France’s financial markets regulator warns crypto firms operating in the EU that they must obtain MiCA licenses by the deadline to legally operate across the bloc, or risk blacklisting and enforcement actions.

Under MiCA, crypto service providers must be licensed and can obtain a license in any EU member state and passport it to others, enabling cross-border operations.

Firms that persistently target EU customers without authorization after the deadline will be blacklisted and face enforcement measures, including prosecution.

Regulators have flagged inconsistencies in MiCA implementation across member states, with concerns about the speed of approvals in Malta as ESMA scrutinizes.

The EU and US regulatory environments are shifting, with the US moving toward a more industry-friendly stance while the EU pursues tighter oversight and clearer rules for institutional involvement in digital assets.

Cointelegraph sought comment from the AMF but did not receive an immediate response.

The article highlights tensions between centralized vs. national regulatory approaches under MiCA, including ESMA’s potential involvement and concerns about passporting licenses across the EU.

Regulatory tensions within the EU over centralized ESMA oversight versus national control could affect the passporting model.

Ongoing debates consider whether ESMA should centralize crypto regulation and how that would impact cross-border licensing and supervision.

In early 2026, EU officials discussed a potential MiCA overhaul (MiCA 2) to regulate a maturing crypto industry, with public consultation planned for major changes.

Discussions around MiCA overhauls reflect the EU’s effort to evolve regulation as the market matures, with anticipated public consultation for significant changes.

European regulators are accelerating MiCA rollout amid past volatility, exchange collapses, fraud probes, and concerns about sanctions evasion, cybercrime financing, and money laundering.