France wants to be Europe’s crypto hub? The Netherlands and Germany issue licenses faster—regulatory arbitrage is sweeter than being first with regulation—and the 40% who haven’t applied yet are probably already done the math.

The MiCA licensing system is fully implemented, and the EU crypto industry has entered a new phase of reshuffling. France's AMF estimates that about 40% of registered crypto service providers have not applied for licenses, with some withdrawing, seeking partners, or ceasing operations. Currently, the EU has issued approximately 230 MiCA licenses, with 56 in Germany, 26 in the Netherlands, and 21 in France. France, aiming to become a European hub by being a regulatory first-mover, has ultimately been overtaken by jurisdictions with faster, clearer rules. Industry insiders say MiCA enhances resilience but reduces market diversity, with the impact being particularly pronounced on small enterprises.