As the crypto sector continues its integration into mainstream finance, French regulatory authorities find themselves wrestling with a concerning trend: silence from numerous digital asset firms as a critical EU regulatory deadline approaches. With just under a year remaining before comprehensive Markets in Crypto-Assets (MiCA) requirements take full effect in December 2025, French financial regulators are raising alarm bells about industry preparedness.
During a recent press briefing in Paris, Marie-Anne Barbat-Layani, chairwoman of France’s Financial Markets Authority (AMF), expressed growing concern over the unresponsiveness of digital asset firms operating in the country. “We’ve observed that several crypto-asset service providers appear unresponsive regarding their registration intentions under the new European framework,” Barbat-Layani noted, highlighting what could become a significant compliance challenge as the deadline approaches.
The situation emerges against the backdrop of the EU’s landmark MiCA regulation—arguably the world’s most comprehensive regulatory framework for digital assets—which officially came into force in June 2023. While the regulation established clear guidelines, it provided an 18-month transition period for firms to adjust their operations and secure proper licensing.
For companies already registered under existing national frameworks, including those in France who secured registration under the PSAN (Prestataire de Services sur Actifs Numériques) regime, this extension offered breathing room to prepare for the more rigorous EU-wide requirements. However, the AMF’s observations suggest this grace period may not be utilized effectively by all market participants.
Industry experts have pointed to several factors potentially contributing to this apparent inaction. “We’re seeing a mixture of strategic waiting, compliance resource constraints, and perhaps some magical thinking that deadlines might somehow shift,” explained Claude Martel, a Paris-based blockchain consultant I spoke with recently after a fintech conference. “But MiCA is happening, and the window for preparation is closing quickly.”
The French crypto ecosystem occupies a unique position in this regulatory transition. France established itself as an early mover in digital asset regulation within Europe, implementing its PSAN framework in 2019. This proactive approach attracted numerous crypto businesses to establish operations in the country, with over 80 firms securing registration under the national framework.
However, the transition to MiCA introduces significantly more demanding requirements. Companies will need to demonstrate robust capital reserves, implement comprehensive risk management systems, and establish clear separation of client assets—standards that exceed most existing national frameworks.
According to data from crypto analytics firm Kaiko Research, France hosts approximately €2.4 billion in crypto transaction volume monthly, representing a substantial portion of EU crypto activity. The potential regulatory disruption if numerous firms fail to secure proper licensing could therefore have ripple effects throughout European crypto markets.
“This isn’t merely about paperwork—it’s about fundamental consumer protection, market integrity, and financial stability,” explained Faustine Fleuret, President of ADAN, a French crypto industry association, during a recent industry panel. “Firms that wait until the last minute may find themselves unable to continue operations if they can’t meet MiCA’s requirements in time.”
The silence that concerns French regulators may partially stem from uncertainty about the final implementation details of MiCA. While the core regulation is established, technical standards and specific enforcement mechanisms continue to evolve through regulatory technical standards. This dynamic regulatory environment has created challenges for compliance teams attempting to finalize their approaches.
For crypto investors and users in France, this regulatory transition carries both risks and opportunities. On one hand, MiCA promises enhanced consumer protections, clearer disclosures, and stronger safeguards against market manipulation. On the other hand, if significant numbers of service providers fail to secure proper licensing, the availability of certain services could be temporarily disrupted.
“We’re advising clients to conduct thorough due diligence on their crypto service providers now, particularly regarding their MiCA readiness,” shared Sophie Laurent, a financial regulatory attorney I interviewed last month at a blockchain policy forum. “The last thing anyone wants is to have assets locked on platforms facing regulatory challenges in 2026.”
The AMF has indicated it plans to increase outreach efforts to the crypto sector in coming months, offering guidance workshops and consultation opportunities. However, Barbat-Layani emphasized that responsibility ultimately falls to the firms themselves: “The timeline is clear, the requirements are published, and firms must demonstrate their commitment to operating within a regulated environment.”
As the clock ticks toward December 2025, the coming months will reveal whether France’s crypto sector rises to meet the compliance challenge or faces a regulatory reckoning. For an industry built on disruption, the true test may be adapting to the new regulatory reality that promises to reshape Europe’s digital asset landscape for years to come.
