Mica is more difficult to obtain in France than the PSAN status that prevailed at the time. It requires greater financial resources from the stakeholders, with stronger prudential and compliance requirements. The PSANs that are unable to obtain the Mica approval by July 1st must implement a "plan for the orderly cessation of their activities and only carry out operations strictly necessary for settling their situation, starting from March 30, 2026 at the latest," warns the AMF.
https://www.bfmtv.com/crypto/the-amf-warns-that-companies-that-do-not-obtain-mica-approval-in-france-will-have-to-close-by-the-end-of-march-what-will-happen-to-your-cryptocurrencies_AV-202602100394.html