Crypto companies operating in the European Union are facing mounting pressure to secure regulatory approval before new licensing requirements fully take effect at the end of June, with France’s top financial regulator warning that firms without authorization could face blacklisting and prosecution.
European authorities are completing the rollout of the Markets in Crypto-Assets regulation, known as MiCA, a sweeping framework designed to bring regulatory oversight to the crypto sector across the bloc.
Under the new rules, crypto firms must obtain a license from regulators in an EU member state by June 30 in order to continue legally operating throughout the bloc using a “passporting” system that allows approved companies to offer services across multiple countries.
Marie-Anne Barbat-Layani, president of France’s financial markets regulator Autorité des Marchés Financiers, or AMF, said companies that fail to secure licenses by the deadline risk being added to blacklists and facing legal enforcement if they continue serving EU customers, Reuters reported.
“It’s becoming very, very urgent to finalize the licenses applications,” Barbat-Layani told journalists on Thursday.
European regulators continue increasing scrutiny of the crypto industry following years of market volatility, exchange collapses and fraud investigations that prompted governments worldwide to tighten oversight of digital assets.
MiCA was formally adopted by the European Union in 2023 and is widely considered one of the world’s most comprehensive crypto regulatory frameworks. The rules establish requirements covering consumer protections, reserve holdings for stablecoins, transparency obligations and operational standards for crypto service providers.
The European Securities and Markets Authority has previously warned firms without MiCA authorization to establish “orderly wind-down plans” if they intend to cease operations within the bloc, according to guidance published by the regulator earlier this year.
European officials accelerated work on crypto regulation after the collapse of major crypto companies including FTX in 2022, which triggered billions of dollars in customer losses and prompted investigations across multiple jurisdictions. The sector has also remained under heightened attention amid concerns over sanctions evasion, cybercrime financing and money laundering linked to geopolitical conflicts involving Russia, Iran and North Korea.
While European regulators move toward tighter oversight, the United States has recently shifted toward a more industry-friendly approach under President Donald Trump’s administration, which has eased some enforcement pressure on crypto companies and digital asset trading platforms.
French regulators have also expressed concern over differences in how EU member states interpret and enforce MiCA rules. Malta’s licensing approvals drew scrutiny last year after some European officials questioned whether standards were being applied consistently across the bloc.
Barbat-Layani reiterated that France would consider blocking passporting rights tied to licenses issued by other EU countries if French regulators disagreed with how those approvals were granted, TradingView reported Thursday.
Still, Barbat-Layani said such a move would represent a “serious collective failure” among European regulators, according to Reuters.
The AMF has been among the most active European regulators overseeing crypto markets and digital asset advertising in recent years. France previously introduced mandatory registration requirements for crypto firms before MiCA’s broader EU-wide framework came into effect.
Several major crypto firms have already secured MiCA-related approvals or submitted applications in countries including France, Germany and Ireland as companies seek to preserve access to European customers.
Industry executives and legal analysts have said MiCA could reshape how crypto firms structure operations in Europe by increasing compliance costs while also creating a clearer legal framework for institutional investors and banks entering the digital asset sector.
The regulatory push comes during renewed volatility in cryptocurrency markets tied to broader global uncertainty involving inflation, central bank policy, geopolitical tensions and conflicts affecting energy and financial markets worldwide.
Bitcoin and other major cryptocurrencies have experienced sharp swings in recent years amid changing regulatory approaches in the United States, Europe and Asia. Authorities across multiple countries have also intensified investigations into crypto-related fraud, illicit financing and unregistered trading platforms.
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