EU Crypto Asset Regulation MiCA deadline approaching, French regulatory authority warns companies of non-compliance

According to a report by Reuters on January 14, the French financial market regulator (AMF) pointed out that among approximately 90 domestically registered cryptocurrency companies that have not obtained a MiCA license, as many as one-third have not submitted any plans to the regulatory authorities. This highlights the increasing number of strict warnings from regulators as the transition period for the new EU regulation MiCA approaches its end on June 30.

Serious Challenges in Corporate Compliance Revealed by French Regulators

Stéphane Pontwazo, Secretary General of the AMF’s Market Intermediaries and Infrastructure Supervision Department, analyzed the current situation as follows. Of the companies surveyed, 30% have already applied for a license, 40% have deferred their application, and the remaining 30% have not disclosed any future plans and have not responded to inquiries from the regulatory authorities, indicating a serious situation.

The background for regulators’ concerns about these responses is the imminent end of the transition period for MiCA regulation. After the June 30 deadline, non-compliant companies will be required to take appropriate regulatory measures.

Implementation of ‘Orderly Closure Plans’ Required by EU Regulations

According to the European Securities and Markets Authority (ESMA), companies that have not obtained MiCA authorization must implement an “Orderly Closure Plan” before the end of the transition period. This requirement is a crucial framework to prevent confusion over user assets caused by improper business closures and to ensure consumer protection. The warnings from regulators highlight that many companies lack sufficient understanding or preparation for this fundamental regulatory requirement.

Leading Examples of Major Companies Already Holding MiCA Licenses

Meanwhile, major companies such as Coinbase, Circle, and Revolut have already completed obtaining their MiCA licenses and are compliant with the new regulations. These cases suggest that proper regulatory compliance allows for the continued development of cryptocurrency businesses. The regulators’ future focus will likely be on how to guide non-compliant companies into the regulatory framework or lead them toward proper business termination.