France's crypto market reshaped as MiCA rules take full effect

On 1 July 2026 the transitional regime for crypto‑service providers under France’s Pacte law ended. The EU Markets in Crypto‑Assets (MiCA) regulation, which became fully applicable on 30 December 2024, now applies uniformly across all 27 member states, requiring mandatory authorization for any platform offering buying, selling, exchange or custody of crypto assets in France.

The French financial markets authority (AMF) has so far authorized 31 providers, with several applications pending, and will continue to supervise compliance, including segregation of client assets, capital‑adequacy and anti‑money‑laundering checks. Providers lacking MiCA authorization must cease activities, facing up to two years imprisonment and €30,000 fines, and must implement orderly wind‑down plans to protect client holdings. Authorized firms gain an EU passport, aiming to boost investor protection while market‑risk losses remain unguaranteed.