France is entering a decisive phase for crypto regulation as firms face a hard deadline for Mica authorisation under the European Markets in Crypto-Assets framework.
Transitional regime in France ends on 1 July 2026
The French regulator AMF has reminded all Digital Asset Service Providers (DASPs) that the transitional regime will expire on 1 July 2026. Under this regime, firms active before the entry into force of the European MiCA Regulation could continue offering crypto-asset services in France without a full licence.
However, these providers now have a strict timetable. DASPs that want to continue operating must obtain authorisation as a Crypto-Asset Service Provider (CASP) under MiCA. The AMF is urging any firm that has not yet filed an application to submit a complete authorisation file as soon as possible.
Moreover, the supervisor stresses that particular attention must be paid to the quality and completeness of each application. DASPs that do not plan to pursue their activities after the end of the transitional regime are invited to prepare an orderly cessation of business in advance, allowing enough time to protect clients.
Legal basis and scope of the transitional period
Pursuant to Article 143 of the Markets in Crypto-Assets Regulation and Article 8 III of the DDADUE Law of 9 March 2023, registered or licensed DASPs in France have benefited from a temporary framework. Those offering services listed in the 5° of article L. 54-10-2 of the Monetary and Financial Code before MiCA entered into force could keep serving clients until 1 July 2026.
That said, once the deadline passes, only CASPs authorised in accordance with MiCA will be allowed to provide crypto-asset services in France. This marks a clear regulatory shift from national registration to harmonised European licensing.
Conditions to operate as a CASP after the deadline
From 1 July 2026, providers may operate in France only if they are CASPs authorised under MiCA. They can do so either by securing a formal authorisation from their national competent authority, which is the AMF for candidates established in France, or through a notification procedure.
In particular, certain financial entities may rely on the notification mechanism laid down in Article 60 of MiCA. However, this is possible only if they are eligible for the procedure and if the notification submitted to the relevant national authority is deemed complete by that authority.
Moreover, CASPs are subject to a dual layer of obligations. There are general requirements that apply to all services and additional rules tailored to each specific type of crypto-asset service. These include organisational, conduct, and prudential standards designed to enhance investor protection.
European passport and whitelist of authorised providers
CASPs authorised under MiCA will be able to benefit from the European passport mechanism. This allows them to provide their services in other Member States of the European Union once they are duly licensed in a single jurisdiction, such as France.
Furthermore, the AMF maintains a public whitelist of authorised CASPs, giving users a way to verify which entities are permitted to operate. The list is available on the AMF website and is expected to become a key reference point for investors and counterparties across the region.
ESMA calls for early preparation
In a statement published in December 2025, the European Securities and Markets Authority (ESMA) invited all market participants to anticipate the end of the transitional period. The authority highlighted that review periods for CASP licences under MiCA can last up to four months once a complete file is submitted.
However, the AMF notes that initial files received from applicants are rarely complete at first submission. Clarifications or even substantial amendments are often requested before the dossier is considered complete and capable of leading to a favourable decision. This iterative process may cause additional delays for firms.
That said, the French regulator is urging DASPs that wish to continue their activities to file their MiCA applications without waiting for the last moment. It reiterates that the thoroughness and quality of the application file will be crucial for a smooth and timely review.
Implications for non-compliant providers
The AMF has underlined the legal consequences for providers that fail to comply by 1 July 2026. Any firm that continues to offer crypto-asset services in France without CASP authorisation after this date risks a two-year prison sentence and a fine of €30,000, under Articles L. 54-10-4 and L. 572-23 of the Monetary and Financial Code.
Moreover, authorities will monitor compliance and can take enforcement action in the event of infringements. The AMF may publish a blacklist of unregistered providers and issue public warnings. If necessary, it can also initiate legal proceedings to block access to the websites of unauthorised service providers.
Orderly cessation of activities and client protection
DASPs that expect not to be in a position to comply with MiCA on 1 July 2026 are strongly encouraged to plan an orderly cessation of activities. The AMF recommends that these providers limit themselves to strictly necessary operations for winding down their business as of 30 March 2026, at the latest.
This wind-down plan should prioritise the protection of crypto-asset holders. It must ensure that clients can recover their assets either by transferring them to a CASP authorised to operate in France or by selling them, with sufficient prior notice. Such measures aim to avoid market disruption and client losses during the transition.
In this context, firms preparing for mica authorisation or, alternatively, for an orderly exit will play a central role in shaping a safer and more transparent crypto ecosystem in France and across the European Union.
In summary, the end of the transitional regime on 1 July 2026 marks a turning point for crypto-asset service providers in France, compelling them either to secure MiCA-compliant licences or to exit the market in an orderly and client-focused manner.