France’s markets watchdog is stepping up warnings to cryptocurrency businesses as a European Union licensing deadline approaches under the bloc’s Markets in Crypto-Assets (MiCA) framework, Reuters reported Thursday. The regulator is urging firms to ensure they meet new authorization standards or risk disruption to their services in France and across the EU.
AMF urges firms to prepare for MiCA authorization
The Autorité des marchés financiers (AMF) has intensified outreach to crypto service providers, signaling that firms registered under France’s existing regime will need to upgrade to MiCA-compliant authorization to continue operating without interruption. The regulator’s message underscores the tightening supervisory environment for crypto issuance, trading, and custody as EU-wide rules take full effect.
MiCA introduces a single licensing regime for crypto-asset service providers (CASPs), replacing disparate national rules and enabling “passporting” across member states. The AMF’s latest warnings reflect concerns that some firms may be slow to transition from France’s current registration framework to the more stringent MiCA authorization.
What MiCA changes for crypto businesses
MiCA establishes harmonized standards for the European crypto market, including:
- Authorization and supervision of CASPs, covering services such as exchange, brokerage, custody, and advisory.
- Stricter governance, capital, and operational requirements aimed at investor protection and market integrity.
- Rules for the issuance and oversight of stablecoins and other crypto-assets, including disclosures and reserve management.
- Market abuse provisions tailored to crypto-asset markets.
These measures are designed to replace fragmented national approaches with a consistent EU rulebook, reducing regulatory arbitrage while expanding cross-border access for compliant firms.
Implications for firms operating in France
Crypto companies registered in France must assess gaps between their current approvals and MiCA’s authorization requirements. Firms that fail to secure the necessary license within the applicable timelines may be forced to curtail services or exit certain markets. Conversely, those that obtain MiCA authorization will be able to passport their services across the EU, potentially widening their customer base.
The AMF’s renewed warning highlights the need for timely applications, strengthened compliance controls, and clear communications with clients as the EU’s crypto rulebook is phased in. While certain transitional arrangements may apply at the national level, the direction of travel is clear: full alignment with MiCA will be required for long-term market access in the European Union.