Crypto companies operating in France without authorisation may have to halt local business unless they secure a Markets in Crypto-Assets (MiCA) licence by June 30, local time.

According to a Reuters report cited by blockchain outlet Cointelegraph, the French Financial Markets Authority (AMF) asked firms that fail to obtain approval by the deadline to leave France or begin procedures to end operations.

Marie-Anne Barbat-Layani (마리안 바르바-라야니), the AMF chair, said at an event that firms missing the deadline must prepare wind-down plans to settle customer assets and services. That means preparing in advance procedures to transfer customers elsewhere and end operations.

The move follows the European Union's MiCA framework entering its full application phase. MiCA requires crypto service providers to hold a licence to operate. It also allows a "passporting" system under which approval in 1 of the EU's 27 member states permits business in other member states.

As a result, the remaining grace period for operators in France has effectively entered its final stage. The AMF did not provide an additional official position as the deadline approaches, but made clear through on-site remarks that it will no longer tolerate unlicensed operations.

Tensions within the EU are also rising over MiCA oversight. The issue is whether to keep supervisory authority with each member state or concentrate it at the European Securities and Markets Authority (ESMA). As ESMA is headquartered in Paris, critics say centralising supervisory powers could reduce national regulatory discretion and also affect the passporting structure.

The Malta Financial Services Authority (MFSA) said discussions about changing MiCA's regulatory structure are "premature". Since MiCA began to apply legally in 2024, it said national regulators need more time to assess its actual impact.

Peter Kerstens (피터 커스턴스), an adviser on technological innovation, digital transformation and cybersecurity in the European Commission's financial services department, also mentioned in April 2026 the possibility of reviewing MiCA. He said MiCA could be revised to regulate a more mature crypto industry. He added that any changes to existing provisions or new obligations for crypto service providers in the bloc would go through a public consultation process.

Against that backdrop, France's deadline is seen as more than simple administrative guidance and as a measure that sets a benchmark for the MiCA transition period. Going forward, the next variables for Europe's crypto market include not only whether individual firms secure licences, but also whether the EU maintains the current passporting system and how far it pushes adjustments to supervisory powers.