France gives unlicensed crypto firms 33 days to get MiCA-compliant or wind down

France's financial markets regulator, the Autorité des Marchés Financiers (@AMF_actu), has given unlicensed crypto firms operating in France until June 30 to secure a MiCA licence or wind down in an orderly manner. AMF President Marie-Anne Barbat-Layani announced the deadline at a press event on Thursday, describing the situation as "very very urgent" for firms still finalising licence applications.

Under MiCA, crypto companies have until June 30 to obtain a licence to continue operating in the EU. Providers who can demonstrate they offered services in accordance with applicable national law before December 30, 2024, were granted a maximum transitional period of 18 months, running until July 1, 2026. Those that miss the deadline face blacklisting, prosecution, and must execute credible wind-down plans to offload customers.

A Large Share of Firms Still Not Compliant

The AMF has warned that only 30% of approximately 90 unlicensed cryptocurrency companies operating in France have applied for the licence required under MiCA. Approximately 40% of the identified companies have said they have no intention of applying, indicating they may exit the market rather than comply with the new EU regulations. About 30% had not responded to the AMF's enquiries, while the remaining 30% claimed their licence applications were in progress.

ESMA said in December 2025 that it expects digital asset companies without MiCA authorisation to have either implemented orderly wind-down plans or have such plans in place by the end of the transition period. Unauthorised providers must have credible and immediately executable wind-down plans in place, including arrangements for offboarding clients and transferring assets to an authorised provider or a self-hosted wallet.

Passporting Model Under Pressure

Under MiCA, crypto firms that obtain authorisation in one EU member state can passport their services across the entire bloc without needing separate approvals in each country. This creates powerful incentives for companies to secure licences, but also raises concerns about regulatory arbitrage if some countries maintain lower standards.

Malta has been openly pushing back against the European Commission's proposal to centralise crypto supervision under ESMA, as the debate heats up ahead of a potential summer vote. French authorities back giving ESMA centralised supervisory powers, but some member states, including Malta, have voiced strong opposition. In September 2025, France joined Austria and Italy in calling on ESMA to assume direct supervision of major crypto-asset service providers, warning that the first months of MiCA implementation revealed "major differences" in how member states apply the regulation.

With less than five weeks to the deadline, the AMF's enforcement posture marks the first concrete test of whether MiCA can effectively close off unlicensed activity across the bloc. For users, ESMA's message is clear: protections under MiCA depend on dealing with an authorised EU entity, not simply a familiar brand name.

Sources:
Autorité des Marchés Financiers (AMF) — MiCA In-Depth Overview
Global Banking and Finance — Crypto companies without EU licences face prosecution
CoinGeek — EU regulator clarifies expectations ahead of MiCA deadline