France's AMF sets June 30 deadline for crypto firms to secure MiCA licenses
In brief
- AMF deadline: crypto companies must acquire MiCA licenses by June 30 or exit France
- Non-compliant firms must submit orderly wind-down plans and offload customer accounts
- EU member states debate centralizing crypto regulation under ESMA versus maintaining national oversight
France's Compliance Deadline
France's AMF warned that crypto companies operating in the country without a license have until June 30 to acquire permits or exit the country. The regulator didn't soften the terms. AMF President Marie-Anne Barbat-Layani stated that crypto companies failing to obtain a license by the deadline must have orderly wind-down plans to offload customers and end operations.
This marks a concrete enforcement moment for MiCA, which has given firms a grace period since its 2024 rollout. The structure itself is straightforward: under MiCA, crypto service providers are required to have licenses to operate and can acquire a license in any of the 27 EU member states and passport the license to other member nations.
Regulatory Tensions Rise
But compliance isn't the only friction point. Tensions are mounting between EU member states about licensing requirements and whether control over Europe's crypto regulations should be centralized by the European Securities and Markets Authority.
The debate centers on ESMA's role. ESMA is a Paris-based organization that critics say could create a conflict of interest over crypto regulations in the EU. Centralizing control with ESMA takes regulatory control away from nation-states, potentially threatening the passporting of licenses across the EU region.
Malta's regulators pushed back. Malta's Financial Services Authority stated that changing the MiCA regulatory structure is premature and that regulators need time to assess the impacts of MiCA.
Looking Ahead
The framework isn't frozen. Peter Kerstens, an adviser at the European Commission's financial services department, said that MiCA may be overhauled to regulate a more mature crypto industry. Any overhaul would require broad input. EU regulators would seek consultation from the public about any potential overhaul to MiCA that would alter existing provisions or add new requirements for crypto service providers.
For now, the June 30 deadline is real. Crypto firms in France know the clock is running.
