The Autorité des Marchés Financiers sent warning letters to unlicensed crypto companies in November 2025, reminding them that France’s transition period ends on June 30, 2026. Companies that fail to obtain authorization under the Markets in Crypto-Assets Regulation will be forced to cease operations from July 1.
Most companies refuse to submit an application
Of the 90 companies flagged, the breakdown reveals significant problems. Forty percent have stated that they will not apply for a MiCA authorization at all. Another 30% are currently working on their applications. The remaining 30% did not respond to the supervisor’s questions.
Stéphane Pontoizeau, executive director of market intermediary supervision at the AMF, told journalists in Paris that he is concerned about the unresponsive group. The regulator cannot assess whether these silent companies intend to scale down their activities properly or simply disappear.
Source: esma.europa.eu
This situation poses risks for customers holding crypto assets with these platforms. Without proper planning, users may experience difficulty accessing their funds or transferring their holdings to authorized providers.
Europe’s new crypto rulebook
MiCA came into full force across the European Union on December 30, 2024. The regulation creates uniform rules for crypto companies in all 27 member states. It aims to protect investors while providing clear regulatory standards for legitimate crypto businesses.
Under MiCA, crypto companies must obtain licenses from national regulators to operate across the EU. This “passport system” allows a company licensed in one country to serve customers across Europe.
However, the transition period varies per country. France gives companies eighteen months to comply, while the Netherlands only gives six months. The Italian deadline had already passed in December 2025. This patchwork of timelines creates confusion for companies that operate in multiple countries.
France takes a strict enforcement approach
France has become one of the strictest crypto regulators in Europe. Of the more than 100 registered crypto service providers in France, only about four to six companies have received full MiCA authorization. This represents an approval rating of approximately 4%.
Successfully licensed companies include CoinShares, which received approval in July 2025, and Swiss Bitcoin app Relai, which obtained its license in October 2025. Other approved companies include Deblock, GOin, Bitstack and CACEIS, owned by Crédit Agricole.
In addition to licensing, the French banking regulator has been conducting extensive anti-money laundering inspections since the end of 2024. These controls target major exchanges, including Binance and dozens of other platforms. The French regulator also blocked 22 websites offering illegal crypto services in 2025.
France has criticized what it calls ‘regulatory shopping’, where companies seek licenses in countries with simpler approval processes. The country has threatened to challenge licenses granted by other EU members if standards are not aligned.
Completion plans required
The European Securities and Markets Authority issued guidelines in December 2024 requiring unlicensed companies to draw up orderly wind-down plans. These plans should allow businesses to close without harming their customers.
ESMA expects firms to arrange the transfer of crypto assets held for customers to authorized providers. The guidance emphasizes that national supervisors must handle last-minute authorization applications with extra care.
Investors are urged to verify whether their crypto service provider appears in ESMA’s interim MiCA register. Only authorized companies offer full protection under the new regulation.
Push for centralized EU supervision
In December 2025, the European Commission proposed to give ESMA centralized supervisory powers over all crypto companies in the EU. This would create a system similar to the U.S. Securities and Exchange Commission.
France, Italy and Austria support this proposal. They argue that centralized supervision would prevent companies from easily seeking approval in lenient jurisdictions. However, Malta, Luxembourg and Ireland oppose the plan, warning it would increase bureaucracy and delay licensing.
AMF President Marie-Anne Barbat-Layani reiterated in January 2026 that France supports stronger European markets and more power for ESMA.
The debate highlights the tensions between countries that want strict, uniform enforcement and those that prefer to compete by offering faster, more flexible approval processes.
Market consolidation ahead
Analysts predict that MiCA compliance costs will push smaller crypto companies out of the EU market. Only well-funded companies can afford the extensive documentation, compliance staff and enhanced systems that MiCA requires.
For the 90 unlicensed companies in France, the choice is clear. They must invest heavily in meeting MiCA requirements, otherwise they will have to leave the French market completely. With just over five months until the deadline, time is running out.
Companies serving customers in multiple EU countries are under even greater pressure. They must comply with the shortest transition period of each country in which they operate. For example, a company serving French and Dutch customers should have met the previous Dutch deadline.
The countdown to compliance
France’s identification of 90 unlicensed crypto companies reveals the challenges of implementing Europe’s new regulatory framework. With 40% refusing to apply for licenses and 30% not responding, a significant part of the French crypto market is in danger of being closed down.
The June 30 deadline will determine which companies survive in Europe’s regulated crypto market. Those who succeed will gain access to more than 450 million potential customers across the EU. Those who fail will lose access to one of the largest markets in the world.
As the countdown continues, the crypto industry must decide whether to comply with stringent European standards or look for opportunities elsewhere.
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