France’s Financial Markets Authority (AMF) has issued a stark warning to crypto firms still operating without full licensing under the EU’s Markets in Crypto-Assets (MiCA) framework. The regulator’s president, Marie-Anne Barbat-Layani, stressed that companies must complete their license applications before the June 30, 2026 deadline, describing the situation as “very, very urgent.”
Under MiCA, the transition period ends on July 1, 2026. After that date, only authorized Crypto-Asset Service Providers may legally serve customers in France. The AMF has made clear that firms failing to obtain authorization will be placed on blacklists and could face enforcement actions—including prosecution—if they continue targeting French users without permission. Unauthorized providers are required to prepare “orderly wind-down plans” to allow customers to recover or transfer their crypto assets.
MiCA’s passporting mechanism lets a firm licensed in one EU country operate across all 27 member states. However, Barbat-Layani reiterated France’s willingness to block passporting from another member state if it disagrees with that regulator’s decision, calling such a scenario a “serious collective failure” but signaling readiness to act. This stance comes amid concerns over uneven approval speeds across the bloc—for example, Malta’s pace has drawn scrutiny from the European Securities and Markets Authority (ESMA).
Meanwhile, the regulatory push in Europe contrasts with the US, where policy has shifted toward a more legislative approach. The GENIUS Act, a stablecoin bill, has already passed, and the CLARITY Act—aimed at broader digital asset classification—is progressing through Congress.
The AMF’s warning marks a clear shift from planning to enforcement under MiCA, forcing crypto firms operating in France to either secure a license, wind down operations, or risk regulatory action. Recent MiCA-related developments include Coinhouse becoming one of France’s first fully licensed providers, and Italy’s Banca Sella gaining approval to offer custody and transfer services by end‑2026.
