Overview
- The AMF says 40% of the flagged firms do not intend to seek authorization, 30% have not responded, and 30% are in the application process.
- Regulators contacted unlicensed providers in November 2025 to confirm whether they planned to apply under MiCA.
- Firms that do not secure approval by June 30, 2026 must halt operations in France starting in July under the transition rules.
- Licensing progress remains limited, with approvals including CoinShares in July 2025 and Relai in October 2025.
- ESMA has told firms to prepare orderly exit plans, and the AMF warns of potential penalties or service suspensions for those that remain unlicensed.