AMF sets June 30, 2026 MiCA deadline for France CASPs
France’s Autorité des Marchés Financiers (AMF) has set a hard deadline: crypto-asset service providers must obtain full MiCA authorization by 30 June 2026 or cease operations in the country.
The AMF’s compliance snapshot is bleak. As of January 2026, about 90 registered digital asset service providers lacked the required MiCA license. Only around 30% had applied. Around 40% said they do not plan to apply, and the remaining 30% did not respond to the AMF.
From 1 July 2026, only firms holding full MiCA authorization as crypto-asset service providers (CASPs) may operate in France. AMF President Marie-Anne Barbat-Layani said non-compliant firms must prepare “orderly wind-down plans” to offload customers and shut down.
This deadline targets “legacy” operators previously registered under France’s older PSAN framework. For new entrants, the window under old rules closed earlier: full MiCA authorization has been required since 30 December 2024. The update follows France’s legal alignment with the EU rulebook via Ordinance 2024-936 (Oct 2024) and Decree 2025-169 (Feb 2025), consistent with ESMA’s broader coordination.
Trading relevance: tighter MiCA enforcement in a major EU market can reduce local liquidity and service availability, increasing counterparty and platform risk over the next few months while pushing consolidation toward licensed CASPs. Short-term volatility may rise around compliance headlines, while longer-term effects favor regulated, EU-authorized providers.
Bearish
This is likely bearish because the AMF’s MiCA deadline creates a credible “do or leave” compliance shock. With around 40% of registered firms stating they won’t apply, the probability of service disruption and consolidation rises. In the near term, traders may see less venue choice, tighter on-ramps/off-ramps, and increased counterparty risk—classic conditions that can pressure risk sentiment.
Similar past regulatory transitions in major jurisdictions often cause short-term market stress (liquidity fragmentation, headline-driven volatility) followed by gradual stabilization as compliant players absorb market share. Here, the AMF also requires orderly wind-down plans, which can still mean forced customer migration and operational uncertainty before licensed CASPs fully ramp.
Longer term, MiCA authorization is EU-wide, so winners may become clearer and spreads could improve once licensed providers consolidate. But because the enforcement timeline is specific (July 1, 2026 for operations; June 30 for authorization), the market reaction is likely to front-run the risk of non-compliant exits, weighing on sentiment.