France Targets 90 Unlicensed Crypto Firms Ahead of MiCA Deadline

France’s financial regulator has identified 90 cryptocurrency service providers operating without a Markets in Crypto-Assets (MiCA) license under European Union rules. These firms face potential shutdown if they fail to comply with regulatory mandates by the end of the second quarter of 2026. The Autorité des Marchés Financiers (AMF) has issued warnings and reminders since November 2025 to ensure clarity ahead of the compliance deadline.

About 40% of the affected firms have confirmed they will not apply for a MiCA license. Another 30% have shown no response to AMF inquiries, signaling potential operational suspensions in July. The AMF’s enforcement stance is clear: non-compliant companies will cease operations, prioritizing investor protection and market integrity.

The European Securities and Markets Authority (ESMA) has emphasized the importance of an 'orderly wind-down' for firms exiting the market. This requires affected businesses to develop plans to return client assets and close accounts responsibly. The AMF has also raised concerns about the 'passporting' system, which allows EU-licensed firms to operate across the bloc, and has urged stronger oversight to prevent regulatory arbitrage.

Why the Move Happened

France’s strict enforcement under MiCA aligns with the EU’s broader push for regulatory harmonization. The MiCA framework, which took full effect in late 2024, mandates stringent consumer protections, transparency, and governance standards. The AMF’s approach reflects a low-tolerance policy for non-compliance, contrasting with more flexible strategies in countries like Germany and Ireland.

Market analysts argue that this rigorous enforcement aims to enhance trust in the digital asset sector. By ensuring only licensed and compliant firms operate, France hopes to attract institutional investors seeking a stable and transparent environment. However, critics warn that this could stifle innovation by limiting opportunities for smaller, agile firms.

How Markets Responded

The impending deadline has already begun to reshape the French crypto landscape. Firms that have secured MiCA licenses, such as CoinShares and Relai, are well-positioned to expand their market share. These companies demonstrate that compliance is achievable for those willing to invest in the necessary infrastructure.

Smaller and niche players are reportedly preparing to exit the market or relocate operations to jurisdictions with more favorable regulatory climates. The AMF’s actions are expected to lead to significant market consolidation, favoring larger entities with robust compliance capabilities.

What Analysts Are Watching

Experts are closely monitoring the impact of France’s enforcement strategy on the broader European crypto market. The success of MiCA implementation in France could influence other EU countries to adopt similarly strict approaches. Observers are also tracking how affected firms respond to the AMF’s warnings and whether any attempt to reapply for licenses after the deadline.

Investors are advised to verify the licensing status of their preferred crypto providers to avoid disruptions. The AMF has urged clients to review their options and prepare for potential service changes ahead of July 2026. The long-term outcome will determine whether strict regulation fosters trust or suppresses innovation in the digital asset ecosystem.