France Flags 90 Crypto Firms Operating Without MiCA Licenses Before Deadline

TLDR

• 40% of the 90 flagged crypto firms in France do not plan to seek MiCA licenses.
• 30% of firms remain unresponsive to the AMF’s license requirement notice.
• France’s AMF has already granted MiCA licenses to firms like CoinShares and Relai.
• Firms must stop operations by July if they do not comply with MiCA by June 30.

France’s top financial regulator, the Autorité des Marchés Financiers (AMF), has flagged 90 crypto companies for operating without the required MiCA license as a key regulatory deadline approaches. With the transition period ending on June 30, companies that fail to comply risk being shut down by July. The AMF reports that many firms are either unresponsive or unwilling to seek licensing, raising concerns about enforcement and market stability.

AMF Warns Crypto Firms of License Deadline

France’s Autorité des Marchés Financiers (AMF) has identified 90 crypto companies operating without the required MiCA license. The warning comes as the transition period under the European Union’s Markets in Crypto-Assets Regulation (MiCA) framework ends on June 30.

According to a report from Reuters, the AMF notified the affected companies in November 2025. The regulator reminded them of the deadline and asked whether they intended to apply for a MiCA license.

Stephane Pontoizeau, executive director at the AMF, said that 40% of these companies stated they do not plan to apply for a license. Another 30% have not responded to the regulator’s inquiries, while the remaining 30% are currently in the application process.

Regulators Prepare for Potential Shutdowns in July

Crypto companies that fail to secure a MiCA license before the end of June will have to stop operations in France starting in July 2026. The AMF has not named the firms that are unresponsive or unwilling to apply.

The European Securities and Markets Authority (ESMA), the EU’s top financial watchdog, has also been monitoring the situation. ESMA stated in December that non-compliant firms must have “orderly wind-down” plans ready to ensure a smooth exit from the market.

The enforcement of MiCA across the European Union is part of a broader effort to bring crypto markets under uniform regulation and protect investors.

Licensing Progress and Market Readiness

So far, the AMF has issued MiCA licenses to a limited number of companies. CoinShares, a crypto investment firm, received its license in July 2025. Swiss-based Bitcoin app Relai was approved in October.

The regulator has not disclosed how many total firms have successfully registered under MiCA in France. However, the number of pending or refused applications suggests a gap between regulatory expectations and industry readiness.

France was among the early adopters of MiCA and has been pushing for more uniform supervision. French authorities have supported a proposal to grant ESMA centralized authority to oversee MiCA compliance throughout the EU.

Disagreements Over Central Supervision in the EU

While France supports stronger central oversight, not all EU member states agree. Countries like Malta have voiced concerns about giving ESMA broader powers. They argue that centralized control may slow down licensing processes and limit innovation, especially for smaller startups.

Still, the AMF maintains that the goal is to ensure consistent enforcement across the EU and prevent regulatory arbitrage. Some companies might try to register in countries with less strict enforcement, raising concerns about loopholes in the system.

The current situation in France reflects the challenges ahead for MiCA enforcement. Regulators are working to bring firms into compliance, while balancing market stability and investor protection.

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