Sea May 28, 2025 ▪
3
Min read ▪ by
A few months before the complete implementation of the Mica regulation, the financiers authorities of the heads ring the alarm. Despite a transition period until June 2026 for the actors already registered as PSAN, few approval request files have been submitted. AMF now talks about “procrastination“In the crypto sector in France, a strong term which highlights the perceived gravity of the situation.
Brief
- The AMF deplores the delay of French cryptography players to comply with the Mica rules.
- Other European regulators have already issued several approvals, placing France in a competitive disadvantage.
- The support of the AMF should guide the Psans to the approval of the Mica, crucial for the sustainability of the French cryptography sector.
Mica: why the deadline of conformity will not move
Cryptographic companies wishing to continue to operate legally within the European Union must obtain approval of the PSCA under the Mica. However, although the regulatory window is still open, the AMF warns that no extension will be granted beyond June 2026. It is therefore strategic for platforms not to wait until the last minute to become compliant.
Elsewhere in the EU, the regulatory authorities have taken the lead:
- The Luxembourg regulator;
- German authority Bafin;
- The MFSA in Malta.
They have all published several approvals, creating a favorable dynamic for their national ecosystems. While Bitcoin embodies the pioneering and decentralized rise in crypto assets, France is at a regulatory crossroads.
In order not to lose its influence in this rapidly evolving ecosystem, it is imperative that French crypto players quickly adopt mica, thus guaranteeing their place in global competition.
Crypto in France: the sector requires more support against mica
Some actors in the Crypto ecosystem stress that this inertia is not only due to reluctance:
- Lack of clarity;
- Administrative slowness;
- The complexity of the procedures.
All these factors are regularly mentioned as obstacles. Alexandre Roubaud, co-founder of Bitstack, said:
The role of the AMF is to support cryptographic players who have the approval of the PSAN until they obtain the approval of the mica.
Highlight a clear expectation of institutional support. In addition, some platforms have trouble bringing the necessary – human, legal and financial resources – to meet the requirements of the mica. Others, more vulnerable, may not survive this change in regulation. In all cases, prolonged risks of inaction gradually marginalizing the French ecosystem in the European cryptography landscape.
While the binance puts an end to the USDT in Europe to comply with the Mica, the AMF defines the bar even higher for the French cryptography sector. Between regulatory pressure and the need for support, the challenge goes beyond compliance: it calls into question the future and competitiveness of France in the European race. How far can the players adapt before it is too late?
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The world evolves and adaptation is the best weapon to survive in this wavy universe. Originally a director of the cryptographic community, I am interested in everything that is directly or indirectly linked to blockchain and its derivatives. To share my experience and promote an area that fascinates me, nothing is better than writing informative and relaxed articles.
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The points of view, the thoughts and opinions expressed in this article belong only to the author and must not be considered as investment advice. Do your own research before making investment decisions.
