France has warned that it may attempt to block cryptocurrency companies that obtain licenses to operate locally through other European countries, raising concerns about gaps in the enforcement of the EU's cryptocurrency regulatory framework.
The French securities regulator, the Autorité des Marchés Financiers (AMF), expressed concerns to Reuters on Monday about potential regulatory enforcement loopholes related to the European Markets in Crypto-Assets Regulation (MiCA), which is the world's first comprehensive cryptocurrency regulatory framework.
Due to worries that some cryptocurrency companies may seek licenses in more lenient EU jurisdictions, the AMF is considering prohibiting operations in France under MiCA licenses obtained in other member states.
AMF President Marie-Anne Barbat-Layani pointed out to Reuters, "We do not rule out the possibility of rejecting EU passports." She added that this is "very complex," akin to an "atomic weapon" in the market.
She further stated that crypto companies are looking for "weak links" in European jurisdictions that offer "fewer licensing requirements than others."
Under MiCA, which will take effect for crypto asset service providers in December 2024, companies authorized in one member state can use it as a "passport" to operate across the 27 EU countries. France's warning highlights concerns that uneven standards could undermine the regulatory framework.
According to Reuters, France is the third country to call for the European Securities and Markets Authority (ESMA), headquartered in Paris, to take over the regulation of major crypto companies.
The Austrian Financial Market Authority and the Italian financial market regulator, the National Commission for Companies and the Stock Exchange, have also called for the transfer of regulatory oversight to ESMA.
These three countries also support amendments to MiCA, including implementing stricter rules for crypto activities outside the EU, enhancing cybersecurity oversight, and reviewing the regulatory approach to new token issuances.
This debate comes amid increasing criticism of Malta's crypto licensing system. In July, ESMA released a peer review of the Malta Financial Services Authority's authorization of crypto service providers, finding that the regulator "only partially meets expectations."
Following the review, ESMA's dedicated Peer Review Committee (PRC) recommended that the MFSA "assess significant issues that have not been resolved by the authorization date or were not adequately considered during the authorization phase."
The PRC added that Malta's MFSA "needs to closely monitor the growth of authorization applications" and timely identify and adjust regulatory practices.
Related: Thai citizens shocked to find bank accounts frozen: Could Bitcoin (BTC) be the solution?
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