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.”