MiCA review: The AMF, ACPR, Banque de France and French Treasury publish their joint proposals

For compliance teams, this signals that French authorities want a more proportionate, operationally workable and financially stable crypto-asset regime, with likely attention on authorisation processes, supervisory convergence, stablecoin arrangements, custody, governance and cross-border activity. Firms should not wait for final EU legislative changes. Map current MiCA permissions, controls and outsourcing arrangements against the themes raised, assess exposure to French and EU supervisory expectations, and prepare for possible changes to reporting, risk management and consumer protection obligations.

Crypto-asset service providers, banks, payment firms and investment managers with tokenisation or digital-asset plans should treat this as an early indicator of supervisory direction. Actionable steps include briefing boards and compliance committees, reviewing licensing and passporting assumptions, stress-testing stablecoin and custody models, engaging with trade bodies and French/EU policymakers, and tracking the Commission's MiCA review timetable. The proposals may also create opportunities for firms that can demonstrate robust governance and early alignment, but implementation complexity is high because MiCA sits alongside AML, DORA, consumer protection and market integrity requirements.

Firms should assign ownership for gap analysis and monitor for formal consultations or legislative proposals that follow.