MiCA Moves: Why Relai’s French License Marks a Shift in Crypto Regulation

A Swiss-based, Bitcoin-only app has quietly crossed a regulatory Rubicon. Relai has secured a licence from France’s Autorité des Marchés Financiers (AMF) under the broader Markets in Crypto‑Assets Regulation (MiCA) framework—ushering in a new era where crypto firms must trade not just in innovation but in regulatory legitimacy.

Context:

• As of 30 December 2024, the MiCA regulation became fully applicable to crypto-asset service providers (CASPs) in the EU. 
• France’s AMF has been accepting authorisation applications for CASPs since 1 July 2024. 
• Relai, originally Swiss, sought the French licence to gain access, marketing rights and regulatory clarity across the EU. 

Key Implications:

• Institutional credibility: Holding a MiCA-compliant licence signals to institutional investors and partners that the firm meets “traditional finance” standards. 
• Expansion across the EU: The licence gives Relai potential access to EU markets via “passporting” mechanisms under MiCA.
• Regulatory baseline for peers: Other crypto firms now know the bar is moving higher — compliance, governance, client asset protections are becoming non-negotiable.

For a broader look at how regulatory clarity is already affecting flows and sentiment, see our market overview of crypto institutional inflows and investor-sentiment shifts

Forecasting View:

• More firms will apply — expect a wave of licence approvals in Q4 2025 and into 2026.
• Regulatory clarity may reduce perceived risk in crypto services — potentially unlocking lower cost of capital and higher valuations for compliant firms.
• Conversely, firms unable or unwilling to upgrade may be marginalized, which could lead to consolidation or exit.

Risks & Watchpoints:

• Licence approval is one thing; operationalising under licence (compliance, audits, flows) is another.
• The transitional grand-fathering periods (e.g., until 1 July 2026) still leave legacy risk in the system. 
• Licence may shift competitive dynamics: firms licensed early may have first-mover advantage, but slower adopters might pick up efficiency benefits later.

Conclusion:

Relai’s licence under MiCA is not headline-grabbing on its own—but it’s the kind of structural change that quietly rearranges the playing field. For investors, service-providers and regulators alike, the message is clear: crypto now operates under rules, not just hype.

See all our insights: Bitcoin World News