The Markets in Crypto-Assets (MiCA) regulation is no longer a promise—it’s now fully in force. Since December 30, 2024, the first comprehensive EU-wide framework for cryptocurrencies has required a unified license for any crypto service provider operating in the European Union. While some countries have already granted multiple authorizations, France has proceeded cautiously, issuing just a single MiCA license to date. This deliberate pace is not accidental but reflects a strategic commitment to regulatory rigor and long-term market integrity.
Understanding MiCA: A Landmark Regulation for Crypto
MiCA was formally adopted in 2023 as part of the EU’s broader Digital Finance Package, with the primary goal of harmonizing crypto-asset regulation across member states. As of December 30, 2024, it became fully applicable throughout the EU and will eventually extend to the European Economic Area (EEA), including Iceland, Norway, and Liechtenstein.
The regulation addresses a critical gap: prior to MiCA, many crypto assets operated outside traditional financial oversight. Inspired in part by France’s 2019 PACTE law, MiCA introduces common rules for crypto-asset issuance, public offerings, trading platforms, and service providers. It also establishes safeguards against market abuse—such as insider trading and price manipulation—while strengthening investor protections through transparency requirements, risk disclosures, and minimum prudential standards.
One of MiCA’s most significant features is the mandatory authorization for Crypto-Asset Service Providers (CASPs), known in France as Prestataires de Services sur Actifs Crypto (PSCA). Once approved under MiCA, these entities gain access to the European passport, allowing them to operate freely across all EU member states without additional national approvals.
This harmonization aims to foster innovation by creating a unified market while preventing regulatory arbitrage and ensuring consistent consumer safeguards. As Anne Maréchal from legal firm De Gaulle Fleurance notes:
"Draft stablecoin legislation currently under discussion in the United States draws heavily from MiCA. Given the strictness of U.S. financial law, it’s unlikely they’ll allow crypto to remain an unregulated frontier. MiCA may not be perfect, but it works because it delivers core investor protections. The time to act is now—compliance will reshape the market rapidly."
Notably, MiCA does not cover all blockchain-based activities. NFTs and decentralized finance (DeFi) protocols without intermediaries fall outside its scope.
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Transition Periods Vary Across Europe
Although MiCA entered into force in June 2023, its implementation has been phased. Key provisions on stablecoins took effect on June 30, 2024, while full authorization requirements for CASPs became enforceable on December 30, 2024.
To prevent market disruption, MiCA includes an 18-month transitional period during which existing operators can continue under national regimes while applying for full MiCA compliance. However, individual EU countries have discretion over how long this grace period lasts.
France has opted for the full 18-month window, meaning locally registered or licensed crypto firms before December 2024 can operate until June 30, 2026, without holding a formal MiCA license. In contrast:
- The Netherlands set a deadline of June 30, 2025 (6 months).
- Lithuania moved even faster, with a cutoff on June 1, 2025.
- Germany, Austria, Italy, and Spain chose approximately 12-month transitions.
This patchwork of timelines creates complexity for pan-European crypto businesses managing compliance across multiple jurisdictions. The European Securities and Markets Authority (ESMA) has urged member states to limit transitional rights to one year to ensure a level playing field.
Is France Falling Behind in MiCA Licensing?
At first glance, France appears slow: as of mid-2025, only one MiCA license has been issued—the approval granted last month to Deblock, a French neobank specializing in digital assets.
However, this measured approach reflects deliberate policy rather than delay. Unlike some regulators that issued early approvals or "pre-authorizations" before ESMA released all implementing technical standards (RTS), the French Financial Markets Authority (AMF) has insisted on full regulatory clarity before granting licenses.
“We coordinate closely with European counterparts to avoid a race to the bottom in regulatory standards,” said AMF Chair Marie-Anne Barbat-Layani in a May 2025 press conference. “Investor trust depends on consistent enforcement.”
This caution is intentional. By waiting for complete ESMA guidance, France ensures that its MiCA approvals carry strong credibility. Premature authorizations in other jurisdictions could face challenges under Article 102 of MiCA, which allows member states to take action against non-compliant firms—even those using passporting rights—if they fail to meet minimum standards.
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Why France’s Approach Builds Long-Term Trust
The AMF is known for its rigorous oversight. As Stéphane Pontoizeau, Director of Market Intermediaries Supervision at AMF, emphasized:
“Being licensed as a PSCA or e-money issuer in France means something. It signals seriousness to the global market.”
While some nations rushed to attract crypto firms with faster approvals, France prioritized quality over speed. This strategy reinforces confidence among institutional investors and aligns with broader financial stability goals.
Moreover, many French crypto firms previously licensed under the PACTE regime have until mid-2026 to transition. This extended timeline allows them to refine their applications without service interruptions—turning what some see as lag into a strategic advantage.
Frequently Asked Questions (FAQ)
Q: What is the main purpose of MiCA?
A: MiCA establishes a unified regulatory framework for crypto-assets across the EU, enhancing investor protection, ensuring market integrity, and enabling cross-border operations via a European passporting system.
Q: Does MiCA apply to all cryptocurrencies and blockchain services?
A: No. MiCA primarily covers stablecoins, utility tokens, and crypto service providers. NFTs and decentralized protocols without central intermediaries are generally excluded.
Q: Can a company operate in France without a MiCA license today?
A: Yes—but only if it was already registered under France’s previous PSAN regime before December 2024. These firms have until June 30, 2026, to obtain full MiCA authorization.
Q: What happens after the transitional period ends?
A: After June 30, 2026, only MiCA-authorized providers can legally offer crypto services in France. Unlicensed operators will be required to cease activities.
Q: Are early MiCA licenses from other countries more valuable?
A: Not necessarily. Licenses issued before full ESMA guidelines were published may lack robustness and could face scrutiny or penalties if found non-compliant later.
Q: How does MiCA impact global crypto regulation?
A: MiCA is becoming a global benchmark. Regulators in the U.S., U.K., and beyond are modeling their own frameworks on its structure—particularly its stablecoin oversight rules.
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