France Threatens to Block ‘Passporting’ of Some EU Crypto Licences in Push for Stronger Oversight #

France’s markets watchdog (AMF) warned it could challenge the EU “passport” of crypto firms licensed in other member states—an “atomic weapon,” in its words—as Paris, Rome and Vienna press for EU-level supervision by ESMA. The move follows early MiCA implementation that has exposed inconsistent national licensing and oversight, raising fears of “regulatory shopping” by major platforms

In a joint position paper, France, Italy and Austria urged lawmakers to give ESMA direct authority over large cross-border crypto companies, tighten rules on extra-EU activities, bolster cybersecurity supervision, and review token-offering controls. AMF chief Marie-Anne Barbat-Layani said France “does not exclude” refusing an EU passport where standards appear too lax—acknowledging the legal complexity and risks to the single market but keeping the option “in reserve.”

Reuters