30% of French cryptocurrency companies are still unlicensed under MiCA as the deadline approaches

French regulators have stated that approximately 30% of cryptocurrency companies in the country have yet to apply for a license under the MiCA regulation, as the important legal deadline approaches. According to MiCA, cryptocurrency businesses must be licensed by the national regulator to operate legally across the European Union (EU).

In France, companies have until June 30th to notify whether they will apply for a MiCA license or cease operations. Of the approximately 90 unlicensed businesses, 30% have submitted applications, 40% have declared they do not intend to apply, and 30% have not responded to the regulator.

MiCA officially comes into full effect from December 2024, providing legal clarity for the EU cryptocurrency market. However, the regulation has also faced criticism for its high capital requirements, significant compliance costs, and stablecoin provisions that are seen as favoring the traditional financial system, reducing the EU market’s attractiveness to cryptocurrency businesses.