Marie-Anne Barbat-Layani, who heads the Financial Markets Authority (AMF), told Reuters that the ability for companies to “passport” licenses obtained in one member state to all 27 EU countries could create significant risks if enforcement is not consistent.
Under MiCA, firms can register in a single EU jurisdiction and then operate freely across the bloc. But the AMF worries that differences in how each country applies the rules could give some players an unfair advantage. Layani described the passporting tool as “an atomic weapon for the market,” suggesting that France may consider rejecting licenses that it believes were granted under weaker standards.
The AMF did not specify which companies could face barriers, nor did it outline the criteria that might be used to block access. What is clear is that France appears poised to take a tougher line than some of its neighbors, a move that could complicate expansion strategies for crypto businesses banking on MiCA’s harmonized framework.
While the regulation was designed to provide clarity and consistency across the EU, France’s stance highlights how political and regulatory tensions may still shape the rollout — and could leave firms navigating a patchwork of interpretations rather than a single, unified market.
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