France Targets 90 Crypto Firms Ahead of MiCA Deadline

France targets 90 unlicensed crypto firms as MiCA deadline nears, warning shutdowns by July and tighter EU enforcement.

French financial authorities are increasing pressure on the digital asset industry, especially as a major deadline looms.

The Autorité des Marchés Financiers (AMF) recently flagged 90 businesses still operating without a license under the European Union’s Markets in Crypto-Assets (MiCA) framework. 

This move comes just months before the June 30 cutoff and firms that fail to secure the proper legal status by that date will have to stop serving customers in the country. 

France Flags 90 Unlicensed Crypto Firms for Strict Enforcement

The AMF is concerned about the lack of progress among dozens of service providers. 

According to reports, around 30% of these 90 firms have not even responded to the regulator’s questions.

This group has stayed silent despite being notified of the transition period’s end since November. 

Another 40% of the unlicensed group told the regulator they do not plan to seek the required MiCA license at all.

This indicates that a major portion of the current market may choose to exit France by the end of the second quarter.

On the other hand, companies that ignore these warnings risk forced shutdowns from July. 

The Role of ESMA and the Call for Wind-Downs

The European Securities and Markets Authority (ESMA) is also weighing in on the transition. 

The Paris-based body acts as the main supervisor for the entire bloc, and ESMA recently stated that any firm failing to get a license must have an “orderly wind-down” plan. 

This means that companies cannot simply vanish and leave customers without access to their funds.

They must have a clear strategy to return assets and close accounts before the July deadline.

Regulators in France have been vocal about the current “passporting” system and their distaste for it. This system allows a firm licensed in one EU country to operate in all others. 

French officials are worried that some businesses might shop for licenses in countries with weaker rules. So to prevent this, there is a push to give ESMA more direct power over all EU crypto firms. 

Ripple and CoinShares Lead the Way in Compliance

While many small firms are struggling, larger institutions are moving fast to secure their future. 

CoinShares recently obtained its license from the AMFlast July, and Swiss-based Relai followed in October. These companies are now set to stay in France long-term. 

In all, success stories like these prove that the regulatory path is possible for those who are willing to do the work. 

Ripple is another major name making big moves in the region. The company recently received a “green light letter” from the regulator in Luxembourg, and this approval for an Electronic Money Institution (EMI) license is a major win. 

Related Reading: France Targets 90 Crypto Firms Ahead of MiCA Deadline

Ripple Expands Regulatory Footprint in the UK and Europe

The progress in Luxembourg came after another victory for Ripple in the United Kingdom. 

On January 9, the Financial Conduct Authority (FCA) granted Ripple’s UK branch two important permissions.

This means that the company now holds both an EMI license and a crypto asset business registration in Britain. 

These dual approvals allow it to offer regulated cross-border payments in the UK.

In all, securing these licenses is about more than just checking boxes. Ripple President Monica Long noted that the industry is moving past pilot projects and into a phase of real-world use.