For many crypto users in Europe, MiCA still feels distant, more like policy talk than something that affects everyday trading or app usage. For crypto firms operating in the EU, however, the clock is very real.
As the deadline to secure a Markets in Crypto-Assets (MiCA) license approaches, French regulators say a large number of companies have yet to say whether they plan to comply or shut down, leaving customers and the market in a growing state of uncertainty.
Why French Regulators Are Pressing Crypto Firms on MiCA Compliance
France’s financial markets regulator, the Autorité des marchés financiers (AMF), says it has contacted crypto firms operating without an EU license, asking them to clearly state whether they intend to apply for MiCA approval or wind down their operations.
According to the AMF, only about 30% of these companies have responded by submitting license applications. Roughly 40% have said they don't plan to seek authorization at all. That leaves a sizable group that hasn't replied, despite being reminded as far back as November 2025 that the transition window is closing.
MiCA is designed to bring crypto firms under a single rulebook across the European Union, covering areas such as consumer protection, capital requirements, governance, and transparency. While transition timelines vary by country, France has made it clear that crypto businesses operating locally without approval will be required to stop offering services once the deadline passes in mid-2026. For users, this could mean sudden service disruptions if platforms fail to secure authorization in time.
What Happens to Crypto Firms That Fail to Get a MiCA License?
As enforcement tightens, expectations are rising at the European level. The European Securities and Markets Authority (ESMA) has said that firms unable to obtain MiCA authorization must prepare an orderly wind-down plan before the transition period ends.
The goal is to avoid abrupt shutdowns that could trap user funds or trigger broader market instability. French authorities have already stepped up public warnings about unregulated crypto offerings, signaling that enforcement will not be theoretical.
The debate is also expanding beyond licensing. The European Commission has proposed shifting more crypto oversight from national regulators to ESMA, arguing that fragmented supervision across 27 member states creates loopholes and uneven enforcement.
David Adubiina
France has been one of the strongest supporters of this approach, with AMF leadership openly calling for a more centralized and harmonized system. In the past, French regulators have even warned they could challenge MiCA passporting arrangements that allow firms licensed in one EU country to operate freely across the bloc.
So far, only a handful of major players, including Circle, Coinbase, Binance, Crypto.com, OKX, and Revolut, have secured MiCA licenses. As the deadline approaches, the continued silence from many smaller or foreign operators is becoming harder to ignore.
For regulators, this raises concerns about consumer protection and enforcement gaps. For users, it is a reminder that not every crypto platform will survive Europe’s new regulatory era, and that clarity, not hype, is now the strongest signal of long-term stability.
