France Threatens to Block MiCA Licenses Over Uneven Enforcement
France’s top securities regulator has hinted it may not fully honor the EU’s new MiCA licensing framework, raising doubts about how smoothly crypto firms will be able to expand across Europe.
Marie-Anne Barbat-Layani, who heads the Financial Markets Authority (AMF), told Reuters that the ability for companies to “passport” licenses obtained in one member state to all 27 EU countries could create significant risks if enforcement is not consistent.
“Atomic Weapon” for the Market
Under MiCA, firms can register in a single EU jurisdiction and then operate freely across the bloc. But the AMF worries that differences in how each country applies the rules could give some players an unfair advantage. Layani described the passporting tool as “an atomic weapon for the market,” suggesting that France may consider rejecting licenses that it believes were granted under weaker standards.
Regulatory Uncertainty Ahead
The AMF did not specify which companies could face barriers, nor did it outline the criteria that might be used to block access. What is clear is that France appears poised to take a tougher line than some of its neighbors, a move that could complicate expansion strategies for crypto businesses banking on MiCA’s harmonized framework.
While the regulation was designed to provide clarity and consistency across the EU, France’s stance highlights how political and regulatory tensions may still shape the rollout — and could leave firms navigating a patchwork of interpretations rather than a single, unified market.
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Alexander Zdravkov is a market analyst and crypto journalist with interests in economics, broader financial markets and digital assets. His journey into crypto began more than four years ago, driven by a fascination with the rapid evolution of blockchain technology and the transformative potential of decentralized finance. He began analyzing market cycles and identifying emerging trends before they reach the mainstream. He holds a degree in International Relations - a background that helped shape his broader perspective on global economics, geopolitics, and the interconnected nature of modern financial markets. Whether covering the latest developments in the crypto sector or exploring broader macroeconomic themes, Alexander focuses on giving readers context rather than simply repeating headlines. During his career, he has authored more than 10,000 articles covering cryptocurrencies, traditional finance, and global market developments. His work spans everything from Bitcoin and altcoins to macroeconomic trends influencing risk assets worldwide.
