The French Financial Markets Authority (AMF) is considering the possibility of blocking cryptocurrency companies that have obtained MiCAR licenses in jurisdictions with less stringent regulations within the European Union.
This is reported by Finway
Concerns About Lenient Regulations in Certain EU Countries
The AMF leadership has expressed concern that some crypto companies are choosing countries with insufficiently strict legislation to obtain licenses. This allows them to access the financial markets of other EU states, which, according to the French regulator, poses risks to the single financial space. AMF Chair Marie-Anne Barbat-Layani stated that she does not rule out the possibility of denying such companies access to the French market.
“We do not rule out the possibility of refusing to grant a license. This is very complicated from a legal standpoint and not a very good signal for the single market, as it is somewhat akin to ‘nuclear weapons.’ However, we still keep this option in reserve,” said AMF Chair Marie-Anne Barbat-Layani to the publication.
According to her, companies are actively seeking “weak links” — countries where the licensing process is simpler and faster. However, no specific examples of abuse were provided.
Support for Transferring Supervisory Powers to ESMA
AMF, along with the Italian agency CONSOB and the Austrian FMA, advocates for transferring some supervisory functions to the European Securities and Markets Authority (ESMA). The regulators emphasized the significant differences in approaches to monitoring cryptocurrency markets in different EU countries.
“The first few months of applying the Regulation [MiCAR] revealed significant differences in how national authorities supervise cryptocurrency markets,” stated the joint statement of the regulators.
It is known that cryptocurrency exchanges are actively seeking opportunities to enter the European market through various jurisdictions. For example, the company Gemini obtained a MiCAR license in Malta, Bitvavo in the Netherlands, and Kraken in Ireland.
Additionally, regulators from France, Austria, and Italy support strengthening MiCAR requirements for foreign participants, as well as implementing additional measures in the areas of cybersecurity and token issuance control.
In June 2025, ESMA Chair Verena Ross expressed support for transferring regulatory powers to this body to enhance oversight of the cryptocurrency market. However, some EU countries are currently opposed to such centralization of supervision.