AML Needs an Update as Crypto Adoption Surges Across Europe

France has flagged 90 crypto firms for operating without valid MiCA licenses, as the European Union's regulatory regime moves closer to implementation.

The Autorité des Marchés Financiers (AMF) and Autorité de Contrôle Prudentiel et de Résolution (ACPR) issued the list, which includes trading platforms, wallet providers, and intermediaries according to regulatory sources.

Regulators emphasized the risks of non-compliance, including potential sanctions and forced shutdowns as regulators warn.

Why Did This Happen?

France is enforcing the MiCA framework, which aims to create a harmonized regulatory environment for crypto assets across the EU according to regulatory analysis.

Under MiCA, crypto asset service providers must meet strict compliance requirements, including governance and AML protocols as the framework mandates.

French regulators have urged firms to secure authorizations ahead of the June 30, 2026 deadline as enforcement approaches.

What Are Analysts Watching?

Analysts are monitoring how market participants respond to the MiCA enforcement, particularly smaller firms that may struggle with compliance costs as market observers note.

Critics worry that strict enforcement could drive users to decentralized platforms outside traditional licensing frameworks according to industry analysis.

France's actions also highlight broader concerns about consumer protection and market integrity as regulators emphasize.

How Did the UK Respond?

The UK's Financial Conduct Authority (FCA) announced it will open a crypto licensing gateway in September 2026 according to FCA announcements.

The gateway will transition firms from AML registration to full authorization under the Financial Services and Markets Act (FSMA) as detailed in regulatory reports.

Firms that fail to apply during the open window will face restrictions, including limitations on new product offerings as the FCA warns.

What Concerns Exist Around AML Oversight?

The Association of Chartered Certified Accountants (ACCA) has raised concerns about a proposed shift in AML supervision from professional bodies to the FCA according to ACCA statements.

ACCA warns that the change could weaken ethical and regulatory oversight, increase exposure to economic crime, and raise costs for businesses as industry experts note.

The ACCA suggests that the current system benefits from sector-specific expertise and calls for government consultation with professional bodies as ACCA emphasizes.

What Is the Outlook for Crypto in Europe?

France's enforcement actions are part of a broader EU-wide push for standardized crypto regulation according to regulatory analysis.

Market analysts expect increased consolidation in the sector, with smaller firms potentially exiting or merging as industry forecasts indicate.

The UK's regulatory approach is similarly aimed at bringing crypto into line with traditional financial oversight, with a focus on investor protection as regulatory sources report.

Investors and market participants are advised to verify the regulatory status of crypto platforms before engaging with them as compliance experts stress.