French Central Bank Demands Stricter MiCA Regulations for Stablecoin Transactions
An official from the Bank of France has advocated for enhanced MiCA regulations targeting non-euro stablecoins while French legislators push forward reporting mandates for self-custodial cryptocurrency wallets exceeding 5,000 euros.
Authorities in France are advocating for enhanced regulation of cryptocurrency on multiple fronts. An official from the Bank of France has urged the implementation of more stringent restrictions on stablecoins not pegged to the euro under the European Union's Markets in Crypto-Assets Regulation (MiCA). Simultaneously, French legislators in Paris have moved forward with a distinct requirement mandating the reporting of certain self-custody cryptocurrency holdings.
During his address at the EUROFI High Level Seminar in March, Denis Beau, who serves as First Deputy Governor of the Bank of France, urged the European Union to impose limitations on the utilization of stablecoins for payment purposes, with particular emphasis on those tied to currencies other than the euro.
According to a publication on the Bank for International Settlements (BIS) website released on Thursday, Beau stated that the Bank of France has been actively "pressing for a strengthening" of MiCA with respect to this particular issue.
In a distinct legislative action, France's National Assembly passed on April 7 a clause within an anti-fraud legislation that would mandate yearly reporting of self-hosted cryptocurrency wallets surpassing a 5,000 euro threshold, as reported by Gregory Raymond, who founded the local publication The Big Whale.
When viewed collectively, these developments demonstrate that French policymakers are adopting a more rigid position as Europe considers methods to limit the expanding influence of stablecoins linked to the US dollar while simultaneously strengthening supervision of cryptocurrency assets maintained outside of regulated exchanges and platforms.
Bank of France presses for tougher MiCA limits
While discussing approaches to counter the worldwide prevalence of stablecoins pegged to the US dollar, which comprise 98% of the stablecoin marketplace, Beau emphasized the importance of promoting tokenized central bank money and private money, alongside implementing more robust regulatory frameworks.
Despite reporting advancements on tokenization projects associated with settlement infrastructure, including Pontes and Appia, the official indicated that existing regulatory frameworks may prove inadequate to properly address the challenges at hand.
MiCA only partially addresses the risks posed by changes in the sector, particularly in the event of widespread adoption of stablecoins issued by non-European players.
Denis Beau
During 2025, Bank of Italy Governor Fabio Panetta indicated that MiCA had achieved only limited success in encouraging the adoption of compliant stablecoins throughout Europe, identifying the digital euro as an essential instrument to resolve the matter.
France moves to require reporting self-custodial holdings
In a separate legislative development, France's National Assembly passed on April 7 a clause within an anti-fraud bill that would obligate taxpayers to disclose certain self-hosted cryptocurrency holdings to the tax administration on an annual basis.
The regulation would become applicable when the fair market value of assets maintained in self-hosted wallets surpasses 5,000 euros, although the legislation has not yet completed its journey through the full legislative procedure.
According to Raymond, the proposed measure has encountered resistance from members of parliament and segments of the government and tax administration, who have expressed concerns regarding enforcement limitations and possible data security vulnerabilities.
These regulatory developments are unfolding as the cryptocurrency community makes preparations to convene at Paris Blockchain Week next week, a significant industry gathering organized by Chain of Events. Based on media coverage, President Emmanuel Macron is anticipated to provide a special address at the conference, which is slated to take place on April 15-16 at the Carrousel du Louvre.