Growing Number of Crypto Companies Unresponsive to MiCA Licensing Requirements
French financial regulators have raised concerns over a growing number of crypto companies operating without the required authorization under the European Union’s Markets in Crypto-Assets (MiCA) framework, as a key compliance deadline approaches.
According to a report by Reuters, France’s financial markets regulator, the Autorité des Marchés Financiers (AMF), has identified around 90 crypto firms that remain unlicensed ahead of the end of the country’s MiCA transition period on June 30.
The regulator warned that roughly 30% of these companies have failed to respond to official inquiries asking whether they intend to seek the necessary authorization.
AMF's Outreach and MiCA Framework Explained
Stephane Pontoizeau, executive director of the AMF’s market intermediaries and market infrastructures supervision directorate, told Reuters that the regulator formally contacted the firms in November to remind them of the looming deadline.
The outreach was intended to clarify which companies planned to apply for a MiCA license and which might exit the French market.
Under MiCA, crypto asset service providers operating in the EU must obtain authorization from a national regulator to continue offering services such as trading, custody, and issuance.
The regulation is designed to create a harmonized framework across the bloc, strengthening consumer protection and reducing regulatory uncertainty while allowing licensed firms to operate across borders using passporting rights.
Enforcement and Market Impact
Companies that fail to secure authorization by the June 30 cutoff will be required to cease operations in France starting in July, the report said. The AMF has indicated it is prepared to enforce the rules strictly, signaling limited tolerance for firms that continue operating without approval.
The warning highlights mounting pressure on crypto businesses across Europe as MiCA implementation accelerates in major markets.
France has been one of the EU’s most active jurisdictions in overseeing digital asset firms, previously operating a national registration regime that now transitions into the bloc-wide MiCA framework.
Industry observers say the situation underscores the challenges smaller or under-resourced crypto companies face in meeting regulatory requirements, while larger, well-capitalized firms may benefit from reduced competition once enforcement begins.
As the deadline nears, regulators and market participants alike are watching closely to see how many firms comply, and how many are forced to exit.