France’s main financial watchdog, the Autorité des marchés financiers (AMF), has warned that it could block crypto firms from relying on the European Union’s “passporting” system to expand across borders. The warning comes just as the EU begins to roll out its landmark Markets in Crypto-Assets (MiCA) framework.
Passporting makes it possible for a company licensed in one EU country to operate throughout the bloc. French regulators argue that this setup invites regulatory arbitrage, with firms seeking approval in countries with looser oversight before entering the wider market. The AMF says this risks undermining investor protection and runs against the level playing field MiCA was supposed to create.
The dispute shows how tricky it will be to put a single rulebook into practice. MiCA is meant to unify the European market, but national regulators are reluctant to give up control, especially when they believe enforcement is weaker elsewhere.
What It Means for Crypto
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