The French financial regulator AMF warned cryptocurrency companies that if they want to continue operating in France and the broader European market, they must obtain a license under MiCA rules by June 30. Companies that fail to obtain it must, according to the regulator, prepare an orderly wind-down of operations and cease serving clients.
The European regulation MiCA, or Markets in Crypto-Assets, began to gradually take effect in the European Union in 2024. Its aim is to harmonize rules for crypto service providers, increase investor protection, and establish clearer oversight of the digital asset market. However, crypto firms were given a transitional period to adapt to the new regime.
That period is now coming to an end. The president of the French Financial Markets Authority, Marie-Anne Barbat-Layani, told Reuters that companies that fail to obtain a license by the deadline must have plans ready for an orderly cessation of operations. If they continue to solicit European customers without authorization, they may face sanctions, blacklisting, or legal action.
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One license can open up the entire European Union
MiCA is crucial for the cryptocurrency sector primarily because it introduces a unified licensing regime for the entire European Union. A crypto service provider can obtain authorization in one of the 27 member states and subsequently passport it to other EU countries.
In practice, this means that a crypto exchange or other platform does not need to apply for a separate license in each European country individually. This model was intended to facilitate expansion for companies while giving investors confidence that the market is governed by common rules.
However, as the deadline approaches, tensions are rising between individual states. Some countries are concerned that the rules are not being applied equally strictly across the European Union. Critics point out that if one member state were to issue licenses too leniently, companies could easily gain access to the entire European market through it.
Dispute over who should oversee the crypto market
The debate is therefore increasingly turning to the question of whether oversight of the cryptocurrency market should be more centralized. A stronger role for the European authority ESMA, the European Securities and Markets Authority, is being considered.
Supporters of centralization argue that unified oversight could reduce differences between individual national regulators. Opponents, however, warn that this would weaken the powers of member states and complicate the current European passporting system.
The Maltese regulator MFSA, for example, is critical of rapid changes. Its representatives stated that changing the current MiCA structure would be premature, as regulators first need time to assess how the new regime actually works in practice.
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MiCA may continue to evolve
European cryptocurrency regulation may not remain in its current form. Peter Kerstens, advisor to the European Commission on technological innovation, digital transformation, and cybersecurity in financial services, already stated in April 2026 that MiCA may undergo amendments in the future.
According to him, any change should respond to a more mature cryptocurrency industry. European institutions should therefore launch public consultations before any potential revision of the rules, which could bring new requirements for crypto service providers.
For ordinary cryptocurrency users, the current developments are important mainly for one reason. Companies that fail to obtain a license may cease services in some countries or transfer clients elsewhere. Investors should therefore monitor whether their exchange or platform has a valid European authorization and in which country it was obtained.
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