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France threatens to block EU crypto licenses
France’s top market regulator is considering blocking crypto firms from operating in the country if they only hold licenses from other EU states. This practice, called “passporting,” is a key part of the EU’s new MiCA law.
The Autorité des Marchés Financiers (AMF) argues that some companies are shopping for licenses in countries with easier rules. MiCA was meant to stop this kind of regulatory arbitrage.
Legal clash over EU rules
Some experts say France cannot legally stop MiCA-licensed firms. Others argue it is possible, but it comes with heavy legal risks.
Marina Markezic of the European Crypto Initiative said, “MiCA promised a single market, but France’s move puts that at risk.”
France also joined Austria and Italy in asking the EU’s securities watchdog, ESMA, to directly supervise big crypto firms.
A warning, not a ban
Other lawyers say the AMF’s threat is more symbolic. Edwin Mata, CEO of Brickken, explained that MiCA applies equally across all member states. He said France can monitor firms and raise concerns but cannot unilaterally ban them.
The regulator is signaling it will be strict, especially if firms try to use MiCA when their products should fall under tougher securities laws like MiFID II.
