Union

<p>While the MiCA regulation promised harmonization of the European cryptocurrency market, France warns of its flaws. Result: The country could block access for certain foreign crypto companies to its market. More details in the paragraphs below.</p>
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  <h2 class="in-brief--title" id="in-brief">In brief</h2>
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   <li>France could refuse the MiCA passport to crypto companies licensed in countries considered too lenient.</li>
   <li>Paris demands centralized European supervision to avoid uneven crypto regulations among EU member states.</li>
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<h2 id="h-france-raises-the-threat-of-blocking-the-mica-crypto-passport">France Raises the Threat of Blocking the MiCA Crypto Passport</h2>
<p>The <a href="https://www.cointribune.com/regulation-crypto-en-europe-les-normes-mica-promulguees/" target="_blank" rel="noopener noreferrer nofollow">MiCA regulation</a> came into effect at the end of 2024. It allows crypto platforms licensed in a European Union member state to operate throughout the zone thanks to <strong>a “European passport”</strong>. This tool is supposed to facilitate harmonization. Yet, it opens the door to a race for the most lenient regulation.</p>
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<p>The president of the Financial Markets Authority (AMF), Marie-Anne Barbat-Layani, <a href="https://www.reuters.com/sustainability/boards-policy-regulation/france-threatens-block-crypto-licence-passporting-eu-regulatory-fight-2025-09-15/" target="_blank" rel="noopener noreferrer nofollow">expressed her concerns</a> about this “regulatory shopping.” According to her, some crypto companies deliberately seek more permissive jurisdictions to bypass French requirements. Paris therefore does not rule out <strong>blocking certain European passports</strong>. A measure described as a nuclear option by the leader.</p>
<p>Behind the scenes, several players fear ineffective supervision for crypto platforms with complex and cross-border structures. In the short term, France therefore wants to <strong>strengthen the power of ESMA</strong> (the European crypto regulator) to prevent a weakening of control at the continental level.</p>
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<h2 id="h-towards-a-redefinition-of-esma-s-role-in-crypto-asset-oversight">Towards a Redefinition of ESMA’s Role in Crypto Asset Oversight</h2>
<p>The <a href="https://www.cointribune.com/en/france-lagging-behind-on-mica-compliance-amf-warns-crypto-actors/" target="_blank" rel="noopener noreferrer nofollow">AMF</a> is not alone in raising the alarm. Along with its Italian (Consob) and Austrian (FMA) counterparts, it advocates transferring competencies to ESMA. A <strong>joint position paper</strong> reveals strong disparities in the application of the regulation among national crypto regulators. This undermines the unity of the MiCA project.</p>
<p>Concrete cases illustrate these differences. For example, Malta granted a license to a crypto platform without sufficiently assessing the risks. Luxembourg, meanwhile, has already granted approvals to crypto giants like Coinbase and Gemini.</p>
<p>The three countries also call for <strong>a strengthening of the MiCA framework</strong>:</p>
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 <li>increased control of operations outside the EU;</li>
 <li>better cybersecurity requirements;</li>
 <li>clarification on token management.</li>
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<p>If these reforms succeed, ESMA could become <strong>the main arbitrator of the European digital asset market</strong>.</p>
<p>In any case, the current standoff around MiCA could well redefine regulatory balances in <a href="https://www.cointribune.com/tag/europe/" target="_blank" rel="noopener noreferrer nofollow">Europe</a>. Meanwhile, crypto platforms navigate between opportunity and uncertainty.</p>

France Threatens to Block Crypto Firms Under MiCA Regulation

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