France's financial regulator, the AMF, has warned crypto firms that they risk being blacklisted and hit with lawsuits if they fail to obtain a license under the European Union's MiCA framework by the June deadline. The warning, issued this week, marks one of the most aggressive enforcement signals from a major EU member state as the landmark regulation moves toward full implementation.
The passporting threat
Under MiCA, a crypto firm needs a national license in any EU member state to operate across the entire bloc through a system called passporting. But France says it may block passporting for licenses granted by other countries if it disagrees with their authorization decisions. That's a direct shot at the regulatory arbitrage some firms have hoped to exploit — getting an easy license in one jurisdiction and then selling into the French market. The AMF's message: don't count on it.
A pattern of scrutiny
This isn't the first time France has pushed back on uneven enforcement. In 2023, the European Securities and Markets Authority (ESMA) scrutinized Malta's crypto license approval pace, flagging inconsistent timelines across EU member states. The AMF's current stance fits that pattern. It's signaling that it won't accept what it sees as lax standards elsewhere undermining the integrity of the single market.
Across the Atlantic
Meanwhile, the U.S. is moving in a different direction. Congress passed the GENIUS Act, which sets a federal framework for stablecoin regulation, and is advancing the CLARITY Act to clarify how digital assets are classified. The contrast is stark: America is building its rulebook from scratch, while Europe is now in the enforcement phase — and France is making clear it intends to be strict.
The June deadline is just weeks away. Firms that haven't submitted their applications yet are running out of time. The AMF's warning leaves little room for doubt — and the question of whether it actually blocks passporting from other EU states could test the limits of MiCA's harmonization promise.
