France Flags 90 Unlicensed Crypto Firms Ahead of MiCA Deadline

Financial regulators in France have identified 90 crypto companies operating without authorization under the European Union’s Markets in Crypto-Assets Regulation, as the country approaches the end of its MiCA transition period at the end of June.

AMF Says Many Firms Have Failed to Respond

France’s Autorité des Marchés Financiers stated that roughly 30% of the unlicensed firms have not replied to official inquiries asking whether they intend to apply for a MiCA license. The regulator first contacted these companies in November to remind them that the transition period expires on June 30.

Non-Compliant Companies Face Shutdown in July

According to the regulator, crypto firms that fail to secure authorization under the MiCA framework will be required to cease operations starting in July, once the transition window officially closes.

Forty Percent of Firms Do Not Plan to Apply

Of the 90 crypto companies registered in France without a MiCA license, about 40% have informed the AMF that they do not plan to apply. Another 30% have said their license applications are currently in progress, while the remainder have yet to respond.

Regulator Withholds Names of Affected Companies

The AMF has not disclosed which firms have declined to seek authorization or which remain unresponsive. Requests for comment from the regulator had not received a response at the time of publication.

France Issues MiCA Licenses to Select Firms

Since MiCA fully came into force in late 2024, France has granted licenses to a limited number of crypto companies. These include CoinShares, which received authorization in July 2025, and Swiss-based Bitcoin app Relai, which obtained its license from the AMF in October.

MiCA Enforcement Raises EU-Wide Concerns

The situation in France adds to broader concerns about how effectively MiCA will be enforced across the European Union. In December, the European Securities and Markets Authority said crypto firms without authorization should have orderly wind-down plans ready once transitional measures expire.

Push for Centralized EU Oversight Sparks Debate

Also in December, the European Commission proposed granting ESMA centralized supervisory authority over all EU crypto firms. The proposal has drawn criticism from industry participants, who warn it could slow licensing processes and stifle startup growth.

France Backs Central Oversight While Others Push Back

French authorities have supported expanding ESMA’s powers, while countries such as Malta have openly opposed the move. France has also warned that the EU’s passporting regime could allow firms to seek MiCA licenses in jurisdictions with more relaxed regulatory standards.