The French crypto industry is once again in the spotlight. Reuters reveals that France is once again at the heart of European crypto debate, indicating that it could move to block licensed companies in other EU jurisdictions from operating within the country.

The regulatory warning issued on Monday by Marie-Anne Barbat-Layani, Chairman of the Autorité des Marchés Financiers (AMF), highlights the deep fractures already manifested in the European Union’s groundbreaking market in the European Union’s Crypto Asset Regulation (MICA).

MICA, officially enacted by service providers in December 2024, was billed as the world’s first comprehensive digital asset rulebook.

This framework allows crypto companies to obtain permits in one member country and “passport” their licenses in all 27 countries.

The map is clear 246 days after MICA came into effect.

He leads with Areland 123’s Mica white paper.
Germany: 59
RieChtenstein: 36
Malta: 26
Netherlands: 21
France: 7
Spain: 3

246 days after Mica went live, our map shows where the code launches are taking place… pic.twitter.com/1d7y8wf30p

– Storm Partners (@storm_partners) September 2, 2025

However, since the scheme was rolled out, Ireland, for example, has so far received 17.5 times the number of crypto-passports as France.

For businesses, the passport mechanism is an award and an efficient gateway to the block’s single market. However, regulators like the AMF have made fault lines public for the past nine months.

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Barbat-Layani warned that companies are already “shopping” for their weakest jurisdictions, and have secured light touch licenses before expanding to larger markets such as France. “The possibility of denying an EU passport is not ruled out,” she told Reuters, comparing the option to “atomic weapons” that can be deployed if the director gap continues.

This comment is because France, Italy and Austria jointly seek the European Securities and Markets Agency (ESMA) to envisage direct surveillance of major crypto companies.

In a joint paper, three regulators argued that the implementation of the early MICA revealed a “major difference” in the way national supervisors interpret and enforce rules. They argue that the direct ESMA oversight they argue is essential to protect investors and ensure a level playing field.

That push follows stinging criticism of Malta’s licensing regime. In July, in a peer review of the ESMA, the Malta Financial Services Agency found that it “partially met expectations” when approving the crypto provider, highlighting a decline in risk assessments and slow follow-up of supervision.

Additionally, the report has encouraged concerns that smaller jurisdictions could become regulatory gateways for businesses seeking rapid EU access.

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Are there other reasons why crypto companies are escheating France?

The regulatory debate of the high stakes unfolds against the tense background in France’s own crypto ecosystem. Over the past few months, a series of violent intrigues targeting crypto entrepreneurs and their families has rattled the industry. French police have attempted to acquiring at least half a dozen of them to demand ransom for digital assets, including cases in which victims were cut off to put pressure on millions of payments.

Security experts warn that some of the new EU reporting requirements could make it easier for criminals to identify wealthy targets.

This double pressure, fragmentation of regulations at the EU level and rising domestic security concerns have put Paris in a difficult position as the summer season approaches.

AMF has spent years on blockchain startups that brand France as a jurisdiction of clarity and reliability, especially after granting a license to Binance’s French organization in 2022.

The interests are high for investors and businesses. If France unilaterally refuses to recognize licenses from other EU states, the single market promises supporting MICA could break before they become fully established.

However, it is important to understand that risk is not just reputation but structural. The divergence of EU oversight will undermine confidence at the moment Europe is considering whether Trump can provide a reliable alternative to America.

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France is moving on to a new phase in the introduction of cryptocurrency as the party of the extreme right-wing Lacembrement National (RN) is preparing a bill that will allow unused nuclear energy to be used for bitcoin mining. According to French newspaper Le Monde, the party leader and three-time President Marine Le Penn promoted the plan during a visit to the Freminil NPP on March 11, saying it was a reasonable way to turn lost electricity into “reliable and highly profitable” digital assets.

France Plan: A fine bitcoin with nuclear energy

The Rassemblyment National proposal has become one of France’s most debated cryptomen. The party argues that surplus should not be wasted because France often produces more electricity than it consumes. Lawmakers from RN Ornelien Lopes Ligoori have prepared a bill regarding the placement of equipment to mine Bitcoin at the nuclear facility of the state energy company Electricité de France (EDF). The idea is to direct unused nuclear energy (up to 1 gigabat excess) directly to mining farms. With over 70% of France’s electricity produced at nuclear power plants, excess electricity is sold in losses or sent to neighboring countries at the expense of France. Instead of selling excess energy to loss, France uses it for a more profitable business – Bitcoin mining and profit savings. The bill, introduced in the French Parliament on July 11, 2025, provides for a five-year pilot program that will allow energy companies to directly create mining companies in nuclear power plants. According to internal estimates, this could result in revenues of between $100 million and $150 million a year.

Political Turn: From Skeptics to Cryptocurrency Supporters

Support for Bitcoin mining by Rassemblement National shows a sharp shift towards the party towards cryptocurrency. In 2016, Marine Le Pen was adamantly opposed cryptocurrency, believing that it would advocate for citizens to take control of the finances, increase the power of global banks, and ban them from use in France entirely. But by 2022, Le Pen had eased her position and began supporting the regulated use of cryptocurrencies in the financial sector. And by 2025, she had openly advocated Bitcoin mining as part of her national strategy. This reflects significant changes both within the party and in public political discourse on the topic of code. After such a proposal failed in June 2025, Deputy Lopezalori revised the bill, focusing on national infrastructure and economic recovery, claiming that the plan would help France become more economically independent and solve long-standing problems of excess energy. In the case of adoption, France will connect Bitcoin mining for the first time in Europe, supporting the state with nuclear energy, and set an example for other countries looking to acquire excess renewable or nuclear energy.

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June 22, 2025

Samson Mow, founder of Bitcoin infrastructure firm Jan3, is eyeing France as a potential leader in Bitcoin adoption at the nation-state level following a recent meeting with French lawmaker Sarah Knafo.

Mow met with Knafo at the BTC Prague conference this week, where the two discussed plans to build a strategic Bitcoin reserve for France and explore regulatory frameworks favorable to Bitcoin.

After the meeting, Mow posted on X, saying he was “looking forward to starting a nation-state Bitcoin adoption wave in France and perhaps all of Europe.”

Pro-Bitcoin EU Lawmaker Knafo Echoes Support for Nation-State Adoption

Knafo, a member of the European Parliament with openly pro-Bitcoin views, echoed the enthusiasm.

“France must take hold of these issues,” she wrote on X. She described Mow as “an expert on Bitcoin adoption by states, who has advised the President of El Salvador and many others.”

Mow left Blockstream in 2022 to focus on helping governments integrate Bitcoin into their financial strategies.

Knafo also met with Michael Saylor, executive chairman of MicroStrategy, calling him “visionary and ambitious.”

She hinted at more developments ahead, saying, “We will soon have many projects for France and Europe.”

France is already taking steps in both public and private sectors. On June 3, Paris-based Blockchain Group announced the purchase of 624 BTC for €60.2 million, bringing its total holdings to 1,471 BTC.

In March, state-owned bank Bpifrance allocated €25 million to crypto-related investments.

Still, Europe faces criticism for its slow pace. While the EU’s MiCA framework was fully enforced in December 2024, critics argue it lacks clarity on Bitcoin’s role in state treasuries.

Coinbase and Gemini Push Deeper into EU

Last week, it was reported that Coinbase and Gemini are expanding their European operations by securing regulatory licenses in Luxembourg and Malta, respectively.

Gemini, led by the Winklevoss twins, is close to finalizing its license in Malta after receiving a MiFID II license from the country’s Financial Services Authority last month.

Malta has already licensed exchanges like OKX and Crypto.com under the EU’s Markets in Crypto-Assets (MiCA) framework.

However, some EU regulators are concerned about the speed of approvals in smaller nations with limited staff.

Malta’s FSA defended its pace, citing years of experience and strong anti-money laundering standards.

Meanwhile, Coinbase is set to receive a license from Luxembourg, where crypto firms have been labeled “high-risk” for money laundering.

Coinbase has over 200 employees in Europe and plans to hire at least 20 more.

Armed assailants have reportedly attempted to kidnap the daughter and grandson of a crypto exchange executive in France.

The news television network France 24 reports that four masked men attacked a couple and their child in broad daylight in Paris on Tuesday.

Video footage shows that three of the perpetrators jumped out of a white delivery van to force the woman and her child into the vehicle. They also beat the woman’s partner, who tried to intervene.

But the woman, the daughter of France-based crypto exchange platform Paymium CEO and co-founder Pierre Noizat, resisted. She grabbed one of the attackers’ handguns and threw it away.

The commotion caught the attention of passersby who tried to help, including one man who brought out a fire extinguisher. The attackers eventually ended up fleeing in their waiting vehicle.

The victims sustained injuries and were taken to the hospital.

The attack follows a series of incidents targeting crypto entrepreneurs in France. In January, kidnappers abducted crypto wallet firm Ledger co-founder David Balland and his wife and demanded a large ransom in cryptocurrency. The police managed to rescue the couple and the suspects, including the alleged mastermind, are now detained.

Last month, masked men also kidnapped the father of a crypto millionaire in the French capital and demanded ransom. The police were able to locate the place of detention and freed the man during a raid.

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Francois Villeroy de Galhau, the governor of Banque de France and the European Central Bank Governing Council’s member, believes U.S. president Donald Trump is making a huge mistake by supporting cryptocurrencies.

In an interview with French weekly La Tribune Dimanche, Villeroy de Galhau said that the U.S. might be paving the way for the next financial crisis by embracing cryptocurrencies and non-bank finance. He said that, “The United States risks sinning through negligence,” adding that:

“Financial crises often originate in the United States and spread to the rest of the world. By encouraging crypto-assets and non-bank finance, the American administration is sowing the seeds of future upheavals.”

Three of the five biggest financial crises emerged in the U.S. This includes The Great Depression, triggered by the Wall Street crash in 1929, the OPEC Oil Price Shock of 1973, when members of the Organization of the Petroleum Exporting Countries halted oil exports to the U.S., and the Great Recession that was triggered by the collapse of the U.S. housing market bubble.

Villeroy de Galhau has been openly critical of Trump’s policies

Villeroy de Galhau was one of the first economists to voice his concerns about Trump and his policies, even before Trump’s inauguration in January. On Jan. 15, he said:

“I believe that what we sometimes hear in the United States about the lack of regulation of non-banks, the various funds (…) or the lack of regulation of crypto-assets is something that would put financial stability at risk.”

Earlier this week, Villeroy de Galhau said that Trump’s trade wars and economic policy is a “tragedy for the American economy.”

Villeroy de Galhau is not alone in his criticism. German central bank chief Joachim Nagel recently called it “economic policy from a horror show.”

Deregulation in the U.S. is “dangerous”

Since Trump has come into power, there has been a marked shift in how the administration deals with digital assets. For instance, the Securities and Exchange Commission (SEC) has dropped major cases against crypto exchanges, including Coinbase.

Trump has also created a crypto strategic reserve, whereby the U.S. will stockpile tokens like Bitcoin (BTC) and Ethereum (ETH).

Villeroy de Galhau believes that the “current wave of American deregulation is dangerous.”

Mentioned in this article

The Open Network (TON) Society released a statement on March 15 celebrating the return of Pavel Durov’s passport as a win for freedom of speech, online privacy, and innovation.

According to the AFP news agency, Durov left France and headed to Dubai on the morning of March 15 after gaining permission from French officials to depart the European country.

“We have stood behind Pavel since his arrest on August 24, 2024,” the TON Society wrote. The group added:

“Pavel’s unwavering commitment to freedom of speech and transparency, despite facing the most challenging of circumstances, is a powerful reminder of the importance of standing by your principles, even when it is politically and personally detrimental to do so.”

The TON Society previously penned a letter condemning the French government for detaining Durov and urging the country to release the Telegram founder.

“The arrest of the Telegram founder, Pavel Durov, is a direct assault on a basic human right — the freedom of expression of everyone,” the TON Society’s Aug. 27 letter read.

At the time, the organization also called on the United Nations, the Council of Europe (CoE), the Organization for Security and Cooperation in Europe (OSCE), and the European Union (EU) to intervene and push for Durov’s release.

Free speech advocates in the crypto industry sounded the alarm over Pavel Durov’s arrest, citing the troubling implications for privacy and decentralized technologies in the face of state pressure to censor the internet and the potential for regulatory capture.

Emmanuel Macron denies political motivation for Durov’s arrest

Shortly after French law enforcement officials detained the Telegram founder, President Emmanuel Macron denied the arrest was politically motivated and claimed that France was committed to free speech.

In a subsequent press conference, Macron also denied inviting Durov to France amid a torrent of backlash from the crypto community and free speech advocates.

Chris Pavlovski, the CEO of the free-speech video platform Rumble, announced that he safely departed Europe shortly following the detention of Pavel Durov.

In an Aug. 25 X post, the CEO said that the French government threatened Rumble and condemned state authorities for the crackdown on free speech.

Magazine: Did Telegram’s Pavel Durov commit a crime? Crypto lawyers weigh in

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