🇫🇷 vs. 🇲🇹: Crypto Clash in the EU – Who’ll Blink First? 🚀💰

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Well, butter my croissant and call me confused! 🇫🇷 France, the land of fine wine and even finer bureaucracy, is now eyeing crypto firms with the same suspicion I give to a “low-carb” croissant. Apparently, they’re considering blocking some EU-licensed crypto companies from operating on their hallowed soil. Why? Because, as we all know, nothing says “financial stability” like a good old-fashioned turf war. 🥖💸

According to a Reuters report (yes, the same folks who make financial news sound like a Shakespearean tragedy), France’s financial watchdog, the AMF, is having a bit of a meltdown. They’re worried that crypto firms are flocking to EU countries with licensing standards so lax, they make a French workweek look rigorous. 🧀🤦‍♂️

Enter MiCA, the EU’s shiny new digital asset rules, which basically let crypto firms get a license in one country and operate across all 27 member states. Sounds great, right? Wrong. It’s turned into a regulatory free-for-all, with rushed approvals and cross-border firms slipping through the cracks like a baguette through a sieve. 🥖🕳️

France Waves the Red Flag (and the Atomic Weapon)

France, never one to shy away from drama, has teamed up with Italy and Austria to demand that the European Securities and Markets Authority (ESMA) take the reins. Because, you know, three countries complaining is always more convincing than one. 🗣️🤝

The AMF is even threatening to challenge the EU’s “passporting” system, which lets companies licensed in one country operate across the bloc. “It’s like the atomic weapon,” said AMF President Marie-Anne Barbat-Layani, presumably while twirling a mustache she doesn’t have. “We’re not saying we’ll use it, but we’ve got it in our back pocket. Just in case.” ☢️🤨

ESMA to the Rescue? Maybe.

The trio of watchdogs claims that national authorities have been supervising crypto markets like a herd of cats-chaotically and with little coordination. They argue that direct EU supervision would protect investors better. Oh, and they also want stricter rules for crypto activity outside the EU, stronger cybersecurity, and closer oversight of new token offerings. Because why stop at fixing one problem when you can fix them all? 🦸‍♂️🔒

Meanwhile, Malta-the self-proclaimed “Blockchain Island”-is having none of it. Earlier this year, ESMA called them out for not fully assessing risks when licensing a crypto firm. Malta’s response? “We’re early adopters! Pioneers! Trailblazers!” Or, in other words, “We were just trying to be cool.” 🇲🇹🚀

Malta Says “Not So Fast, ESMA”

In a recent update, Malta’s financial regulator, the MFSA, pushed back against giving ESMA more centralized authority. They’re all for aligning supervision across the EU, but full centralization? That’s a hard pass. Their argument: it’ll create more red tape than a French bureaucracy convention, and slow down the EU’s efforts to be competitive. 📜🐢

So, there you have it. France and Malta, locked in a crypto standoff, while the rest of the EU watches with popcorn in hand. Who’ll blink first? Only time-and a lot of paperwork-will tell. 🍿🤷‍♂️

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2025-09-16 17:30