France Warns One-Third of Crypto Firms Still Silent Ahead of Critical MiCA Licensing Deadline
French regulators are sounding the alarm as nearly one-third of the country’s crypto companies have yet to signal whether they intend to comply with Europe’s sweeping Markets in Crypto-Assets (MiCA) regime, raising the prospect of forced shutdowns and an exodus from the European Union.
With the June 30 deadline fast approaching, officials at France’s financial markets authority (AMF) said roughly 30% of the 90 locally registered digital asset firms have not responded to outreach from regulators, leaving their future in the country and across the EU uncertain.
France Approaches Final Countdown
Under MiCA, which became fully applicable in December 2024, crypto companies must obtain authorization from their national regulator in order to continue operating and offer services throughout the EU’s single market. It is the world’s first region-wide legal regime dedicated to digital assets.
In France, the transition period is now entering its final stretch. Crypto firms must inform the AMF by June 30 whether they will submit a MiCA application or wind down operations altogether.
Speaking to journalists in Paris this week, Stéphane Pontoizeau, head of the Market Intermediaries Division at the AMF, said the regulator had issued reminders as early as November—yet many firms remain silent.
According to figures reported by Reuters, the breakdown of the 90 registered but not-yet-licensed companies is stark:
- 30% have applied for MiCA authorization
- 40% say they do not plan to apply
- 30% have offered no response at all
That last group is now in jeopardy. Without authorization—or at minimum, a formal declaration of intent—firms will lose the legal right to operate in France or passport services to any other EU member state.
Pushback Builds Against MiCA’s Costs
The EU has touted MiCA as a world-leading framework providing legal clarity and harmonization across 27 countries. But the industry response has been mixed.
While larger players have generally welcomed the certainty MiCA provides, smaller firms have voiced concerns over its cost and administrative burden.
Critics argue that compliance obligations—including operational standards, consumer protection rules, and documentation requirements—are disproportionately heavy for startups and medium-sized firms. Some may be forced to consolidate or exit the European market entirely.
Fredrik Gregaard, CEO of the Cardano Foundation, echoed those concerns on social media this week, warning that MiCA’s implementation risks over-aligning crypto infrastructure with traditional banking systems.
He pointed specifically to the stablecoin rules, which require issuers to maintain deep integration with banking partners—an advantage that favors established financial institutions over emerging crypto projects.
These provisions, he said, risk “locking out innovation” and undermining the EU’s own goals for competitiveness in financial technology.
Unresponsive Firms Raise New Concerns
The revelation that nearly one-third of French crypto companies have remained unresponsive ahead of a high-stakes regulatory deadline has intensified anxiety around Europe’s regulatory trajectory.
Some industry participants argue that firms are hesitating because the costs of pursuing a MiCA licence simply outweigh the benefits of serving EU markets under the current framework. Others suggest that companies may be exploring options to relocate to more flexible jurisdictions, both within Europe and globally.
If a significant wave of firms chooses not to seek authorization—or fails to notify regulators in time—it could signal a broader disillusionment with Europe’s regulatory environment at a pivotal moment for the industry.
With the clock ticking toward June 30, France’s silent one-third will soon face a stark choice: comply, exit, or lose the ability to operate across one of the world’s largest regulated markets for digital assets.
