France’s securities regulator, the Financial Markets Authority (AMF), has issued a warning due to concerns about gaps in the implementation of MiCA regulations in other EU countries.
At this point, the French regulator AMF has warned that it may try to block cryptocurrency companies operating with licenses from other EU countries.
Speaking to Reuters, AMF chief Marie-Anne Barbat-Layani warned that some crypto companies licensed by other EU member states under the MİCA may attempt to block them from operating domestically.
MiCA, part of cryptocurrency rules that came into force this year, allows crypto companies to apply for licenses from individual EU members, which they can use as “passports” to operate in the 27-nation bloc.
Layani, noting that the passport app raises concerns about a gap in implementation regarding the European Union’s cryptocurrency regulatory framework, said, “We do not rule out the possibility of rejecting the EU passport. This app is like an atomic weapon for the market and seems very complex.”
At this point, Layani emphasised that MiCA rules are applied differently across countries and therefore uniform application must be ensured across the EU.
It has not yet been announced which companies will be affected and on what criteria they will be rejected.
*This is not investment advice.