Around 40% of these firms have said they do not plan to apply for authorization, while others are still unresponsive or are still in the application process. This means that compliance across the market is still very uneven. On the other hand, some firms have secured regulatory approvals, including Ripple, which received preliminary EMI authorization in Luxembourg and recent approvals in the UK. This makes it possible for Ripple to offer regulated crypto and payment services across the EU under MiCA and passporting rules.

France Flags 90 Unlicensed Crypto Firms

French financial regulators are stepping up pressure on crypto companies operating in the country as the European Union’s Markets in Crypto-Assets Regulation (MiCA) transition period approaches its end. According to a recent report, France’s Autorité des Marchés Financiers identified around 90 crypto businesses that are still operating without a MiCA license, raising concerns about compliance levels ahead of the June 30 deadline. Firms that fail to meet the requirements by that date will be required to halt their operations in France from July.

The AMF has been actively engaging with unlicensed companies since November, reminding them that the national transition window is closing. However, the regulator says progress has been uneven. 

Roughly 40% of the unlicensed firms have indicated that they do not intend to apply for a MiCA license at all, which suggests that a large portion of the market may exit France rather than comply. Another 30% told the regulator that their applications are currently in progress, while the remaining 30% have not responded to the AMF’s inquiries.

While MiCA was designed to harmonize crypto regulation and provide legal clarity across member states, regulators are now grappling with how to manage firms that delay, resist, or strategically avoid authorization. The AMF has not disclosed which companies opted out of licensing or failed to respond, but the scale of non-compliance suggests that the market could see a wave of exits or forced shutdowns in the coming months.

MiCA objectives

At the same time, a small number of firms have successfully navigated the new regime. Crypto investment firm CoinShares received a MiCA license from the AMF in July OF 2025, while Swiss-based Bitcoin app Relai was licensed in October. Still, these approvals contrast sharply with the growing list of firms choosing not to pursue authorization.

The issue also reignited debate at the EU level. Paris-based European Securities and Markets Authority warned that crypto firms without authorization should have orderly wind-down plans once transition periods expire. Meanwhile, the European Commission proposed granting ESMA centralized supervisory powers over crypto firms across the bloc, a move supported by France but opposed by countries like Malta, which fear slower licensing and reduced startup growth.

Statement from ESMA with regards to MiCA measures

France has been particularly vocal in criticizing MiCA’s passporting system by warning that some firms may seek licenses in jurisdictions perceived as more permissive.

Ripple Secures Key Luxembourg Approval

Ripple is also expanding its regulatory presence in Europe after receiving preliminary approval for an Electronic Money Institution license from Luxembourg’s financial regulator. The company said the authorization was granted by Luxembourg’s Commission de Surveillance du Secteur Financier in the form of a “green light letter,” which means that Ripple met key initial requirements and can move toward full approval once certain remaining conditions are satisfied.

The preliminary authorization will ultimately allow Ripple to provide regulated payment services involving stablecoins and other digital assets across the European Union under passporting rules. According to the company, this would enable it to serve clients across multiple EU jurisdictions from a single licensed base, provided it completes the final stages of the approval process. 

Ripple described the development as a major milestone in its European strategy, as regulatory clarity is central to driving institutional adoption of blockchain-based financial infrastructure. Ripple executives framed Luxembourg as a strategic jurisdiction due to its established role in European finance and its approach to digital asset supervision. 

The Luxembourg authorization follows another regulatory milestone achieved just days earlier in the United Kingdom. Ripple confirmed that its UK subsidiary, Ripple Markets UK, recently secured both electronic money and crypto asset business approvals from the Financial Conduct Authority. Together, the Luxembourg and UK approvals prove that there is a coordinated push to anchor the company within Europe’s regulated financial system.

Ripple is also in the process of applying for authorization under the EU’s Markets in Crypto-Assets framework and expects to pursue a crypto asset service provider license in the coming months. If successful, this would place Ripple among a relatively small group of firms able to operate seamlessly across the EU under MiCA rules.