Key Highlights
- France says crypto firms in the EU must get a MiCA licence by June 30, 2026, or they risk being blocked and taken to court.
- Unlicensed companies may be blacklisted and forced to shut down EU operations if they fail to comply or continue serving EU users.
- France and other regulators are pushing for stricter enforcement and better control of licence approvals across all EU countries under MiCA.
France’s top financial regulator has warned crypto firms operating across the European Union that they must get a MiCA licence by June 30, 2026, or they will be blocked from the market and may even be taken to court. This rule applies to all crypto firms that serve customers in EU countries.
According to a Reuters report, Marie-Anne Barbat-Layani, president of France’s markets regulator AMF, said on Thursday that the situation is now very urgent for crypto firms that have not yet finished their licence process.
She stated that companies that miss the deadline will not just be ignored, stating that they will be placed on a blacklist if they still try to reach EU customers without permission. She also explained that regulators in Europe have already told companies they must prepare “orderly wind-down plans.” This means if they cannot get a licence in time, they should already plan how to close their business in Europe in a controlled way instead of stopping suddenly.
Under MiCA, crypto companies apply for a licence in one EU country, and once approved, they can use it to operate across all 27 EU member states through a system called passporting.
What the law is about
The MiCA law was passed by regulators in 2023 with the aim to create one unified crypto rule for Europe. Before this law, each country had its own rules, which made things confusing and uneven.
Some countries were strict with their approach, while others were more relaxed. This law was designed to fix this by making one rule for the whole EU. It also aims to protect users, reduce scams, and bring more safety to the crypto market, which is now worth trillions of dollars worldwide.
But even with one system, regulators are now worried that not all countries are applying the rules in the same way. Some European authorities have reportedly questioned how different member states are applying the rules. Malta, in particular, has been looked at closely since last year by the European Securities and Markets Authority (ESMA) because of how quickly it gives approvals.
This has led to fears that companies could shop for easier jurisdictions inside the EU before expanding across the bloc. However, France is responding by warning that it may block licences approved by other countries if it believes the approval does not meet the right standards.
Previous push for stronger oversight
France has been actively working on regulating crypto in the country for a while. Last year, the Bank of France pushed for stronger control, suggesting that ESMA should directly oversee major crypto firms across the EU instead of relying on individual national regulators.
François Villeroy de Galhau, the governor of the Bank of France at the time, said that the current system may not be strong enough because rules can be applied differently in different places. He warned that this could create risk for the whole market if problems happen.
French authorities have increasingly emphasized that MiCA should not become a system where companies simply search for the least restrictive jurisdiction before expanding across Europe.
Enforcement phase begins as deadline approaches
As the June 2026 deadline nears, European regulators appear to be shifting from policy development toward strict enforcement. Authorities say the focus is now on ensuring all firms comply with licensing requirements rather than continuing to operate under transitional arrangements.
The AMF’s warning highlights growing pressure on crypto businesses to complete their MiCA applications or prepare to exit the European market altogether.
Also Read: SEC’s Hester Peirce Says Crypto Privacy Can Coexist With KYC
