France’s Financial Markets Authority (AMF) has warned that a large share of crypto companies operating in the country remain unresponsive just months before a key EU licensing deadline, Reuters reported, sharpening concerns over regulatory arbitrage and the uneven enforcement of the bloc’s new crypto rulebook.
Speaking after the publication of the AMF’s Action and Supervisory Priorities 2026 on 13 Jan, Stéphane Pontoizeau, executive director for market intermediaries and infrastructures supervision, said the regulator was increasingly concerned by firms that have yet to clarify their intentions under the EU’s Markets in Crypto-Assets Regulation (MiCA), according to the report.
Under MiCA, crypto firms must obtain authorisation from a national regulator to continue operating and to benefit from passporting rights across the EU. France’s transition period ends on 30 June, leaving a narrowing window for compliance.
MiCA deadline tests market discipline
Of the approximately 90 crypto firms registered in France that do not yet hold a MiCA licence, roughly 30% have applied for authorisation, while about 40% have informed the regulator that they do not intend to seek a licence and will cease operations, Pontoizeau was quoted as saying. The remaining 30% have neither applied nor responded to formal reminders, he said.
Pontoizeau said this lack of engagement was problematic, particularly as EU authorities expect firms without MiCA authorisation to have orderly wind-down plans in place by the end of national transition periods, according to the report.
The European Securities and Markets Authority (ESMA) reiterated in December that firms should either be licensed or prepared to exit in a controlled manner to avoid market disruption and consumer harm.
MiCA, which came into force last year, is the EU’s first comprehensive framework for crypto assets. Major players including Coinbase, Circle and Revolut have already secured licences, underscoring the growing divide between firms adapting to the new regime and those falling behind.
The issue also features prominently in the AMF’s newly published supervisory priorities for 2026, which place a strong emphasis on crypto asset oversight, investor protection and monitoring firms’ exit strategies where authorisation is not pursued.
Sovereignty, supervision and regulatory arbitrage
France’s warning feeds into a broader debate over how MiCA should be enforced across the bloc.
Paris has repeatedly expressed concern that some crypto firms are exploiting differences in national supervision by seeking licences in jurisdictions perceived as more permissive, then passporting those approvals across the EU.
AMF president Marie-Anne Barbat-Layani has previously said France does not exclude the possibility of refusing EU passporting in extreme cases, reflecting fears that uneven supervision could undermine the credibility of MiCA and weaken market safeguards.
Those concerns have intensified following scrutiny of licensing decisions in certain member states and have driven calls from France, Italy and Austria for greater centralisation of crypto supervision under ESMA.
In December, the European Commission proposed expanding ESMA’s role, a move supported by France but resisted by some countries keen to retain national control.
