End of the MiCA transitional period: ESMA and the AMF call on non-authorised CASPs to anticipate an orderly exit from the European market

Following the AMF’s communication of 23 June 2026, relaying ESMA’s statement of 17 April 2026, the European authorities have set out their expectations as the transitional period provided for under the MiCA Regulation approaches its expiry, set for 1 July 2026.

An effective cessation of non-authorised activities

Crypto-asset service providers (under the former French “PSAN/DASP” regime) that do not hold authorisation as a Crypto-Asset Service Provider (CASP) by that date must prepare for an effective cessation of their regulated activities vis-à-vis French and, where applicable, European clients. Supervisory authorities will pay particular attention not only to the absence of any new services provided without authorisation, but also to the conditions under which existing clients are supported throughout this transition.

Providers not yet authorised are therefore invited to undertake, without delay, the measures necessary for an orderly exit from the European market: ceasing the onboarding of new clients, organising the return or transfer of assets, and anticipating the communications to be sent to their clients.

The authorities’ vigilance regarding redirection schemes to third countries

The European authorities recall that an entity established outside the European Union may neither provide crypto-asset services to European clients nor solicit them. The organised redirection or migration of clients towards a third-country entity, including within the same group, cannot constitute an acceptable solution upon expiry of the transitional period.

Referral arrangements, commercial redirection schemes, or client transfers to non-authorised entities should therefore be subject to close scrutiny by supervisors.

Recommended actions

In light of these clarifications, the providers concerned are invited to:

• formalise an orderly wind-down plan, detailing the operational steps, timeline, governance, and planned communications;
• define the arrangements for the return of crypto-assets and funds or, where applicable, their transfer to a duly authorised provider, in compliance with their AML/CFT obligations;
• prepare client communications in advance, so as to avoid any last-minute rush as the deadline approaches;
• review client migration, outsourcing, or intra-group arrangements involving non-authorised entities;
• document the measures undertaken, in order to be able to demonstrate to the AMF and other competent authorities the substance of the actions implemented.

Asset custody tolerated on a transitional basis

Finally, the authorities clarify that the custody of crypto-assets may be maintained for a limited period, where strictly necessary for carrying out the wind-down plan and protecting clients’ interests — in particular, to enable the return or transfer of their assets under satisfactory conditions.

Our Group assists crypto-asset service providers in analysing the consequences of these regulatory developments and in implementing the necessary actions. Please do not hesitate to contact us to discuss your specific situation.