🇫🇷 France Threatens to Block EU Crypto Licenses: MiCA’s Passporting in Trouble

Europe’s “single market” for crypto may not be so single. France’s AMF says it could refuse to recognize licenses issued by other EU countries under the new MiCA framework, warning that inconsistent national standards risk destabilizing a multi-trillion-dollar digital asset market.

⚡ Quick Hits

• 🏛 Regulator: AMF (France)
• ⚠️ Issue: “Regulatory arbitrage” via lenient licenses
• 📜 MiCA: In force 2025, allows license “passporting” across EU
• 🇮🇹 🇦🇹 Allies: Italy & Austria back France → want EU-level supervision
• 🏦 Firms at stake: Coinbase (Luxembourg), Gemini (Malta)
• 🔍 Proposed fix: Direct supervision by ESMA (EU’s top markets regulator)

🏦 France Pushes Back

The MiCA regime promised harmonized rules: get licensed in one EU state, operate across all 27. But France’s regulator isn’t buying it.

AMF President Marie-Anne Barbat-Layani told Reuters:

“It’s very complex legally and not a very good signal for the single market… but it’s still a possibility we hold in reserve.”

Translation: France may outright block firms licensed in looser jurisdictions (like Malta or Luxembourg) from entering its market.

🔒 The Case for Centralized Supervision

France isn’t alone. Italy and Austria are backing the push for pan-European oversight by ESMA. Their concerns:

• 🌍 Firms using offshore hubs to skirt EU rules
• 🔐 Weak cybersecurity standards
• 🪙 Murky treatment of new token offerings
• 💸 Investor protection at risk if rules diverge

ESMA Chair Verena Ross has already called for stronger EU-level control, signaling that the bloc’s fragmented enforcement could undermine market stability.

⚔️ Regulatory Divide

• Pro-centralization camp: France, Italy, Austria want ESMA in charge of “big crypto.”
• Decentralization camp: Smaller states (Malta, Luxembourg, etc.) want to keep national control (and the tax + jobs that come with it).

The standoff exposes MiCA’s biggest flaw: harmonized rules on paper, fractured execution in practice.

🌐 Bigger Picture

• For companies (Coinbase, Gemini, etc.): EU access may get harder. National regulators could add extra layers of compliance.
• For investors: Tighter rules = more protection, but less flexibility.
• For Europe’s crypto market: MiCA was supposed to streamline. Instead, France’s stance could accelerate the move toward centralized EU oversight, reshaping the regulatory landscape.

If Paris follows through, the dream of a single EU crypto passport might fracture into fortress states—forcing startups and institutions to play by both national AND EU rules.

⚡ TL;DR

France’s AMF says it may block MiCA licenses from other EU countries, citing weak oversight. Along with Italy and Austria, it wants ESMA to supervise crypto firms directly. If this shift happens, Europe’s digital asset market will become tighter, more centralized, and less forgiving for firms looking to “passport” in.

🔎 SEO Block

Title: France Challenges EU MiCA Crypto Passporting, Calls for ESMA Oversight Meta: France’s AMF signals it may reject crypto licenses from other EU states under MiCA. Backed by Italy and Austria, Paris wants ESMA to supervise big crypto firms directly. Slug: france-mica-esma-crypto-oversight Tags: France, MiCA, AMF, ESMA, EU Regulation, Coinbase, Gemini, Crypto Licenses Image Alt: European Union flag overlayed with crypto coins and France’s AMF building

Хочешь, я сделаю инфографику в стиле “EU Crypto Power Map” (Франция, Италия, Австрия против Мальты и Люксембурга) для этой статьи?