France’s financial regulator has drawn a definitive line in the sand. The Autorité des Marchés Financiers gave crypto companies operating in the country until June 30, 2026 to secure full MiCA authorization. After that date, operating without a license will be illegal.
AMF President Marie-Anne Barbat-Layani made the stakes brutally clear during a press event on May 28. Firms that fail to obtain MiCA approval by the deadline must present “orderly wind-down plans” — effectively transferring clients to compliant operators and shutting down.
The Numbers Behind the Crackdown
According to AMF data from January 2026, roughly 90 registered digital asset service providers in France still lacked MiCA licenses. The compliance picture is alarming:
Only 30% of those firms had actually submitted an application. A full 40% told the regulator they have no intention of applying. The remaining 30% simply didn’t respond when the AMF came calling.
The June 30 deadline targets legacy operators still operating under France’s old PSAN framework. Since December 30, 2024, new crypto firms entering the French market have already been required to hold full MiCA approval upfront.
What MiCA Means for Crypto Firms
The Markets in Crypto-Assets Regulation came into effect across the European Union in 2024, creating a harmonized licensing regime for all 27 member states. The core principle: a MiCA license obtained in one EU country grants a passport to operate across the entire bloc.
For compliant firms, this is a significant unlock. A MiCA authorization provides access to 450 million consumers across Europe through a single regulatory approval process.
France has been updating its domestic framework to align with MiCA over the past year. Ordinance 2024-936 in October 2024 and Decree 2025-169 in February 2025 harmonized French rules with the EU-wide regulation.
Starting July 1, 2026, only firms holding full Crypto-Asset Service Provider authorization under MiCA will be permitted to operate in France.
The AMF’s Hardline Stance
The AMF is not leaving any ambiguity. Barbat-Layani confirmed during the press event that companies missing the deadline face legal consequences beyond just a market exit. The regulator has indicated it will blacklist non-compliant operators and pursue legal action.
The AMF’s position aligns with guidance from ESMA, the European Securities and Markets Authority, which has been coordinating enforcement expectations across EU member states. However, the French regulator has gone further than some peers. The AMF has openly threatened to block certain licenses issued in other European countries if it considers those countries’ controls too lax. This position notably targets perceived regulatory gaps and divergences around approvals granted in Malta.
Market Impact
Analysts expect the AMF’s ultimatum to accelerate consolidation in the French crypto sector. Large compliant platforms will capture the majority of trading volumes as smaller players exit the market.
The compliance burden is the driving force behind the exodus. MiCA authorization requires robust anti-money laundering procedures, operational transparency, capital reserves, and governance standards that smaller firms struggle to afford. For many, the cost of compliance exceeds their expected revenue in the French market.
The likely outcome: France’s crypto market will shrink significantly in the short term, with dozens of service providers disappearing by July. Over the medium term, the surviving firms will be better capitalized and more tightly regulated, potentially attracting institutional investors who have stayed on the sidelines.
Broader European Context
France is not alone in tightening enforcement, but its approach stands out for its hard deadline and public naming of non-compliant firms. Other EU member states have taken varied approaches to the MiCA transition period, with some granting more flexibility to legacy operators.
The AMF’s aggressive posture reflects a broader shift in European crypto regulation. After years of building the regulatory framework, national authorities are now moving from rule-setting to enforcement. The transitional period that allowed firms to operate under existing national licenses is expiring across the continent.
EU-wide, an estimated 300 to 500 crypto firms are still operating under transitional arrangements. Many face similar deadlines in their home jurisdictions over the coming months.
What Comes Next
For French crypto users, the key concern is service continuity. If a significant portion of crypto exchanges and wallet providers exit the French market, customers may find their options limited to a handful of large, MiCA-compliant players.
The AMF has recommend that users of non-compliant platforms begin migrating their assets to licensed providers ahead of the June 30 deadline. After July 1, non-compliant platforms will be operating illegally, and client funds held on those platforms may face legal complications.
For firms that do secure MiCA authorization, the competitive landscape has rarely looked better. With dozens of competitors forced to exit, the compliant survivors will face reduced competition and a captive market of French crypto users.
FAQ
What is the AMF’s June 30 deadline?
The AMF has given all crypto companies operating under France’s old PSAN framework until June 30, 2026 to obtain full MiCA authorization. After this date, operating without a MiCA license will be illegal in France.
How many French crypto firms are affected?
Approximately 90 registered digital asset service providers in France still lack MiCA licenses. Only 30% have submitted applications, 40% say they won’t apply, and 30% didn’t respond to the regulator.
What happens to crypto firms that miss the deadline?
Companies that fail to obtain MiCA approval by June 30 must present orderly wind-down plans, transfer clients to compliant operators, and cease operations. The AMF has warned of blacklisting and legal action for non-compliant firms.
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Sources: Crypto Times, Crypto Briefing, CoinTribune, Reuters
