While the Mica regulation promised a harmonization of the European cryptocurrency market, France alerts its flaws. Result: the country could block access to certain foreign crypto companies on its market. More details in the following paragraphs.
In short
- France could refuse the Mica passport to enforced crypto companies in countries deemed lax.
- Paris requires centralized European supervision to avoid unequal crypto regulations between EU member states.
France agitates the threat of blocking the Crypto Mica passport
The Mica regulation entered into force at the end of 2024. It allows crypto platforms approved in a Member State of the European Union to operate throughout the area thanks to A “European passport”. This tool is supposed to facilitate harmonization. However, he opens the door to a most flexible regulation race.
The president of the Autorité des Marchés Financiers (AMF), Marie-Anne Barbat-Layani, expressed his reserves On this “Regulatory Shopping”. According to her, some Crypto companies would deliberately seek more permissive courts to bypass French requirements. Paris therefore does not exclude block certain European passports. A measure qualified as atomic weapons by the manager.
Behind the scenes, several players fear an ineffective supervision for crypto platforms with complex and cross -border structures. In the short term, France therefore wants strengthen the power of ESMA (The European Crypto regulator) to avoid a weakening of control on a continental scale.
Towards a redesign of the role of ESMA in the surveillance of crypto-active
The AMF is not alone in ringing the alert. With her Italian (consob) and Austrian (FMA) counterparts, she pleads for a transfer of skills to ESMA. A Common position document reveals strong disparities in the application of the regulation between national crypto regulators. Which undermines the unity of the Mica project.
Concrete cases illustrate these differences. For example, Malta delivered a license to a crypto platform without having sufficiently evaluated the risks. Luxembourg has already granted approvals to giants from the crypto sector like Coinbase and Gemini.
The three countries also ask A strengthening of the Mica framework ::
- increased control of operations outside the EU;
- best cybersecurity requirements;
- Clarification on the management of tokens.
If these reforms lead, ESMA could become The main arbitrator of the European digital asset market.
In any case, the current showdown around Mica may well redefine regulatory balances in Europe. In the meantime, crypto platforms sail between opportunity and uncertainty.
Maximize your Cointribne experience with our 'Read to Earn' program! For each article you read, earn points and access exclusive rewards. Sign up now and start accumulating advantages.
