France Flags 90 Unlicensed Crypto Firms Ahead of MiCA Deadline

French financial regulators have identified operating without valid MiCA licenses as the European Union’s landmark Markets in Crypto-Assets (MiCA) regulatory regime moves closer to full implementation. 

This watchlist of was issued by France’s Autorité des Marchés Financiers (AMF) and Autorité de Contrôle Prudentiel et de Réanswer (ACPR). It consists of trading platforms, wallet providers, and service intermediaries, and it reflects regulators’ concerns about consumer protection, anti-money laundering controls, and market integrity in what is quick becoming one of the world’s most comprehensive crypto rulebooks. France, one of the EU’s largest crypto markets, is taking a proactive stance to ensure that digital-asset firms align with MiCA’s requirements before enforcement actions intensify.

MiCA’s Arrival and France’s Compliance Countdown

The , adopted by the European Parliament and Council, aims to create a harmonized regulatory framework for cryptocurrencies across the 27-nation EU bloc. Central to MiCA is a licensing and authorization plan for crypto asset service providers (CASPs), which includes strict requirements around governance, capital buffers, AML/KYC protocols, and consumer disclosures. 

France, through the AMF and ACPR, has been one of the more vocal advocates of ahead and structured compliance, urging firms to secure authorizations well ahead of the June 30, 2026, deadline. According to regulators’ statements, the flagged companies include entities that have failed to obtain either an asset service provider license or an e-money institution license where required. The AMF and ACPR reiterated that operating without these approvals may be considered as unlawful activity and expose the operators to sanctions, fines, or forced shutdowns.

For crypto firms, MiCA compliance involves submitting detailed applications demonstrating robust governance frameworks, cybersecurity protections, consumer secureguards, and financial resilience. Entities that fail to meet these criteria risk being barred from offering services to EU users.

Realities in France’s Crypto Market and Broader Implications

France’s action in flagging unlicensed crypto companies has multiple implications for market participants, including retail users and regulated institutions:

First, it can drive enhanced consumer protection. Regulators have repeatedly emphasized that MiCA aims to protect users from fraud, insolvency risk, and opaque practices. By warning consumers about unlicensed entities, French authorities hope to reduce exposure to poor actors and improve overall market confidence. 

Another implication is the potential for and support from global firms. Many crypto companies operate transnationally, serving European customers from jurisdictions outside the EU. MiCA’s extraterritorial reach means that any platform offering services to EU residents must comply with licensing requirements. 

However, as the MiCA deadline nears, smaller or less capitalized firms may find compliance costs prohibitive, potentially leading to a wave of exits or consolidations. Critics also warn that overly aggressive enforcement could push retail users toward decentralized platforms or wallets that operate outside traditional licensing regimes.

For users, the message is to verify licenses before engaging with crypto platforms. And for firms, the clock is ticking on compliance in France.