Overview
- AMF data shows about 40% of the identified firms will not apply for authorization, 30% have not responded, and 30% are in the application process.
- Companies that lack MiCA authorization by June 30 must halt operations in France starting July 1, 2026.
- The AMF sent reminder letters in November 2025 and cautioned that unresponsive firms could face service suspensions or penalties.
- ESMA has told firms to prepare orderly wind-down plans and is tracking authorizations through its interim MiCA register.
- Only a small number of providers have secured approval in France, including CoinShares and Relai, as authorities pair licensing oversight with AML inspections and blocks on illegal crypto sites.