16/09/25
What’s Happening?
MiCA was supposed to deliver the holy grail of a single EU licence. One authorisation, 26 markets. But reality is biting.
France 🇫🇷 just warned it could block licences from other Member States.
Italy 🇮🇹 and Austria 🇦🇹 back the push for stronger EU-level control.
Regulators say firms are regulatory shopping—picking the easiest jurisdiction instead of the most rigorous.
France’s AMF even called blocking passports the “atomic weapon”: legally risky, politically explosive.
⚠️ Cracks in the System
▶️ Uneven licensing: Some NCAs approve licences too quickly, without deep checks on governance, IT or AML controls.
▶️ Regulatory arbitrage: Malta, Luxembourg and others seen as “faster” gateways to the EU.
▶️ Red flags: ESMA has already criticised national regulators for waving through applications with open issues.
🏛️ The Political Push
France, Italy, Austria want ESMA to supervise major CASPs directly.
National regulators argue MiCA’s framework leaves too much discretion, threatening market trust.
If Paris pulls the trigger, mutual recognition of licences—the cornerstone of the EU’s single market—could be shattered.
💡 What This Means for Crypto Firms
✅ Stop assuming an “easy” licence = automatic EU access.
✅ Re-evaluate entry strategies: choose credibility over speed.
✅ Prepare contingency plans if passports are restricted.
✅ Brace for MiCA 2.0: tougher cybersecurity checks, closer scrutiny of token issuers, stricter oversight of non-EU activities.
🤔 The Big Question
If one Member State refuses to honour another’s licence, is this:
the beginning of the end for MiCA passporting?
or the catalyst for MiCA 2.0 and stronger centralised EU supervision?
Contact us to get a better vision on MiCA implementations over your crypto project - https://www.nur-legal.com/crypto-licenses/eu-mica-license
#MiCA #EURegulation #Crypto #Passporting #ESMA #NURLegal
Nurlan Mamedov