CoinShares secures MiCA license in France, becomes 1st EU-regulated asset manager

CoinShares, Europe’s largest crypto investment firm, has secured the MiCA license in France, marking a pivotal moment for the continent’s digital asset industry.

The French Autorité des Marchés Financiers (AMF) granted the license to CoinShares Asset Management on June 26, positioning the firm as the first continental European regulated asset manager compliant with the EU’s sweeping crypto framework.

The MiCA license in France enables CoinShares to offer crypto portfolio management and advisory services across eight EU nations, with plans to expand further. The approval comes as the company aggressively grows its U.S. footprint, including launching four exchange-traded funds (ETFs) since 2021.

Why the MiCA license in France matters

The MiCA license in France is a bellwether for Europe’s crypto regulatory clarity. Under MiCA, firms must meet strict capital, governance, and consumer protection rules.

CoinShares now holds a rare triple license combo: MiCA, MiFID (traditional finance), and AIFM (alternative funds), allowing it to operate across all EU asset classes.

“For too long, crypto asset managers worked with partial or improvised frameworks,” said Jean-Marie Mognetti, CoinShares CEO. “MiCA brings a harmonized structure that legitimizes our industry.”

Analysts note that the MiCA license in France could pressure rivals like BitPanda and 21Shares to accelerate compliance efforts.

EU expansion meets U.S. ambitions

With its MiCA license in France, CoinShares can now passport services to Germany, Ireland, Lithuania, and five other EU states. The firm emphasized plans to extend operations to all 27 member nations.

Yet Europe isn’t its only focus. Since acquiring Valkyrie Funds in 2023, CoinShares has launched:

• A spot Bitcoin ETF (BRRR)

• A Bitcoin mining ETF (WGMI)

• A leveraged futures ETF (BTFX)

“The MiCA license in France anchors our EU leadership, but our U.S. growth is equally strategic,” a CoinShares spokesperson told journalists.

The firm has also filed for a spot XRP ETF, though approval remains uncertain amid the SEC’s ongoing Ripple litigation.

Regulatory edge in a competitive market

The MiCA license in France gives CoinShares a first-mover advantage as EU regulators phase in enforcement through 2025. Competitors must now scramble to meet MiCA’s transparency mandates, including proof of reserves and conflict-of-interest disclosures.

“CoinShares’ triple-license status sets a new benchmark,” said financial analyst Clara Medici of Bloomberg Intelligence. “It’s a case study in navigating both crypto and traditional finance rules.”

Meanwhile, the U.S. remains a battleground. CoinShares’ Bitcoin futures ETF (BTF) has seen $120M in inflows this year, per Farside Investors, but trails BlackRock’s $18B IBIT.

The road ahead

The MiCA license in France solidifies CoinShares’ role as a bridge between crypto and legacy finance. Yet challenges persist:

1. Profitability: ETF fees are shrinking industry-wide.

2. U.S. hurdles: SEC resistance to altcoin ETFs continues.

3. EU adoption: MiCA’s full impact won’t be clear until 2025.

As Mognetti put it: “Regulation isn’t a barrier—it’s the key to institutional trust.” With its MiCA license in France, CoinShares is betting billions on that vision.