France to Suspend Unlicensed Crypto Firms from July 2025 under MiCA
France’s regulator, the Autorité des Marchés Financiers (AMF), will begin ordering suspension of crypto-asset service providers that lack an EU MiCA licence from July 2025. The AMF identified roughly 90 firms formerly registered in France; about 40% have said they will not apply for MiCA, ~30% have not responded, and the remainder report applications in progress — implying up to 70% risk suspension. To date the AMF has granted full MiCA licences to only a small number of applicants. MiCA requires client asset segregation, transparent disclosures (whitepapers), fit-and-proper governance, cybersecurity and AML controls. Regulators across the EU (including ESMA) have warned unauthorised firms to prepare orderly wind-down plans; the European Commission has proposed centralised supervision under ESMA, which could change enforcement dynamics. For traders: expect short-term service interruptions and reduced liquidity on non‑compliant, smaller venues; verify providers on the AMF register and plan for higher market concentration as trading flows centralise to licensed, better-capitalised platforms. Primary keywords: MiCA, AMF, France regulation, crypto compliance. Secondary keywords: licence suspension, market consolidation, liquidity risk.
Neutral
The news is primarily regulatory and operational rather than directly tied to a single cryptocurrency’s protocol or token economics, so its price impact on major crypto assets is limited and mixed. Short-term effects are likely negative for liquidity and trading volumes on smaller, non‑compliant platforms — potentially causing localized price volatility on less liquid pairs listed only there. Larger licensed exchanges should absorb flows, so broader market disruption is unlikely. Over the longer term, stricter MiCA enforcement should strengthen investor protections and concentrate liquidity on regulated venues, which can improve market stability and reduce risks that previously suppressed institutional participation. Overall, the announcement is neutral for major crypto prices but bearish for activity on small French/unlicensed platforms and supportive for regulated exchanges.