The French encryption industry is attracting attention once again. Reuters says France is located in the center of European encryption discussions, and can be moved from other EU jurisdictions to a block company with licensed in domestic operation.
On Monday, AUTORITé DES Marchés Financiers (AMF) Chairman Marie-Anne Barbat-Layani’s regulatory warnings emphasize the deep fractures that have already emerged in the European Union’s breakthrough market in Crypto-Assets Regulation (MICA).
The MICA officially entered into a service provider in December 2024 was claimed as the world’s first comprehensive digital asset rules.
Through this framework, cryptocurrency companies can be approved by a member country and “passport” licenses in both 27 countries.
The map is clear after 246 days of fermentation.
🇮🇪 Ireland leads 123 micro white papers.
🇩🇪 Germany: 59
LiechTenstein: 36
Malta: 26
🇳🇱 Netherlands: 21
🇫 France: 7
🇪🇸 Spain: 3246 days have passed since the MICA was broadcast, and our will shows where the Crypto launch is going. pic.twitter.com/1D7Y8WF30P
-Storm Partners (@storm_partners) September 2, 2025
However, since its launch in the system, growth has not been held in regulatory jurisdictions such as Ireland.
In the case of the company, the passport mechanism was an efficient gateway to a single market for prizes and blocks. However, regulators such as AMF have been exposed to defects in the last nine months.
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Barbat-Layani warns that the company is already “shopping” for the weakest jurisdiction and has secured a lighter touch license before expanding to a large market like France. “We don’t rule out the possibility of rejecting EU passport,” she compares the option by comparing the option to the “atomic weapon” that can be deployed if the supervisory gap persists.
This opinion jointly requires European securities and market authorities (ESMA) to assume direct supervision of major encryption companies.
In a joint paper, three regulators argued that the initial implementation of the initial implementation revealed the “main difference” in the way the state supervisor interpreted and implemented the rules. Direct ESMA manager claims that it is essential to protect investors and ensure level stadiums.
The implementation follows the shooting criticism of Malta’s license system. In July, according to ESMA Peer Review, Malta Financial Services Authority emphasizes “partially meeting expectations” only when approving encryption providers and a subsequent measure of poor risk assessments.
The report also raised concerns that small jurisdictions could be a regulatory gateway to a company that wanted EU access to fast EU.
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Is there any other reason that the crypto company avoids France?
Curious steak regulatory discussions develop on the background that is tense in the encryption ecosystem of France itself. In recent months, violent kidnapping for cryptocurrency entrepreneurs and their families has driven out the industry. The French police have connected ransom demands for digital assets and more than 104 demolition attempts for digital assets, including events that put pressure on victims to pay millions of dollars.
Security experts warn that some of the new EU reporting requirements can make it easier for criminals to identify rich goals.
If the double pressure, regulatory fragmentation at the EU level and domestic security problems occur, Paris is in a difficult position as the summer season is approaching.
The AMF has been licensed in 2022 to Binance’s French organizations, and has been sent to blockchain startups that brand France with clarity and trust jurisdiction. However, warning shooting for Mica Passports signals the transition from promotion to protection.
The stake of investors and the company is high. If France unilaterally recognizes the license in other EU, the single market promise that supports the MICA can be fractured before it is completely maintained.
But it is important to understand that the risk is not a reputation but a structural. The EU’s radiation will weaken confidence when evaluating global capital, whether Europe can provide Trump’s reliable alternatives to the United States.
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