AMF Issues Final Warning to Unlicensed Operators

France's Autorité des Marchés Financiers (AMF) has drawn a firm line in the sand for crypto businesses. On May 28, 2026, AMF President Marie-Anne Barbat-Layani emphasized that the time for transition is nearly over. Companies still providing services without authorization must complete their license applications urgently or face consequences.

The deadline of June 30, 2026 marks the end of the transitional period under the Markets in Crypto-Assets (MiCA) regulation. After July 1, only fully authorized Crypto-Asset Service Providers (CASPs) will be permitted to operate in France.

What the Deadline Means for Crypto Companies

Unlicensed firms must now choose between three paths: secure MiCA licensing, implement an orderly wind-down of operations, or risk enforcement actions. The AMF has stressed that companies without approval should prepare plans to allow customers to safely recover or transfer their assets.

Regulatory tools available to the AMF include adding unauthorized platforms to watchlists, issuing public alerts, and pursuing legal measures against websites that continue targeting French users. Fines and prosecution remain possible outcomes for non-compliance.

MiCA Passporting System Under Scrutiny

The MiCA framework allows companies to obtain a license in one EU member state and then "passport" that authorization to operate across all 27 countries. While this system aims to create a single market for crypto services, it has created tensions among regulators.

French authorities have expressed concerns about varying standards of approval across different jurisdictions. AMF leadership has indicated that France may block passporting from countries where it disagrees with the licensing decisions, describing such situations as evidence of broader regulatory shortcomings.

Broader European Context and Future Outlook

The French deadline comes amid ongoing discussions about MiCA's implementation. The European Securities and Markets Authority (ESMA) and national regulators continue to debate the balance between centralized oversight and member state control. Some observers worry that shifting more power to ESMA could create conflicts of interest and disrupt the current passporting model.

Earlier this year, European Commission advisers suggested that MiCA may require updates as the crypto industry matures. Public consultations on potential changes, including stablecoin rules and DeFi provisions, are already underway.

For crypto businesses, the message from France is straightforward. The period of regulatory uncertainty is ending. Companies that want to serve European customers must meet the standards or prepare to leave specific markets. This enforcement phase tests whether the ambitious MiCA framework can deliver both investor protection and a functioning single market for digital assets.

As the June 30 deadline approaches, crypto firms across Europe are accelerating their compliance efforts. The outcome of this transition period will likely shape how other EU countries approach enforcement and influence the future development of crypto regulation across the bloc.