France has stated that they can block cryptocurrency companies licensed in other EU countries.

France warns it may block cryptocurrency companies from operating domestically if they rely solely on MiCA licenses from other EU countries, due to concerns about gaps in enforcement and a lack of uniformity in the new legal framework. AMF President, Ms. Marie-Anne Barbat-Layani, stated that the agency does not rule out the possibility of rejecting the "EU passport", viewing it as a strong measure akin to a "nuclear weapon" for the market. Under MiCA, effective from December 2024, a company licensed in one EU country can operate across the bloc, but France fears that businesses will choose "weak links" with relaxed regulations. Along with Austria and Italy, France also calls for granting oversight of large companies to ESMA, while tightening regulations on operations outside the EU and enhancing cybersecurity oversight. This move comes after numerous criticisms of the cryptocurrency licensing regime in Malta.