France’s Financial Markets Authority has issued its clearest warning yet to unlicensed crypto firms operating in the country: secure full MiCA authorization before June 30, 2026, or prepare to leave the market. The statement from AMF President Marie-Anne Barbat-Layani signals that Europe’s most prominent crypto markets are moving decisively from regulatory guidance into active enforcement, and that firms still sitting on incomplete license applications are running out of time.
What the AMF Said and Why It Matters
Barbat-Layani did not mince words. Speaking publicly ahead of the June 30 deadline, she told crypto firms it is “very, very urgent” to finalize their MiCA license applications. The comment, reported by Reuters, was directed at companies that have been operating in France during the transition period but have yet to secure full authorization under the Markets in Crypto-Assets framework.
The urgency behind the statement reflects how close the deadline now is. France’s MiCA transition period ends on July 1, 2026. From that date forward, only firms holding valid authorization as Crypto-Asset Service Providers will be permitted to offer crypto services to customers in France. Any firm still operating without that status after the deadline will be doing so illegally under French and EU law.
For an industry that has spent years operating in regulatory grey areas, the message is unusually direct. The AMF is not asking firms to move faster on paperwork. It is telling them that the window to comply is nearly closed, and that what follows after July 1 will look very different from the relatively permissive environment of the transition period.
Unlicensed Firms Face Wind-Downs, Blacklists, and Legal Action
The AMF outlined exactly what unlicensed firms can expect if they fail to meet the deadline. Firms without MiCA approval must prepare orderly wind-down plans. These plans are not optional. They are a regulatory requirement designed to protect customers and ensure that users can recover or transfer their crypto assets before a firm ceases operations.
Beyond wind-down requirements, the AMF has a range of enforcement tools it can deploy against non-compliant firms. The regulator can add unauthorized firms to public blacklists, issue warnings directly to consumers, and pursue action against websites that continue targeting French users without permission. Under French law, operating as an unauthorized crypto-asset service provider can also result in financial penalties and potential criminal proceedings.
The regulator made clear that firms should not wait until the final date to begin this process. Given the time required to properly wind down operations, transfer customer assets, and close accounts in an orderly way, firms that delay until late June risk being unable to meet even the exit requirements in a compliant manner. The message is that the process of leaving the market, if that is the chosen path, needs to begin now.
How MiCA Passporting Is Creating EU-Wide Tensions
One of MiCA’s most significant features is its passporting mechanism. Under the framework, a crypto firm that obtains authorization in any single EU member state can use that license to offer services across all 27 countries in the bloc. The system was designed to simplify cross-border operations and reduce the compliance burden for firms serving multiple European markets.
In practice, passporting has introduced a new set of tensions. Different national regulators have moved at different speeds and applied different levels of scrutiny to license applications. Critics argue that this creates an uneven playing field, where firms can shop for the most lenient regulator, obtain authorization in a smaller or faster-moving market, and then use that license to operate freely across the entire EU, including in countries with higher standards.
France has positioned itself among the more vocal critics of this dynamic. Barbat-Layani said the AMF reserves the right to block passporting from another EU country if it disagrees with that country’s regulatory decision. She added that exercising such a block would not be a unilateral act of protectionism but rather a reflection of a wider failure in the EU’s supervisory architecture.
The statement raises important questions about how MiCA will function in practice across a bloc of 27 regulators with varying resources, priorities, and risk tolerances. If major markets like France begin blocking passported licenses from smaller jurisdictions, it could fragment the single market that MiCA was intended to create, and force firms to pursue authorization in every country where they want to operate rather than relying on a single license.
Coinhouse and Banca Sella Lead on Compliance
While many firms are still working toward MiCA authorization, some have already crossed the finish line. Coinhouse recently became one of France’s first fully MiCA-licensed crypto providers. The approval gives Coinhouse the legal right to passport its services across EU member states, positioning it as a compliant operator in a market where many of its competitors are still navigating the licensing process.
In Italy, Banca Sella secured MiCA approval and plans to offer crypto custody and transfer services to selected clients before the end of 2026. The bank’s authorization under MiCA reflects a broader trend of traditional financial institutions moving into regulated crypto services as the framework creates clearer legal ground for institutional participation.
These approvals illustrate a widening gap between firms that treated MiCA compliance as a strategic priority and those that delayed. Early movers gain a competitive advantage not just in terms of legal standing but also in terms of customer trust, institutional partnerships, and the ability to expand across the EU without further regulatory hurdles.
Where the Broader MiCA Rulebook Stands
MiCA’s June 30 deadline in France is one piece of a larger regulatory picture that is still taking shape across Europe. The European Commission has opened a formal consultation on the MiCA framework, covering several areas where the initial regulation left gaps or created ambiguity.
Stablecoin rules remain one of the most closely watched areas. MiCA introduced a licensing regime for asset-referenced tokens and e-money tokens, but questions remain about how rules will apply to algorithmic stablecoins and tokens pegged to assets other than fiat currencies. The consultation is expected to produce clearer guidance on these categories, though timelines for final rules remain uncertain.
DeFi also remains largely outside MiCA’s scope. The framework was designed around identifiable service providers, which means decentralized protocols that operate without a central entity are not directly regulated under the current rules. Brussels has acknowledged this gap, and the consultation includes questions about how or whether MiCA should be extended to cover DeFi activity, though any legislative changes would take years to implement.
Cross-border supervision is a third area under review. The tensions around passporting that France has highlighted publicly are part of a wider conversation about whether national regulators or EU-level bodies like the European Securities and Markets Authority should have primary authority over firms operating across multiple member states.
What This Means for Crypto Firms Right Now
For crypto firms still operating in France without MiCA authorization, the situation is straightforward. There are three possible paths: complete the license application before June 30, begin an orderly wind-down now, or face regulatory action after July 1. The AMF has made clear it will use every tool available to enforce the deadline, including blacklisting, public warnings, and legal proceedings.
For firms already licensed or close to authorization, the coming weeks represent an opportunity. As unlicensed competitors exit the French market, compliant firms stand to absorb customers, market share, and institutional credibility. France is one of Europe’s largest crypto markets, and the firms that navigated MiCA successfully will be well placed to benefit from the consolidation that enforcement will bring.
For the broader industry, France’s enforcement posture is a preview of what is coming across the EU. The MiCA transition period ends at different points in different countries, but the direction of travel is uniform. Europe is moving toward a fully licensed, fully regulated crypto market, and the era of operating in grey areas is drawing to a close.
