, operations are restricted to licensed institutions only.
The AMF states that France’s transition period will end on July 1, 2026. After that date, only authorized crypto asset service providers will be permitted to continue offering related services in France.
Marie-Anne Barbat-Layani, Chair of the AMF, stated that relevant institutions must now complete their license applications as soon as possible and should not wait until the last minute. The regulator’s statement signals that MiCA in France has shifted from transitional arrangements to actual enforcement.
Unapproved institutions must submit an exit plan.
For companies that have not yet been approved, the AMF requires them to develop an "orderly exit plan." Such arrangements must ensure that clients can retrieve their assets or transfer their crypto assets to another compliant platform.
Under current French regulations, institutions that continue to operate面向 French users without authorization may be blacklisted, publicly warned, and their websites may be subject to enforcement actions. Non-compliant institutions may also face fines and further legal proceedings.
The EU interoperability mechanism has sparked disagreement.
MiCA allows crypto companies licensed in one EU member state to offer services in the other 27 member states. This mechanism is known as the "passporting" system.
However, France has expressed concerns about inconsistent approval standards within the EU. Some regulators believe that smaller markets, if approved more quickly and with looser standards, could become weak points in the EU’s regulatory framework.
Barbat-Layani stated that, theoretically, France could block an entity from operating in the country under the passporting mechanism if it disagrees with the approval decisions of regulatory authorities in other member states. She also noted that this situation itself highlights ongoing challenges in cross-border regulatory coordination.
Additional information: The European-level implementing rules for MiCA are still under evaluation. Brussels has launched a new round of public consultations on MiCA, covering topics such as stablecoin regulations, regulatory gaps in DeFi, and cross-border regulatory cooperation. Previously, Coinhouse became one of the first crypto service providers in France to obtain a full MiCA license.