French regulator says some crypto firms unresponsive as EU licence deadline approaches

By Elizabeth Howcroft

PARIS, Jan 13 (Reuters) – Nearly a third of crypto companies without an EU licence in France are still to tell the regulator whether they intend to get the licence required under new EU rules or will cease operating by July, the country’s markets regulator warned on Tuesday.  

Under the European Union’s crypto rules, MiCA, crypto companies must receive licences from national regulators in order to be able to operate across the bloc.

Those rules, a landmark regulatory package, came into force last year to bring crypto assets under formal regulation.

Stephane Pontoizeau, executive director of the market intermediaries and market infrastructures supervision directorate at the AMF, told journalists in Paris that the regulator had written to companies in November to remind them that the country’s transition period ends on June 30 this year.

Of about 90 registered crypto companies in France that are not MiCA-licenced, 30% have already applied for a licence and 40% were not seeking one.

A remaining 30% had not told the regulator their plans nor responded to the November letter, Pontoizeau said, adding that he was concerned by this group.

‘ORDERLY WIND-DOWN PLANS’

The European Securities and Markets Authority said in December it expects crypto companies without MiCA authorisation to have either implemented “orderly wind-down plans” or have such plans in place by the end of the transition period, which varies for different EU countries.

MiCA licences have been granted to crypto companies including U.S. exchange Coinbase, stablecoin issuer Circle, and British fintech Revolut.

Last year, France threatened to challenge the “passporting” of licences granted by different member states, saying it was concerned companies were seeking out jurisdictions with more lenient licensing standards.

In December, the European Commission proposed that ESMA should supervise crypto companies at a centralised EU level, a move which is opposed by some countries.

Setting out the regulator’s 2026 plans, AMF President Marie-Anne Barbat-Layani also reiterated France’s support for boosting European capital markets, and for giving more powers to ESMA.

(Reporting by Elizabeth Howcroft; Editing by Tommy Reggiori Wilkes and Jan Harvey)