France’s financial regulator has issued warnings to 90 crypto companies operating in the country without proper authorisation under the Markets in Crypto-Assets regulation.
The Autorité des marchés financiers said the move reflects a tightening stance as the MiCA transitional period moves closer to its end.
The AMF confirmed that dozens of firms remain active in France despite lacking a valid MiCA licence or a clear compliance pathway.
Stéphane Pontoizeau highlighted the scale of the issue after direct outreach to affected companies.
About 30% of the companies contacted did not respond at all, which raises serious concerns about their future in the French market.
Stéphane Pontoizeau said.
The regulator also reported that around 40% of the firms contacted have explicitly refused to begin a compliance procedure.
These companies now face the prospect of being forced to halt operations as early as July 2026 when the transitional period expires.
The AMF began sending formal reminders in November 2025 but noted that several firms have remained silent despite repeated follow-ups.
French authorities see the situation as evidence of a widening divide between large, well-capitalised crypto platforms and smaller operators.
Established players that already meet regulatory standards are expected to consolidate their positions in the market.
Smaller firms, by contrast, may struggle to absorb the legal and operational costs linked to MiCA compliance.
Regulators warn that non-compliant actors risk exclusion not only from France but from the wider European crypto market.
MiCA, adopted in June 2023, aims to harmonise crypto rules across all European Union member states.
The framework seeks to eliminate regulatory loopholes that previously allowed uneven oversight and investor risks.
The European Securities and Markets Authority requires non-compliant firms to submit an orderly wind-down plan by 30 June.
France has backed stronger central oversight by ESMA, setting it apart from jurisdictions viewed as more permissive.
Some industry participants argue the stricter approach could slow innovation and deter early-stage crypto businesses.
Others believe clear rules will increase trust and attract institutional investors to the European crypto sector.
French officials describe MiCA as a defining moment for Europe’s digital asset market.
The outcome could determine whether Europe balances innovation with enforcement or risks pushing smaller firms out entirely.