TLDR
- France’s AMF set June 30 as the MiCA licensing deadline for crypto firms.
- Unlicensed crypto firms may face blacklisting and prosecution after the deadline.
- MiCA licences allow crypto firms to operate across all 27 EU member states.
- France may block licence passporting if it disputes another EU approval.
- Some French crypto firms must prepare orderly wind-down plans for customers.
France markets regulator has warned crypto companies that they may face blacklisting and prosecution if they continue serving European Union customers without a valid licence after the end of June.
Marie-Anne Barbat-Layani, president of France’s Autorité des Marchés Financiers, said crypto firms must complete applications under the EU’s Markets in Crypto-Assets Regulation, known as MiCA, before the June 30 deadline. The warning applies to companies operating in France and across the wider EU market without full authorization.
MiCA requires crypto-asset service providers to secure approval from a regulator in one EU member state. Once approved, a firm can use that licence as a passport to operate across all 27 EU countries. The system is designed to create a common rulebook for exchanges, custodians and other crypto service providers.
June 30 Deadline Places Pressure on Crypto Firms
Barbat-Layani said it had become urgent for companies to finalize licence applications. Firms that fail to receive authorization by the deadline are expected to have orderly wind-down plans for customers and business operations.
Companies that continue targeting EU users without approval may be placed on regulatory blacklists. They may also face enforcement action, including legal proceedings, if they keep offering crypto services without permission.
The deadline applies to legacy firms that had been operating under earlier national registration systems. In France, many crypto companies were previously registered under the PSAN framework, which allowed certain digital asset services before MiCA became fully applicable.
New crypto firms entering the French market have already been required to obtain MiCA authorization since December 30, 2024. The June 30 deadline gives older operators a final transition period before the EU-wide regime replaces earlier domestic arrangements.
France Aligns Domestic Rules With MiCA
France has updated its legal framework to match the EU regulation. Ordinance 2024-936 was enacted in October 2024, followed by Decree 2025-169 in February 2025. These measures were introduced to bring French crypto rules into line with MiCA requirements.
The AMF’s position follows wider guidance from the European Securities and Markets Authority, which has told firms without licences to prepare orderly exits. European regulators have also pressed national authorities to apply MiCA consistently during the transition period.
According to reported figures, about 90 registered digital asset service providers in France did not hold the required MiCA licence as of January 2026. Around 30% had submitted applications, while 40% said they did not plan to apply. Another 30% had not responded to AMF inquiries.
The figures show that France’s crypto market may shrink after the deadline if firms choose not to apply or fail to complete authorization. Companies that secure approval will be able to continue operating in France and use passporting rights across the EU.
Passporting Tensions Grow Across EU Regulators
The EU passporting model has become a point of debate among national regulators. Under MiCA, a licence granted in one member state can be used to serve customers across the bloc, but some authorities have raised concerns over differences in approval standards.
France has said it may block passporting from another EU country if it disagrees with the licensing decision. Barbat-Layani said such an outcome would not be the preferred path and would represent a “serious collective failure.”
Regulatory attention has included Malta, where the speed of some licence approvals has drawn scrutiny from ESMA. The issue has increased discussion over whether crypto supervision should remain mainly with national regulators or move toward greater control by ESMA.
The debate continues as MiCA becomes the main legal framework for crypto firms in Europe. Some officials have said the rulebook may later be reviewed as the digital asset market develops. Any changes would require consultation and further policy work.
