Financial-market authorities in France, Austria and Italy called for a stronger European crypto-asset framework in a September 2025 joint statement. Their concern was that uneven national supervision could weaken the protection intended by the Markets in Crypto-Assets Regulation, or MiCA.
The French AMF, Austrian FMA and Italian Consob set out proposed changes in a joint position paper. These were recommendations, rather than newly enacted obligations.
Why passporting makes supervision important
MiCA authorization can support providing covered crypto-asset services across the EU through its notification procedures. That makes confidence in the authorizing authority relevant to customers and regulators in other member states.
A pre-existing national registration is different. The AMF’s authorization guidance explains that France’s earlier national regime does not itself provide a MiCA passport.
What the disagreement means
The joint intervention documents a debate about the framework’s implementation and design. It does not establish that a particular authorized firm has breached its obligations, or that every service can be offered without further conditions in every EU country.
Readers checking an operator should distinguish its legal entity, authorization status and permitted services from general claims that it is “registered in Europe.”
Editor’s note: Unverified interview quotations have been removed. The article now distinguishes regulatory proposals, MiCA authorization and earlier national registrations.