France Considers Blocking Crypto Exchanges with Licenses from Other EU Countries
Date: 2025-09-16 Author: Gabriel Deangelo Categories: IN WORLD
France is discussing the idea of restricting access to crypto exchanges that have received a MiCAR license in other EU countries with less strict rules. This was reported by Reuters with reference to the statement of the head of the Financial Markets Authority (AMF) Marie-Anne Barbat-Layani.
According to Barbat-Layani, some companies deliberately choose jurisdictions with “weaknesses” in regulation in order to obtain a license faster and cheaper. Such a document opens the way for them to the entire European market. The regulator emphasized that, although such a measure would be extremely controversial from a legal point of view and would be an alarming signal for the single market, the possibility of blocking still remains “in reserve”.
At the same time, France is not the only country raising the issue of the risks of “regulatory arbitrage”. AMF, together with CONSOB (Italy) and FMA (Austria), issued a statement on the need to transfer supervisory powers to the European Securities and Markets Authority (ESMA). The document notes that the first months of MiCAR's operation showed significant differences in the approaches of national authorities to the control of crypto companies.
It is separately emphasized that regulators are in favor of tightening the rules regarding foreign market participants, as well as strengthening the requirements in the field of cybersecurity and token issuance. This should minimize the threats arising against the backdrop of the rapid growth of the sector.
Meanwhile, large crypto exchanges continue to actively seek ways to legally be present in the EU. Thus, Gemini obtained a MiCAR license in Malta, Bitvavo received permission in the Netherlands, and Kraken in Ireland. According to experts, such steps show that companies are striving to find the most convenient regulatory options for entering the European market.
The idea of expanding ESMA's powers was previously supported by the agency's chairperson, Verena Ross. She stated that a single oversight center would reduce regulatory gaps and increase transparency. However, not all EU countries agree with this approach — some participants fear losing national control over their markets.
Thus, the discussion on how to regulate the crypto sector in the EU continues to gain momentum. France and the Union regulators insist on strengthening the role of supranational institutions, while businesses are looking for opportunities for flexible access to the European space through different licenses.
