France Flags Unlicensed Crypto Firms Before MiCA Regulations Take Effect

France Flags 90 Crypto Firms for Non-Compliance Ahead of MiCA Deadline

French financial regulators have identified 90 cryptocurrency companies operating without the required licenses as mandated by the European Union’s Markets in Crypto-Assets (MiCA) regulation, ahead of the June compliance deadline. This swath of unlicensed firms underscores ongoing enforcement challenges within the broader EU crypto framework, just months before the regulation takes full effect.

The Autorité des Marchés Financiers (AMF) issued a warning that approximately 30% of these unlicensed firms have yet to respond concerning their intentions to obtain necessary licensing. Stakeholders were notified in November that the transitional period for compliance would conclude on June 30, with non-compliant companies facing shutdowns starting July.

Unlicensed Crypto Firms Divided on Licensing Plans

Among the 90 companies operating in France without a license, about 40% have openly stated they do not plan to seek authorization under MiCA. Conversely, roughly 30% have indicated that they are in the process of applying for licenses. The AMF has not disclosed specific identities of firms that refuse licensing or those that remain unresponsive, citing confidentiality.

In response to the regulatory environment, notable companies like CoinShares, a leading European crypto investment firm, and Relai, a Swiss Bitcoin application, have secured MiCA licenses in France. CoinShares received its license in July 2025, while Relai obtained approval in October, signaling some industry players' proactive approach to compliance.

An excerpt from ESMA’s statement on MiCA transitional measures. Source: ESMA

Despite these licenses being granted, the enforcement of MiCA remains a concern. The European Securities and Markets Authority (ESMA) emphasized in December the importance of orderly wind-down plans for companies lacking license approval once the transition period concludes. Additionally, the European Commission proposed centralizing ESMA’s supervisory authority over all EU crypto firms, a move that has raised industry fears of slowing licensing processes and restricting startup growth.

Paris has been a vocal critic of the EU’s passporting regime, highlighting the risk of some entities seeking more permissive jurisdictions. Meanwhile, France's authorities continue to advocate for stronger oversight powers for ESMA, aligning with broader efforts to regulate the crypto industry effectively while balancing innovation and consumer protection.

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