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Homepage > News > Business > France challenges recognition of EU crypto licenses French securities regulator told Reuters they may not recognize licenses granted in other EU countries over what it considers to be the inconsistent application of the EU’s licensing rules. Under MiCA and EU law, licensing granted in one member state is typically considered valid across the Union under the ‘passporting’ model. Comments come at a time when the EU considers taking over some supervision of securities markets from national regulators. France may try to block companies that are licensed in other European Union countries from operating in the country, according to comments made by the head of its securities regulator. If true, it would be a strong move by France: companies operating in the EU’s single market are permitted to do business throughout the Union as long as they are licensed in at least one member jurisdiction. This practice is known as ‘passporting.’ “We do not exclude the possibility of refusing the EU passport,” head of the French Financial Markets Authority (AMF) Marie-Anne Barbat-Layani told Reuters. “It’s very complex legally and not a very good signal for the single market – it’s a bit like the ‘atomic weapon’… but it’s still a possibility we hold in reserve.” The move is said to be under consideration in response to what Barbat-Layani called ‘regulatory shopping,’ in which companies try “to find a weak link that will give them a licence with fewer requirements than the others.” Indeed, while legislative directives from the EU are to be implemented by member states throughout the Union, in practice they have latitude in how the directives are implemented. A prime example of this can be seen in the implementation of the much-heralded Markets in Crypto-Assets Regulation (MiCA), the EU’s comprehensive regulatory framework for…

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Filed under: News - @ September 17, 2025 3:31 pm