Only 30% of Crypto Firms Without MiCA License Have Applied, France’s AMF Warns

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The Autorité des Marchés Financiers (AMF), France’s markets regulator, has warned that only 30% of approximately 90 unlicensed cryptocurrency companies operating in the country have applied for licensing required under the EU’s Markets in Crypto-Assets (MiCA) framework.

The AMF informed unlicensed firms operating in France in November 2025 that the national transition period will be coming to an end on June 30, 2026, after which cryptocurrency firms without MiCA authorization must stop offering services in France.

According to AMF executive director of the market intermediaries and market infrastructures supervision directorate, Stephane Pontoizeau, approximately 40% of the identified companies have said they have no intention of applying for a licence, indicating they may exit the market rather than comply with new EU regulations. About 30% had not responded to the AMF’s enquiries, while the remaining 30% claimed their licence applications were in progress.

MiCA came fully into effect in the EU on December 30, 2024, with a transitional period that can last until July 1, 2026, depending on the member state. It aims to establish uniform rules across all EU member states for the issuance, trading, and custody of crypto-assets that were previously governed by fragmented national laws, allowing firms to operate throughout the bloc. 

Under this passporting system, a licence in one member state covers business across the EU. However, France has raised concerns that companies may seek licensing in jurisdictions with less stringent requirements for approval.