Crypto companies seeking to do business in the European Union must obtain a licence from the bloc by the end of a transition period or face being blacklisted and sued, the head of France’s markets regulator said.
Crypto Companies Operating in EU Must Have Licence by End-June: Reuters
The EU’s Markets in Crypto Assets (MiCA), the regulatory framework designed to govern digital assets across the bloc’s 27 member states, requires crypto companies to be licenced by 30 Jun to operate in the region.
That date marks the expiration of the 18-month grandfathering period allowed under MiCA. Existing crypto businesses were allowed to continue operating under old national laws to avoid market disruption.
"It’s becoming very, very urgent to finalise the licences applications," Marie-Anne Barbat-Layani, president of the French markets regulator, the Autorité des marchés financiers (AMF), told journalists on 28 May, Reuters reported.
Companies without licences have been warned by European regulators that they would need to have "orderly wind-down plans" in place.