France Pushes Back on “Passporting” European Crypto Exchanges
France’s main financial watchdog, the Autorité des marchés financiers (AMF), has warned that it could block crypto firms from relying on the European Union’s “passporting” system to expand across borders. The warning comes just as the EU begins to roll out its landmark Markets in Crypto-Assets (MiCA) framework.
Passporting makes it possible for a company licensed in one EU country to operate throughout the bloc. French regulators argue that this setup invites regulatory arbitrage, with firms seeking approval in countries with looser oversight before entering the wider market. The AMF says this risks undermining investor protection and runs against the level playing field MiCA was supposed to create.
The dispute shows how tricky it will be to put a single rulebook into practice. MiCA is meant to unify the European market, but national regulators are reluctant to give up control, especially when they believe enforcement is weaker elsewhere.
What It Means for Crypto Firms
For exchanges and stablecoin issuers, France’s position adds uncertainty. Many had expected MiCA to deliver a clear set of rules across Europe. Instead, they now face the possibility of additional national checks.
That could also push up compliance costs. Firms may end up juggling EU-wide requirements along with country-specific rules. Smaller operators are likely to struggle the most, which could limit competition.
From the regulatory side, officials argue that tougher oversight is necessary to stop loopholes being abused. France has been joined by Italy and Austria in taking a harder stance, suggesting the EU’s first attempt at harmonization may just be the start of a longer process.
The Rising Importance of KYC
The fight isn’t only about where companies get licensed. It’s also about how much customer information they must collect. Know Your Customer (KYC) checks sit at the heart of MiCA and other global frameworks, seen by regulators as vital for tackling money laundering and financial crime.
For users, however, stricter KYC often means less privacy and more friction. Opening an account on a European exchange may soon involve handing over far more personal data than before, with fewer ways to opt out.
Why Self-Custody Is Attracting More Users
This is where self-custody wallets come into the picture. Unlike centralized exchanges, non-custodial solutions let users hold their own assets directly, without accounts, approvals, or invasive ID checks.
While regulators continue to argue over the boundaries of KYC, self-custody sidesteps the issue entirely, offering privacy, borderless access, and full control of funds.
As Europe tightens the rules for exchanges, demand for tools that preserve independence is likely to grow. For many investors, the takeaway is clear: in a shifting regulatory landscape, holding your own keys is still the most reliable way to stay in charge.
Best Wallet: A Simple Way to Stay in Control
With France and many other European countries tightening KYC rules for crypto exchanges, using a crypto self custody wallet becomes a key step for individuals to protect their assets and maintain financial independence.
Self-custody establishes the foundation of genuine ownership, which lies at the core of crypto’s original ethos. Therefore, for anyone aiming to take full control of their assets without sacrificing their privacy, top self-custodial tools such as Best Wallet rise to the occasion with a design rooted in financial autonomy, anonymity, and multichain functionality.
One of the key advantages of using Best Wallet is its fully anonymous model, which helps crypto enthusiasts in France and across Europe stay off the radar amid mounting regulatory pressures. Unlike centralized exchanges that enforce KYC protocols, demanding government-issued identification, proof of address, or any personal details, Best Wallet allows users to create a wallet account and explore its full suite of features with just a valid email address.
In fact, all it takes is just a quick download on the Google Play Store or App Store and setup, and you are in control. That alone explains why it has grown increasingly popular among self-custody believers who value convenience, financial privacy, and security above all else.
For extra protection, Best Wallet has integrated a rock-solid technology dubbed Fireblocks, along with several other security features like biometric options, 2FA, thorough encryption, and many more, ensuring that users remain safe.
Another major attraction lies in the way it pulls together a wide net of trading features without dropping the ball on simplicity. It offers an intuitive ecosystem that extends beyond basic storage and swaps, encompassing advanced functionalities such as portfolio management, staking facilities, iGaming perks, fiat payments, gamified rewards, and a token launchpad.
And despite being already packed with a comprehensive suite of trading tools, Best Wallet keeps evolving, rolling out crucial upgrades to further elevate the overall experience of users. Just recently, it upgraded to v2.11, introducing support for French and Italian languages, advanced gas controls, SOL integration in its token launchpad, and many more.
V2.11 builds on 2.10, which was released last month. The latter added Solana to a multichain lineup that already includes Bitcoin, Ethereum, Polygon, BNB Chain, and Base. It also enabled cross-chain Bitcoin swaps, expanded fiat-to-crypto payment options through Wert, and added support for the Korean language.
Many crypto-focused publications and analysts, including YouTube channels like 99Bitcoins, have continued to praise Best Wallet, describing it as a perfect fit for those looking for a self-custodial wallet that strikes a balance between security, anonymity, and innovation.
Download Best Wallet
This article has been provided by one of our commercial partners and does not reflect Cryptonomist’s opinion. Please be aware our commercial partners may use affiliate programs to generate revenues through the links on this article.
You May Also Like
Crucial Fed Rate Cut: October Probability Surges to 94%
Pump Fun Fund Launches $3M Hackathon: Market-Driven Startups
