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A few months before the full implementation of the MiCA regulation, the Autorité des marchés financiers is sounding the alarm. Despite a transitional period until June 2026 for actors already registered as PSAN, few approval application files have been submitted. The AMF now speaks of “procrastination” in the crypto sector in France, a strong term that highlights the perceived seriousness of the situation.
In brief
- The AMF deplores the delay of French crypto players in complying with the MiCA regulation.
- Other European regulators have already issued several approvals, placing France at a competitive disadvantage.
- The support of the AMF is expected to guide PSANs towards MiCA approval, crucial for the sustainability of the French crypto sector.
MiCA: why the compliance deadline will not move
Crypto companies wishing to continue operating legally within the European Union must obtain PSCA approval under MiCA. However, although the regulatory window is still open, the AMF warns that no extension will be granted beyond June 2026. It is therefore strategic for platforms not to wait until the last minute to become compliant.
Elsewhere in the EU, regulatory authorities have taken the lead:
- The Luxembourg regulator;
- The German BaFin authority;
- The MFSA in Malta.
They have all issued several approvals, creating a favorable dynamic for their national ecosystems. While bitcoin embodies the pioneering and decentralized rise of crypto-assets, France finds itself at a regulatory crossroads.
To not lose its influence in this rapidly evolving ecosystem, it is imperative that French crypto players quickly adopt MiCA, thus securing their place in the global competition.
Crypto in France: the sector demands more support in the face of MiCA
Some actors in the crypto ecosystem emphasize that this inertia is not only due to reluctance:
- Lack of clarity;
- Administrative slowness;
- The complexity of procedures.
All these factors are regularly cited as obstacles. Alexandre Roubaud, co-founder of Bitstack, thus states:
The role of the AMF is to support crypto players who have PSAN approval until they obtain MiCA approval.
Highlighting a clear expectation for institutional support. Moreover, some platforms struggle to gather the necessary resources—human, legal, and financial—to meet MiCA requirements. Others, more vulnerable, may not survive this regulatory shift. In any case, prolonged inaction risks gradually marginalizing the French ecosystem within the European crypto landscape.
As Binance ends USDT in Europe to comply with MiCA, the AMF sets the bar even higher for the French crypto sector. Between regulatory pressure and the need for support, the challenge goes beyond compliance: it questions the future and competitiveness of France in the European race. How far will players be able to adapt before it is too late?
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The world is evolving and adaptation is the best weapon to survive in this undulating universe. Originally a crypto community manager, I am interested in anything that is directly or indirectly related to blockchain and its derivatives. To share my experience and promote a field that I am passionate about, nothing is better than writing informative and relaxed articles.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
