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France warned it might block cryptocurrency firms operating in the country under licenses from other EU states, raising concerns about EU law application. The French regulator AMF considers banning crypto firms with licenses from softer EU jurisdictions. This potential move challenges the MICA regulation, designed to create a unified framework across Europe. However, legal experts differ on its feasibility. France’s call for ESMA to supervise large crypto firms adds to the regulatory uncertainty. The AMF’s warning may not be legally enforceable under MICA.
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