France sets June 30 MiCA deadline for all crypto platforms

French financial regulators have issued a stern warning to cryptocurrency platforms, mandating that all firms operating in France must acquire a MiCA license by June 30 or cease their operations in the country. This demand marks a decisive new phase in the implementation of the European Union’s unified crypto asset framework, signaling a zero-tolerance approach to non-compliance with the MiCA regulation.

French regulators tighten the rulebook

The French Financial Markets Authority (AMF) has made it compulsory for all crypto platforms providing services in France to complete their MiCA registration by the official deadline. After June 30, it will be illegal for any platform lacking the proper licensing to serve French clients. Authorities have stressed that crypto firms with pending applications must accelerate their processes to avoid disruption.

The landmark MiCA regulation introduces common oversight standards for all digital asset firms across the EU. It enforces rigorous requirements for operational management, consumer protection, asset custody, and trading practices. Notably, a company licensed under MiCA in any EU member state can lawfully operate everywhere in the bloc.

Enforcement will intensify from July 1 onward. Only companies holding valid MiCA licenses will be allowed to operate in France. Those failing to secure approval will either have to withdraw from the market or face regulatory intervention.

French authorities emphasize that “firms must either obtain their MiCA license by June 30 or halt operations,” underscoring that no exceptions will be made for non-compliance.

Blacklisting and legal action threatened

The AMF has also made it mandatory for unauthorized crypto platforms to prepare exit plans. These plans must ensure that users can withdraw their assets safely and complete transfer operations smoothly, minimizing the risk of client losses during wind-down.

French officials have warned that platforms continuing to accept clients without a license could be blacklisted publicly and subjected to legal action. This includes online operators functioning without registration. Companies failing to comply are expected to face formal investigations and enforcement measures.

EU “passporting” under debate

The MiCA framework’s “passporting” feature allows a crypto firm licensed in one EU state to operate in all 27 member countries. However, concerns remain as supervisory standards may vary from one nation to another.

French watchdogs argue that speedy and lax licensing regimes in some countries could undermine MiCA’s integrity. France reserves the right to refuse a foreign license if it does not meet French standards, potentially leading to regulatory fragmentation across the EU’s single market.

These developments underline France’s unwavering stance: crypto firms must fully comply with MiCA rules or exit the market. After June 30, companies without a license will not be allowed to serve French customers under any circumstances.

Mini glossary: MiCA (Markets in Crypto-Assets) is the EU’s comprehensive digital asset regulatory package. It requires platform licensing, consumer protection, capital adequacy, and transparency across the EU. “Passporting” allows a license approved by one regulator to be automatically valid in all other EU countries.