French authorities are moving to strengthen crypto oversight on two fronts: limiting non-euro stablecoins under the EU’s Markets in Crypto-Assets Regulation (MiCA) and introducing mandatory reporting for some self-custody wallets.
Denis Beau, First Deputy Governor of the Bank of France, urged tighter restrictions on stablecoins used for payments—especially those pegged to currencies other than the euro—during remarks at the EUROFI High Level Seminar in March published by the Bank for International Settlements. Beau said the Bank of France has been advocating for a tougher MiCA to address risks from non-European stablecoin issuers and to better support tokenized central bank money.
He highlighted progress on tokenization projects linked to settlement systems, citing initiatives such as Pontes and Appia, but warned that existing rules only partially tackle risks that could arise if non-European stablecoins saw widespread adoption. Beau’s concerns echo earlier comments by Bank of Italy Governor Fabio Panetta, who in 2025 said MiCA had limited effect on encouraging compliant stablecoins in Europe and pointed to a digital euro as a key response.
Separately, France’s National Assembly voted on April 7 to include a provision in an anti-fraud bill that would require taxpayers to report self-hosted crypto wallets annually when the fair value of holdings exceeds 5,000 euros. The measure, reported by Gregory Raymond, has not completed the full legislative process and has faced pushback from some lawmakers and parts of government and tax authorities citing enforcement difficulties and data security risks.
Taken together, the Bank of France appeal and the parliamentary proposal signal a firmer stance in Paris as Europe debates how to rein in US dollar-linked stablecoins and extend oversight to assets held off exchanges. The developments come ahead of Paris Blockchain Week, where officials including President Emmanuel Macron are expected to speak.