France’s financial regulatory authority, the Autorité des Marchés Financiers (AMF), is evaluating measures to restrict cryptocurrency firms operating in the country under licenses obtained from other European Union member states. This potential policy shift stems from growing concerns about inconsistent enforcement of the Markets in Crypto-Assets (MiCA) regulations across EU jurisdictions.
The proposed action would effectively block the current ‘passporting’ system that allows crypto companies licensed in one EU country to operate throughout the single market. French regulators have identified what they perceive as significant enforcement gaps and regulatory divergences in how some member states implement MiCA standards.
This development signals France’s increasingly cautious approach toward cross-border crypto operations within the EU framework. The AMF’s position reflects apprehension that varying regulatory interpretations could undermine investor protection and market integrity standards that France has established for digital asset service providers.
The potential ban would mark a significant departure from traditional EU financial services passporting principles and could prompt broader discussions about harmonizing crypto regulation enforcement mechanisms across the bloc. Market participants are closely monitoring these developments as they could substantially impact how crypto businesses access the French market under the evolving MiCA regulatory landscape.
