France, ever the grand maître of bureaucracy, has raised its eyebrow and warned it might just barge in and block those slippery crypto firms who fancy playing the game in French territory with licenses picked up like souvenirs from other European countries. It’s the kind of fancy footwork that leaves the whole EU scrambling, wondering where the cracks in their shiny new crypto fortress lie.
The ever-watchful French watchdog, the Autorité des Marchés Financiers (AMF), told Reuters this Monday-in a tone somewhere between a sigh and a warning-that they’re worried there might be some holes in Europe’s big ol’ Markets in Crypto-Assets Regulation (MiCA), which is supposed to be the world’s first fortress of crypto rules. Fancy, right? Yet here we are, questioning if the gatekeepers are snoozing on the job.
Turns out, some cunning crypto firms are playing hide and seek, hunting for the “weakest link” in the EU chain where the rules are more like polite suggestions. The AMF, not one to be outfoxed, is seriously toying with the idea of shutting down those firms that try to waltz into France under licenses granted by their laxer neighbors. Talk about a party pooper.
“We don’t rule out giving the EU passport the cold shoulder,” grumbled Marie-Anne Barbat-Layani, the big boss of AMF. She called the whole mess “very complex” and likened the upcoming move to an “atomic weapon” dropped on the crypto playground. Sounds dramatic? Sure. But where there’s drama, there’s spectacle-and France loves a good show.
MiCA, which rolled out for crypto service providers like a stern schoolmaster in December 2024, lets companies with a license from one EU country roam freely across the entire 27-nation playground. France’s grumbling is basically the grown-up yelling, “Hey! What if the rules aren’t the same on every slide?”
France, Austria, Italy Demand ESMA Saves Crypto from Itself
Not content with a little grumbling, France’s joined forces with Austria and Italy, tossing their hats in the ring to ask the European Securities and Markets Authority (ESMA) in Paris to take over the babysitting duties for the big crypto players. According to Reuters, these countries want a central nanny to keep an eye on the crypto kids before they break the china.
Austria’s Financial Market Authority and Italy’s Commissione Nazionale per le Società e la Borsa are all for it too, backing a call for tougher rules on crypto shenanigans happening outside the EU, beefing up cybersecurity (because hackers love their midnight crypto raids), and giving token offerings a much-needed scolding.
This whole drama seemed to sprout from the whirlwind around Malta’s crypto licensing circus. In July, ESMA peeked behind the Maltese curtain and found the Malta Financial Services Authority only “partially met expectations.” Translation? They kind of tried, but maybe not enough to keep the crypto circus in line.
Post-review, ESMA’s special Peer Review Committee suggested Malta’s MFSA better wake up and start paying close attention to the growing parade of authorization requests, and maybe stop letting things slip through the cracks like digital butter on hot toast.
So here we stand, dear reader, on the shores of a European crypto sea that’s as peaceful as a bull in a china shop, with France ready to wave its big stick and shout, “Enough!” 🧐💥
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2025-09-15 15:57