France Codifies Potential EU Crypto market Disruption as AMF Cautions on “Atomic Weapon” Targeting MiCA
The cryptocurrency sector in France is once more under the limelight, as Reuters disclosed that the nation is reaffirming its role at the forefront of Europe’s cryptocurrency discussions, hinting at a potential move to prevent firms licensed in other EU regions from functioning within its borders.
This regulatory alert, issued on Monday by the chair of Autorité des Marchés Financiers (AMF), Marie-Anne Barbat-Layani, highlights significant divisions that are already surfacing beneath the European Union’s groundbreaking Markets in Crypto-Assets Regulation (MiCA).
MiCA, which formally became effective for service providers in December 2024, was promoted as the inaugural comprehensive rulebook for digital assets worldwide.
The regulation permits crypto companies to acquire authorization in one member nation and then “passport” that license across all 27 EU countries.
246 days since MiCA commenced, the map indicates clear trends.
Ireland tops the chart with 123 MiCA white papers.
246 days post-MiCA launch, our map reveals the landscape of crypto initiatives… pic.twitter.com/1D7y8Wf30P
— STORM Partners (@STORM_Partners) September 2, 2025
However, since the launch of this framework, development has varied across the jurisdictions of regulators; for instance, Ireland has experienced 17.5 times the number of crypto passports compared to France.
For businesses, the passporting mechanism represented a valuable opportunity—an effective entry point into the bloc’s unified trading market. Conversely, for regulators like the AMF, the past nine months have unveiled critical disparities.
European Crypto Entities Are Seeking Weaker Jurisdictions
Barbat-Layani cautioned that entities are actively “shopping around” for the most lenient jurisdictions, obtaining lighter licenses before advancing into broader markets like France. “We do not rule out refusing the EU passport,” she informed Reuters, comparing this possibility to an “atomic weapon” available for use should supervisory shortcomings remain.
This commentary arises as France, Italy, and Austria collectively advocate for the European Securities and Markets Authority (ESMA) to take direct control over significant crypto entities.
In a collaborative document, the three regulatory bodies contended that the initial implementation of MiCA has uncovered “substantial inconsistencies” in how national authorities interpret and apply the regulations. They argue that direct supervision by ESMA is crucial to protect investors and ensure equitable conditions.
This initiative comes on the heels of sharp critiques concerning Malta’s licensing framework. A peer review by ESMA in July indicated that the Malta Financial Services Authority only “partially fulfilled expectations” in sanctioning a crypto provider, emphasizing poor risk evaluations and sluggish supervisory responses.
Moreover, the report intensified worries that smaller jurisdictions could evolve into regulatory conduits for companies aiming at swift access to the EU.
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Are There Additional Factors Causing Crypto Firms to Steer Clear of France?
The intense regulatory dialogue occurs against a fraught backdrop within France’s own cryptocurrency landscape. Recently, a series of violent abductions targeting cryptocurrency entrepreneurs and their families has shaken the sector. French law enforcement has linked numerous attempted kidnappings to ransom demands involving digital currencies, in several instances where victims were harmed to coerce relatives into paying hefty sums.
Safety specialists warn that certain new EU reporting mandates might unintentionally enable criminals to pinpoint affluent victims.
This twin pressure of regulatory disunion at the EU level coupled with rising domestic safety apprehensions places Paris in a challenging position as the summer season nears.
The AMF has dedicated years to attracting blockchain startups, positioning France as a jurisdiction marked by transparency and integrity, particularly following the issuance of a license to Binance’s French branch in 2022. However, the recent alert regarding MiCA passports signals a transition from promotion to protection.
The implications are significant for investors and firms alike. Should France decided to unilaterally reject licenses from other EU nations, the single trading market assurance that underpins MiCA could shatter before its full implementation.
Additionally, it’s essential to realize that the risks encompass not just reputational issues, but also structural ones: a divergence in EU regulatory oversight could erode trust at a time when global investors ponder whether Europe can offer a credible alternative to Trump’s America.
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The article France Threatens to Disrupt EU Crypto market as AMF Signals “Atomic Weapon” Against MiCA originally appeared first on 99Bitcoins.
