AMF escalates enforcement posture as June deadline approaches
France’s top markets regulator is issuing increasingly direct warnings to crypto firms ahead of a fast-approaching European Union deadline for licensing. Marie-Anne Barbat-Layani, President of the Autorité des Marchés Financiers (AMF), said firms must act now or face blacklisting and enforcement actions including prosecution.
“It’s becoming very, very urgent to finalize the license applications,” Barbat-Layani said. The AMF President warned that France will block portability of licenses granted by other EU countries if it disagrees with their decisions, describing the potential outcome as a “serious collective failure.”
The deadline marks the conclusion of a three-year transition period under MiCA, the Markets in Crypto-Assets framework agreed in 2023. MiCA tightens rules across the 27-nation EU bloc for issuance, trading, and custody of digital assets. The regulation requires crypto firms to apply for licenses through regulators in individual member states. Those approved licenses function as a “passport,” allowing companies to operate throughout the entire EU.
Compliance has proceeded unevenly across member states. Malta’s license approval pace drew scrutiny from the European Securities and Markets Authority (ESMA), the EU’s regulatory coordinating body. France has signaled it will not automatically recognize licenses issued by other countries, creating fragmentation risk across the bloc.
The enforcement posture in Europe contrasts with recent shifts in US policy. The Biden administration’s SEC Chair Gary Gensler pursued aggressive enforcement against crypto firms. That stance has reversed under the Trump administration, which passed the GENIUS Act, the first US crypto bill focused on stablecoins. The CLARITY Act, which would provide a clearer framework for digital asset classification, is moving through Congress.
Firms that fail to secure EU licenses by end of June face a stark choice: exit the EU market or operate illegally. The AMF’s warnings underscore France’s willingness to use enforcement tools including prosecution to ensure compliance. No firms have been publicly named as non-compliant, and the AMF has not disclosed how many applications remain pending.
What happens after the deadline?
The MiCA framework creates a unified rulebook for crypto activity across the EU. However, national regulators retain discretion over licensing decisions and mutual recognition. France’s stated position that it will block licenses from other countries if dissatisfied introduces regulatory fragmentation at odds with the framework’s original intent.
Barbat-Layani’s language signals that France intends to enforce compliance aggressively. The reference to prosecution indicates potential criminal liability, not merely administrative fines. Crypto firms operating in France without licenses after the deadline would expose themselves to this risk.
The enforcement approach also reflects broader EU skepticism toward crypto assets. While the US has moved toward clearer classification and lighter-touch regulation, Europe has chosen tighter licensing and ongoing supervision. That divergence will likely shape where crypto firms choose to operate and how they structure their compliance programs going forward.
