Forty percent of unlicensed crypto companies are not seeking a Markets in Crypto-Assets Regulation (MiCA) license, and another 30% have not told the regulator their plans, Stephane Pontoizeau, executive director of the market intermediaries and market infrastructures supervision directorate at the AMF, told journalists in Paris, according to the report.
The MiCA rules require crypto companies to receive licenses from national regulators to operate across the EU, the report said.
Those that don’t get licensed will have to cease operating in France in July. The deadline for licensing varies in other EU member countries, per the report.
Crypto companies that have been granted MiCA licenses include Coinbase, Circle and Revolut, according to the report.
PYMNTS reported last March that MiCA is aimed at harmonizing the fragmented regulations for cryptocurrency across the EU’s 27 member states.
MiCA was formally approved in 2023, was implemented in phases through 2024 and 2025, and is shaping the operational realities of some of the world’s largest crypto companies in one of the world’s biggest economic regions.
Crypto exchanges, stablecoin issuers and wallet providers now face stringent licensing requirements, capital reserves mandates and clear consumer protection obligations. Many have been rushing to comply with its provisions, the report said.
When crypto exchange Gemini announced its receipt of a MiCA license from the Malta Financial Services Authority in August, the company said that the license marked a critical milestone in its regulated European expansion and would allow it to unlock a much large market.
“Today’s announcement cements Gemini’s long-standing dedication to upholding the highest standards of regulatory compliance, which has allowed us to continue growing in the region,” Gemini Head of Europe Mark Jennings said in an Aug. 20 blog post. “We believe that clear regulation of the industry is the foundation of global crypto adoption, and MiCA’s implementation has proven that Europe is one of the most innovative and forward-looking regions regarding this.”
