June Deadline Looms For Crypto Firms—France Warns Of Blacklists And Lawsuits

France’s top markets regulator is issuing increasingly direct warnings to crypto firms ahead of a fast-approaching European Union (EU) deadline for licensing, Reuters reported on Thursday. 

Under the EU’s Markets in Crypto-Assets (MiCA) framework, crypto rules are tightening across the European Union for the issuance, trading, and custody of digital assets, and the regulator says companies that miss the cutoff may face serious consequences.

Crypto Licensing Pressure Builds In The EU

According to Reuters, the Autorité des Marchés Financiers (AMF) warned that crypto companies could be blacklisted and sued if they fail to obtain an EU license by the end of June. 

“It’s becoming very, very urgent to finalize the license applications,” Marie-Anne Barbat-Layani, president of the French markets regulator, AMF, told journalists on Thursday. 

She said firms that do not secure the necessary authorizations by the EU deadline would be placed on blacklists and could face enforcement actions, including prosecution, if they continue attempting to serve customers in Europe without permission.

As Reuters noted in the report, MiCA requires crypto firms to apply for licenses through regulators in individual EU member states. Those national licenses can then be used as a “passport,” allowing companies that obtain approval in one country to operate throughout the 27-nation bloc. 

Barbat-Layani noted that last year, some regulators drew concern for differences in how quickly licenses were being approved, with Malta’s pace reportedly coming under scrutiny from the European Securities and Markets Authority (ESMA).

The AMF president also reiterated France’s position on the “passporting” mechanism. She said France would be willing to block the portability of licenses granted by other countries if it does not agree with that country’s decision.

Barbat-Layani added that this outcome is not what the regulator would prefer, describing it as a “serious collective failure,” but indicating that France is prepared to act if necessary.

US And European Union Diverge

MiCA’s rules were agreed in 2023 and are designed to standardize oversight across the EU, regardless of where a firm initially applies for authorization. 

That regulatory push is taking shape even as US policy has shifted away from the more aggressive enforcement posture seen under the Biden administration—an approach that was led at the time by the chair of the US Securities and Exchange Commission (SEC), Gary Gensler.

In the US, the policy change under the Trump administration was followed by the passage of the GENIUS Act last year, the first crypto bill in the country focusing on stablecoins. 

Another measure now moving through Congress is the CLARITY Act, intended to provide a clearer framework for digital asset classification and, more broadly, bring long-awaited clarity for regulation across the crypto market. 

The bill is currently expected to face a full Senate vote, along with reconciliation steps needed to finalize the text and a final agreement between the House and the Senate before it reaches the President’s desk.

Featured image created with OpenArt; chart from TradingView.com