French officials are pressing for tighter crypto oversight from two directions: a Bank of France call to limit non-euro stablecoins under the EU’s Markets in Crypto-Assets Regulation (MiCA), and a parliamentary move to require reporting of some self-custody holdings.
Denis Beau, First Deputy Governor of the Bank of France, urged tougher limits on stablecoins for payments—especially those pegged to non-euro currencies—in a speech at the EUROFI High Level Seminar in March. Published on the Bank for International Settlements website, Beau said the Bank of France has been “pressing for a strengthening” of MiCA to address risks from non-European stablecoin issuers.
Beau highlighted the need to support tokenized central bank money and stronger regulation while noting progress on tokenization projects tied to settlement infrastructure, such as Pontes and Appia. He warned that current rules “only partially address the risks posed by changes in the sector, particularly in the event of widespread adoption of stablecoins issued by non-European players.”
The call echoes earlier comments by Bank of Italy Governor Fabio Panetta in 2025, who said MiCA had limited impact on adoption of compliant stablecoins in Europe and pointed to the digital euro as a key tool to manage the issue.
Separately, France’s National Assembly on April 7 adopted a provision in an anti-fraud bill that would obligate taxpayers to report self-hosted crypto wallets annually when the fair value of assets held exceeds 5,000 euros. The provision, reported by Gregory Raymond of The Big Whale, has not yet completed the legislative process.
Raymond noted the proposal has met resistance from some lawmakers and parts of the government and tax administration, which cited enforcement challenges and potential data security concerns.
Taken together, the Bank of France’s push and the parliamentary reporting measure signal a tougher stance in Paris as Europe debates how to rein in the growing role of US dollar-linked stablecoins and extend oversight to crypto assets held outside regulated platforms.
The developments arrive as the industry prepares for Paris Blockchain Week, scheduled for April 15–16 at the Carrousel du Louvre, where media reports say President Emmanuel Macron is expected to deliver a special address.
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