The date is now just around the corner: July 1, 2026, marks the definitive end of the French PSAN regime in favor of the European MiCA approval. In practical terms, this will reshape the landscape of platforms available to French investors — and it's far from just an administrative detail. Here's a rundown of what’s really changing, while Brussels is already reopening the discussion on its own regulations and the market is navigating through a bumpy patch. 🇫🇷
July 1st: End of the PSAN regime, welcome to the MiCA approval
The Financial Markets Authority (AMF) officially reminded us: the transitional period allowing registered providers under the old PSAN regime (from the PACTE law of 2019) to continue their operations ends on June 30, 2026. From July 1, only those with the European CASP approval as provided by the MiCA regulation will be able to offer their services in France.
What concretely changes for French holders:
Some platforms will cease operations in France. According to data released by the AMF at the beginning of the year, a significant portion of historical PSANs had not submitted a request for approval, and several have indicated they do not intend to do so.
Unlicensed operators continuing to operate expose themselves to criminal sanctions as outlined by the Monetary and Financial Code (up to two years in prison and €30,000 in fines).
For users, a helpful reflex: check that your platform has a MiCA approval, via the public registers of the AMF and ESMA.
Brussels is already reopening the MiCA project
Irony of the calendar: at the very moment France is finalizing its transition, the European Commission has launched a public consultation on the MiCA revision, open until August 31, 2026. On the table are rules applicable to crypto-asset issuers, obligations of providers (CASP), the stablecoin regime, anti-money laundering efforts, and the thorny issues left out of the initial text, such as decentralized finance (DeFi) and NFTs.
Several voices, including one of the architects of the text, advocate for the European Union to prioritize the tokenization of real-world assets (RWA) rather than rushing regulation of DeFi. Nothing is decided yet: this is a consultation, not a draft. But it signals a 'MiCA 2' whose contours will take shape after the summer.
Market: Bitcoin ETFs are coughing, Bitcoin is dipping 📉
On the market side, the mood is cautious. American spot Bitcoin ETFs recorded over $4 billion in net withdrawals over 13 consecutive sessions between mid-May and early June — the longest withdrawal streak since their launch in January 2024. A very brief return of inflows on June 4 wasn't enough to reverse the trend.
The consequence, or symptom: Bitcoin has dipped back below €60,000, around $60,000 mid-week, after a significant decline over the last four weeks. Analysts cited by the specialized press mention a cocktail of geopolitical tensions, institutional pullback, and lack of immediate bullish catalysts — these readings remain opinions, not certainties.
What to remember
June 30, 2026: last day of the PSAN regime in France; check your platform's MiCA approval.
August 31, 2026: closure of the European consultation on the MiCA revision (stablecoins, DeFi, NFTs).
Market under pressure: record withdrawal from Bitcoin ETFs and Bitcoin below €60,000.
Sources
AMF — statement on the end of the PSAN transitional period (amf-france.org)
Cointribune — 'The AMF gives crypto companies until June 30 to obtain their MiCA approval'
Journal du Coin — 'Sanctions against Russia, MiCA revision: Brussels on all crypto fronts'
Cryptoast — 'The European Commission questions MiCA and how to regulate DeFi'
European Commission — targeted consultation document on the MiCA revision (finance.ec.europa.eu)
Journal du Coin — 'Bitcoin ETFs: over $4 billion in withdrawals in 13 days'
Café de la Bourse — 'Bitcoin down: why? How far can the correction go?'
Yahoo Finance — BTC/ETH prices on June 10, 2026
Crypto-assets are high-risk investments. Only invest what you're willing to lose. This is not investment advice.