France reports one-third of PSAN-registered crypto firms unresponsive ahead of MiCA deadline

France’s markets regulator, the AMF, reported that about 90 firms registered under the national PSAN regime do not hold EU MiCA authorization. Of those firms, approximately 30% have submitted MiCA applications, roughly 40% have notified the AMF they will not apply and plan to cease operations, and roughly 30% have not responded to repeated contact since late 2025. The MiCA transition period ends June 30, 2026, and from July 1, 2026 any crypto service provider without MiCA authorization must halt services in France and across the EU. The AMF has instructed unresponsive firms to either complete MiCA applications or present credible wind-down plans that protect customers and preserve orderly exits. ESMA has directed national supervisors to ensure unauthorized entities prepare and execute orderly exit strategies ahead of the cutoff. MiCA establishes a single EU regulatory rulebook that imposes consumer safeguards, governance, prudential requirements and transparency obligations across trading, custody, issuance and stablecoin activities. Firms seeking authorization must demonstrate client asset protection, conflict-of-interest management, risk disclosure, capital sufficiency and operational resilience, and stablecoin issuers must maintain reserve and governance frameworks. Authorized firms can passport services across the EU once they secure MiCA authorization. France is advocating for increased supervisory powers at ESMA to reduce enforcement divergence and limit jurisdiction shopping. A number of firms are pursuing EU authorizations or passports in other member states and some preliminary approvals for payment or stablecoin activity have emerged. The report recommended that investors, counterparties and vendors audit exposures, confirm which providers will remain operational after June 30, 2026, and update contingency plans for key vendors in the unresponsive group. 

Source: https://web3businessnews.com/policy/amf-warns-crypto-firms-mica-2026/

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