French crypto regulation is entering its final transition phase. The French Financial Markets Authority (AMF) requires crypto companies that have not yet obtained a MiCA license to complete their applications by June 30. Failure to obtain authorization will require these entities to cease providing services to French clients and to develop exit strategies in advance.
Starting July 1st, only licensed entities will be allowed to conduct business.
The AMF stated that the transition period in France will end on July 1, 2026. At that time, only authorized cryptocurrency service providers will be allowed to continue offering services in France.
AMF President Marie-Anne Barbat-Layani stated that relevant agencies must complete their license applications as soon as possible and should not wait until the last minute. This statement from regulators signifies that MiCA in France has moved from a transitional arrangement to actual implementation.
Unapproved organizations must submit an exit plan.
For companies that have not yet received approval, the AMF requires them to develop an "orderly exit plan." Such arrangements should ensure that customers can recover their assets or transfer their crypto assets to other compliant platforms.
Under current French regulations, organizations that continue to operate for French users without authorization may be blacklisted and publicly warned, and their websites may face enforcement action. Violating organizations may also face fines and further legal action.
EU pass mechanism sparks disagreement
MiCA allows crypto companies to provide services in the other 27 EU member states after obtaining a license in one. This mechanism is known as the "passport" system.
However, France has expressed concern about inconsistent approval standards within the EU. Some regulators believe that faster approval processes and more lenient standards in smaller markets could become a weak link in the overall EU regulatory system.
Barbat-Layani stated that if France does not agree with the approval decisions of other member state regulatory bodies, it could theoretically prevent relevant institutions from operating in France using the access mechanism. She also pointed out that this situation itself reflects ongoing problems in cross-border regulatory coordination.
Additional information:At the European level, the supporting rules for MiCA are still under evaluation. Brussels has launched a new round of consultations on MiCA, covering issues such as stablecoin rules, regulatory gaps in DeFi, and cross-border regulatory cooperation. Previously, Coinhouse became one of the first crypto service providers in France to obtain a full MiCA license.
