Stricter French Rules Could Reshape Bitcoin Liquidity and DeFi Firms, AMF and ACPR Signal Tighter Oversight Than MiCA

• France enforces stricter rules than MiCA to curb regulatory arbitrage.

• AMF and ACPR increase compliance, reporting, and governance expectations for crypto firms.

• Potential effects: higher compliance costs, liquidity shifts, and selective market exit by noncompliant entities.

France crypto regulation tightens beyond MiCA—AMF and ACPR demand stronger compliance. Learn what firms must change and how markets may shift.

What are France’s new crypto regulations and how do they differ from MiCA?

France’s crypto regulation requires crypto firms to meet stringent compliance, governance, and reporting standards that go beyond the EU MiCA baseline. The Autorité des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR) now demand stronger risk controls, enhanced consumer protections, and tighter oversight of custody and issuance activities.

How will AMF and ACPR enforcement change day-to-day operations for crypto firms?

Firms must implement robust KYC/AML systems, improved custody safeguards, and formalized governance frameworks. Regulators will increase on-site and remote inspections and require more frequent reporting. This raises operational costs and forces many firms to prioritize compliance staff and infrastructure upgrades.

Why is France adopting stricter crypto rules than the EU?

French authorities cite concerns over regulatory arbitrage, consumer protection, and financial stability. France has historically favored a cautious approach (see Loi PACTE, 2019). Authorities argue stricter national measures will deter risky actors and preserve market integrity.

“France is committed to maintaining its leadership in the fintech sector, which includes having stricter regulations to protect our citizens and the integrity of our financial systems.”
– Amélie de Montchalin, Secretary of State for Digital Transition, France

What immediate market impacts should investors and firms expect?

Expect short-term liquidity rebalancing, potential withdrawal of services by noncompliant firms, and increased costs passed to users. DeFi protocols with weak governance may see reduced participation in France. Conversely, well-capitalized firms with strong compliance may gain market share.

How can crypto firms comply with France’s stricter rules?

Firms should conduct gap analyses against AMF/ACPR requirements, upgrade KYC/AML systems, strengthen custody controls, and enhance board-level oversight. Prioritize transparent reporting and prepare for heightened supervisory engagement.

Frequently Asked Questions

How does France’s approach affect cross-border crypto operators?

Operators with French customers or local operations must align with AMF/ACPR rules, which may require separate compliance tracks and additional licensing steps compared to following MiCA alone.

What timelines are firms facing for compliance?

Regulators expect prompt remediation; timelines vary by firm size and risk profile. Firms should act immediately to avoid enforcement actions and market access restrictions.

Key Takeaways

• Regulatory tightening: France now enforces standards above MiCA to reduce arbitrage and increase protections.
• Operational impact: Firms will face higher compliance costs, more audits, and potential market exits by noncompliant providers.
• Strategic actions: Conduct gap analyses, strengthen KYC/AML and custody, enhance governance, and engage proactively with regulators.

Conclusion

France’s enhanced crypto rules mark a deliberate shift to higher regulatory standards, prioritizing consumer protection and market integrity. Crypto firms and investors should prioritize compliance readiness to navigate potential liquidity and market-structure impacts. COINOTAG will continue monitoring developments and regulatory guidance.

Published by COINOTAG • Published: 2025-09-16 • Updated: 2025-09-16