Bank of France Calls for Tighter MiCA Stablecoin Rules

TLDR

• The Bank of France called for stricter MiCA limits on non-euro stablecoin payments.
• Denis Beau said MiCA only partially addresses risks in the evolving crypto sector.
• Lawmakers approved a proposal requiring the reporting of wallets above €5,000.
• Officials raised concerns about enforcement challenges and data security risks.
• Paris Blockchain Week will take place on April 15–16, with policy discussions expected.

French authorities moved to tighten crypto oversight as central bank officials and lawmakers advanced separate regulatory steps. The Bank of France called for stricter limits on stablecoin payments, while lawmakers backed new reporting rules. These actions reflect growing efforts to strengthen controls on digital assets across the country.

The measures target stablecoins and self-hosted wallets, which regulators view as areas needing closer supervision. Officials raised concerns about foreign-issued tokens and reporting gaps in private holdings. These steps now progress alongside broader European discussions on crypto regulation frameworks.

Bank of France Seeks Stronger MiCA Limits on Stablecoins

Denis Beau, First Deputy Governor of the Bank of France, urged tighter limits on non-euro stablecoins under MiCA. He delivered his remarks during the EUROFI High-Level Seminar in March. He stated that authorities continue “pressing for a strengthening” of MiCA rules.

He emphasized that stablecoins pegged to foreign currencies pose challenges for European payment systems. He also said MiCA “only partially addresses the risks” tied to rapid sector changes. Therefore, he called for stricter controls on payment use cases involving these assets.

Beau highlighted the dominance of US dollar-linked stablecoins, which account for 98% of the global market. He pointed to the need for stronger European alternatives to counter this trend. He also stressed the role of tokenized central bank and private money systems.

He referenced ongoing projects like Pontes and Appia that support tokenized settlement infrastructure. He noted progress but suggested current measures may fall short. Meanwhile, regulators continue evaluating further policy adjustments under MiCA.

Lawmakers Advance Reporting Rules for Self-hosted Wallets

France’s National Assembly adopted a provision requiring annual reporting of certain self-hosted crypto holdings. The rule applies when asset values exceed €5,000. The proposal forms part of a broader anti-fraud bill under review.

Gregory Raymond, founder of The Big Whale, reported the development on April 7. He said lawmakers introduced the measure to improve tax transparency. However, some officials raised concerns about enforcement limits and data security risks.

Opposition emerged from parts of the government and tax administration during discussions. Critics questioned whether authorities could effectively monitor private wallets. Others warned about risks linked to handling sensitive financial data.

The bill has not yet completed the legislative process and remains under review. Lawmakers may revise details before final approval. Meanwhile, the proposal continues to draw attention from industry participants and policymakers.

Paris Blockchain Week Approaches as Policy Focus Intensifies

The regulatory push comes as Paris prepares to host a major crypto industry event. Paris Blockchain Week will take place on April 15 and 16. The event will be held at the Carrousel du Louvre.

President Emmanuel Macron is expected to deliver a special address during the conference. Organizers confirmed participation from global crypto firms and policymakers. The gathering will focus on regulation, innovation, and market developments.

Officials continue to align national measures with broader European policy goals. Discussions on stablecoins and reporting requirements remain active. These developments proceed as stakeholders convene in Paris for the upcoming event.

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