France threatens crypto firms with prosecution over MiCA licensing

With the European Union’s June 30 deadline for MiCA compliance fast approaching, French market regulator AMF has issued a stark ultimatum: crypto firms failing to secure proper licensing will face blacklisting and potential legal prosecution if they continue to target customers within the bloc without authorization.

Marie-Anne Barbat-Layani, president of the Autorité des Marchés Financiers (AMF), described the finalization of license applications as an urgent priority for the industry. Under the Markets in Crypto-Assets (MiCA) framework, companies are required to obtain approval from a national regulator, which grants them a passport to operate across all 27 member states. This regulatory shift aims to bring oversight to the massive sector, contrasting with the current deregulatory trend seen in the United States.

Regulators remain concerned about discrepancies in how different nations handle the approval process. The European Securities and Markets Authority has already flagged the speed of licensing in Malta for closer inspection. Barbat-Layani reiterated that France reserves the right to block the passporting of licenses issued by other member states if the French authority disagrees with the underlying approval, though she characterized such a move as a last-resort outcome reflecting a serious collective failure.