- France warns nearly 90 crypto firms risk closure without MiCA authorization by July.
- About 40% of firms refuse MiCA approval, while 30% remain unresponsive to AMF.
- Major exchanges like Coinbase and Binance secured MiCA, showing compliance is achievable.
France’s financial watchdog has warned that dozens of crypto businesses face closure as the European Union’s MiCA deadline approaches. The alert reflects growing regulatory pressure as France tightens oversight of digital asset firms operating without EU authorization. Consequently, companies that delay compliance risk losing access to one of Europe’s largest crypto markets by mid-year.
France Flags Compliance Gaps Ahead of MiCA Deadline
France’s markets regulator, the Autorité des marchés financiers, has raised concerns about crypto firms failing to clarify their regulatory plans. Significantly, the regulator identified nearly 90 registered crypto businesses that still lack MiCA authorization. Of that group, only a portion has confirmed plans to seek approval.
Reuters reported that, according to the AMF, about 30% of affected firms have submitted license applications. However, roughly 40% have informed regulators they will not apply.
Moreover, the remaining 30% have stayed silent despite direct outreach from authorities. Hence, regulators view this unresponsive group as the highest risk to market order.
France’s transition window under MiCA closes on June 30. Consequently, firms without approval must halt services in July. The AMF continues to press companies to state their intentions clearly and early.
Related: France Opens Retail Access to Crypto ETNs as Europe’s Regulated Market Expands
Orderly Exit Required for Firms Skipping Authorization
European supervisors have also reinforced expectations for firms that plan to exit. Additionally, the European Securities and Markets Authority requires non-authorized companies to prepare orderly wind-down plans. These plans must protect clients and reduce market disruption before the deadline.
French authorities have intensified consumer warnings as well. Last week, regulators cautioned the public against offers from unregulated crypto providers. Besides investor protection, officials aim to preserve confidence in France’s regulated financial system.
MiCA, which took effect last year, establishes a single licensing framework across the EU. However, each member state applies a transition period. France’s firm stance signals limited tolerance for delays as the deadline nears.
Push Grows for Centralized EU Crypto Oversight
Beyond enforcement, France continues to advocate structural reform. Additionally, the European Commission has proposed shifting crypto supervision from national regulators to ESMA. Policymakers argue that central oversight would reduce fragmentation across 27 member states.
France has already signaled resistance to loose passporting rules. Moreover, AMF leadership has warned that France may challenge firms licensed elsewhere but operating domestically.
Despite tightening rules, major players have secured MiCA approval. These include Circle, Coinbase, OKX, Crypto.com, Binance, and Revolut. Consequently, regulators view compliance as achievable, not optional, for firms seeking long-term access to Europe.
Related: Polish Government Torn Apart on How to Implement MiCA Crypto Rules
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