France threatens to ban cryptocurrency companies licensed in other EU countries from operating in its territory due to concerns about weak regulation. On September 15, 2025, the head of the Autorité des Marchés Financiers (AMF), Marie-Anne Barbaux-Layan, told Reuters that the regulator is considering blocking "passporting" of licenses under the new European MiCA legislation. This regulation, which came into effect in December 2024, allows firms authorized in one EU country to operate across the entire bloc.
The problem is that crypto companies are seeking "weak links" – jurisdictions with softer requirements, like Luxembourg or Malta, where Coinbase and Gemini are already licensed. The AMF is concerned that this creates gaps in oversight, threatening market stability and investor protection. Barbato-Layani called the potential ban "nuclear weapons" that could be used to challenge such licenses, despite the complexity for the EU's single market.
France has joined Italy and Austria in calling for oversight of large crypto firms to be transferred to the European Securities and Markets Authority (ESMA) in Paris. Regulators are demanding changes to MiCA: stricter rules for operations outside the EU, better cybersecurity, and oversight of new tokens. During the transitional period, firms are applying for MiCA licenses, but France is ready to deny access if standards are not met.
This initiative highlights the tension in the EU regarding the unification of crypto regulation. If France implements the threat, it could set a precedent that restricts business freedom and forces companies to adhere to stricter standards. The booming crypto market now faces the risk of fragmentation, where national interests prevail over unity.
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