France’s Crypto Crackdown: 90 Firms in Peril!

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France targets 90 unlicensed crypto firms as MiCA deadline nears, warning shutdowns by July and tighter EU enforcement.

France, ever the dramatic host, has decided to put the boot to 90 crypto firms, all while the MiCA clock ticks ominously towards July. A grand spectacle of regulatory theatrics, if you will. 🎭

The Autorité des Marchés Financiers (AMF) recently flagged 90 businesses still operating without a license under the European Union’s Markets in Crypto-Assets (MiCA) framework. One might say they’re playing a dangerous game of hide-and-seek with regulators. 🕵️‍♂️

This move comes just months before the June 30 cutoff and firms that fail to secure the proper legal status by that date will have to stop serving customers in the country. A fitting end for those who thought they could outwit the system. 🚫

France Flags 90 Unlicensed Crypto Firms for Strict Enforcement

The AMF is concerned about the lack of progress among dozens of service providers. One wonders if they’ve been too busy sipping champagne to notice the regulatory storm brewing. 🥂

According to reports, around 30% of these 90 firms have not even responded to the regulator’s questions. A masterclass in ignoring authority, if ever there was one. 🤐

This group has stayed silent despite being notified of the transition period’s end since November. Perhaps they’re waiting for a miracle-or a better lawyer. 🙏

Breaking: France flags 90 unlicensed crypto firms ahead of MiCA cutoff: Report

Of the 90 crypto firms registered in France without a MiCA license, 40% are reportedly not seeking the license, while 30% remain unresponsive as regulators warn of July shutdowns.

– Enterprise Onchain (@enteronchain)

Another 40% of the unlicensed group told the regulator they do not plan to seek the required MiCA license at all. A bold move, but one that may lead to a swift exit from the market. 🚀

This indicates that a major portion of the current market may choose to exit France by the end of the second quarter. A tragicomedy of errors, if you ask me. 🎭

On the other hand, companies that ignore these warnings risk forced shutdowns from July. A fate worse than death for any crypto entrepreneur. 😱

The Role of ESMA and the Call for Wind-Downs

The European Securities and Markets Authority (ESMA) is also weighing in on the transition. A true drama queen, always ready to play the villain. 🎭

The Paris-based body acts as the main supervisor for the entire bloc, and ESMA recently stated that any firm failing to get a license must have an “orderly wind-down” plan. No sudden exits, please-this is a regulated affair. 🧾

This means that companies cannot simply vanish and leave customers without access to their funds. A noble sentiment, though one wonders if it will be enforced. 🤔

They must have a clear strategy to return assets and close accounts before the July deadline. A final act of responsibility, if only they had bothered to plan ahead. 🕰️

Regulators in France have been vocal about the current “passporting” system and their distaste for it. A system so flawed, it’s a wonder anyone uses it. 🚧

French officials are worried that some businesses might shop for licenses in countries with weaker rules. A valid concern, though one might argue it’s the regulators’ own fault for creating such a chaotic landscape. 🤷‍♂️

Ripple and CoinShares Lead the Way in Compliance

While many small firms are struggling, larger institutions are moving fast to secure their future. A lesson in adaptability, if ever there was one. 🚀

CoinShares recently obtained its license from the AMF last July, and Swiss-based Relai followed in October. These companies are now set to stay in France long-term. A triumph of bureaucracy, if you will. 🎉

In all, success stories like these prove that the regulatory path is possible for those who are willing to do the work. A rare feat in the world of crypto. 🧠

Ripple is another major name making big moves in the region. The company recently received a “green light letter” from the regulator in Luxembourg, and this approval for an Electronic Money Institution (EMI) license is a major win. A true overachiever. 🏆

Related Reading: France Targets 90 Crypto Firms Ahead of MiCA Deadline

Ripple Expands Regulatory Footprint in the UK and Europe

The progress in Luxembourg came after another victory for Ripple in the United Kingdom. A tale of two countries, both eager to embrace regulation. 🇬🇧

On January 9, the Financial Conduct Authority (FCA) granted Ripple’s UK branch two important permissions. A double whammy of compliance, if you ask me. 🎯

This means that the company now holds both an EMI license and a crypto asset business registration in Britain. A true master of the game. 🎩

The future of regulated digital assets payments in the UK has arrived! 🇬🇧

Ripple has officially secured approval of both an EMI license and Cryptoasset Registration from the UK’s FCA.

Who better to explain what it means than our UK and Europe Managing Director .…

– Ripple (@Ripple)

These dual approvals allow it to offer regulated cross-border payments in the UK. A step closer to the future, or so they say. 🌍

In all, securing these licenses is about more than just checking boxes. Ripple President Monica Long noted that the industry is moving past pilot projects and into a phase of real-world use. A brave new world, indeed. 🌟

 

 

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2026-01-14 19:55