In September 2025, France shook up the crypto scene. They’re thinking about stopping crypto firms licensed in other EU nations from doing business in France, even if it goes against EU rules. Marie-Anne Barbat-Layani, the head of France’s AMF, made the announcement. This move is because France, Italy, and Austria are advocating for stricter, more centralized crypto regulations within the EU’s MiCA framework.
France is worried that even with MiCA trying to set up the same crypto rules for the EU, some countries are still making their own crypto rules and licenses. Barbat-Layani noted that some crypto companies are getting licenses in countries where the rules aren’t as strict, and then using those licenses to do business all over the EU. France thinks this hurts both investors and the stability of the market.
MiCA, which took effect in 2025, lets a crypto company licensed in one EU country do business in all 27 EU countries. The goal is to make licensing easier and cheaper, and to have the same rules everywhere. So, if you’re approved in Malta or Luxembourg, you can offer your services to people in France, Germany, Italy, and other countries. This ability to operate across borders is a major advantage of the EU’s financial services market.
With greater freedom comes greater risk. Licensing groups should check that companies meet standards for tech, money, security, customer protection, and how they’re run. If some states seem to have weaker rules, others get concerned about potential problems or gaps. Say a place doesn’t closely check cybersecurity, internal controls, or outside risk management. Then, companies with licenses there could cause problems for their customers and the bigger financial world.
Some people don’t like how France handles regulations, and Malta is a big one of them. The Malta Financial Services Authority (MFSA) worries that if ESMA gets too much control, it could create bureaucracy, limit flexibility, slow down new ideas, and weaken local regulators. Malta thinks that while it’s good to have similar rules, it’s also important to have different ways of doing things, especially when it comes to building crypto systems.
Malta is worried that ESMA’s tight grip on big companies could make things slower and delay things like getting a license. The MFSA sees its early start in digital asset regulations as a good thing, not a bad one. Imagine you’re a new crypto company starting up in Europe. Because of MiCA, you might choose a country that looks easier to work with. You get your license there and then start offering your services across the EU. This can be attractive because it’s easier to begin and you can reach more people.
Now, if you’re in France, this might seem a bit suspicious. What if the country that gave you the license didn’t check your security well enough? What if their reporting rules are more relaxed, or they don’t keep a close eye on things when problems arise? French customers could get hurt if your company makes mistakes – not just with their money, but with their private data and confidence, too.From a user’s point of view, it’s good to think you can trust the rules because companies have to meet the same standards everywhere. But for companies, it’s a risk.
France’s threat to block crypto licenses that work across the EU might seem harsh, but it shows bigger problems. The EU is struggling to balance making rules the same for everyone, letting the market be free, encouraging new ideas, and keeping people safe. MiCA was a big step for crypto rules in the EU, but how it’s being put in place shows some problems. Some countries are worried.
If France, Italy, and Austria get their way, ESMA might have more control over big crypto companies. This would make things more uniform. But there would also be compromises. We’d have to choose between making rules work well and having a central authority, between letting local areas be flexible and having EU-wide rules, and between encouraging new ideas and reducing risks.
For both crypto companies and users, the message is clear: the risk of changing rules in Europe is real. Now, it’s not just about where you’re licensed. It’s about how strict the rules, oversight, and enforcement are. The whole EU system needs to make sure that getting access to different countries isn’t just a way for companies to get around rules.
