The French Financial Markets Authority (AMF) has announced the possibility of blocking the activities of crypto companies that have obtained MiCAR licenses in EU countries with less stringent regulations. This move could affect platforms that use so-called “passporting” to access the French market.
This is reported by Business • Media
Regulators’ Strategy on Cryptocurrency Licenses
The French regulator expressed concern that some crypto exchanges are choosing jurisdictions with more lenient legal frameworks to obtain permission to operate in EU countries. This creates risks for the domestic market, as such companies may evade strict oversight in France by taking advantage of less regulated regions.
“We do not rule out the possibility of refusing to grant a license. This is very complex from a legal standpoint and not a very good signal for the single market, as it is somewhat akin to ‘nuclear weapons.’ However, we still keep this option in reserve,” said AMF head Marie-Anne Barbaux-Layani.
According to her, cryptocurrency companies are actively seeking the “weak link” among EU jurisdictions where the licensing process is simpler and faster, although she did not provide specific examples of such companies.
Support for Delegating Powers and Strengthening Oversight
The AMF, along with the Italian Companies and Exchange Commission (CONSOB) and the Austrian Financial Market Authority (FMA), advocates for the delegation of supervisory powers to the European Securities and Markets Authority (ESMA). Regulators emphasize that the first months of MiCAR’s implementation have revealed significant differences in the approaches of national authorities to regulating the crypto market.
“The first few months of applying the Regulation [MiCAR] have revealed substantial differences in how national authorities regulate cryptocurrency markets,” the regulators stated in a joint announcement.
Additionally, France, Austria, and Italy support strengthening MiCAR requirements regarding the activities of foreign counterparties, as well as enhancing cybersecurity and oversight of token issuance.
It is worth noting that previously, crypto exchanges sought ways to enter the European market through various EU states. For example, the Gemini platform obtained a MiCAR license in Malta, Bitvavo in the Netherlands, and Kraken in Ireland.
In June 2025, ESMA Chair Verena Ross expressed support for the idea of delegating powers to the European Commission as the main regulator of the cryptocurrency market. At the same time, some EU countries oppose this approach.