France is stepping up its crypto oversight as the central bank and lawmakers push for tighter rules on stablecoins and self hosted wallets under Europe’s MiCA framework.
Key Takeaways
- Bank of France calls for stronger limits on non euro stablecoin payments under MiCA.
- Deputy Governor Denis Beau warns MiCA “only partially addresses the risks” in crypto.
- France proposes wallet reporting rules above €5,000 to improve transparency.
- Concerns rise over enforcement challenges, data security, and foreign issued tokens.
What Happened?
French regulators are moving to tighten crypto rules through both EU level MiCA adjustments and national legislation. The Bank of France has raised concerns about stablecoin risks, while lawmakers are advancing new reporting requirements for private wallets. Together, these steps signal a broader push to strengthen oversight of digital assets.
🇫🇷 LATEST: Bank of France deputy governor warns of “stablecoinisation” and dollarisation risks in Europe’s payment system. pic.twitter.com/4kQnLXclg0
— Cointelegraph (@Cointelegraph) April 10, 2026
Bank of France Flags Gaps in MiCA Stablecoin Rules
The Bank of France has raised serious concerns about the effectiveness of the Markets in Crypto Assets framework, commonly known as MiCA, especially when it comes to stablecoins used for payments.
Denis Beau, First Deputy Governor, said regulators are still “pressing for a strengthening” of the rules. He also stated that MiCA “only partially addresses the risks” tied to the fast evolving crypto sector.
At the core of the concern is the growing dominance of non-euro stablecoins, particularly those linked to the US dollar. These tokens currently account for nearly 98% of the global stablecoin market, raising fears about Europe’s monetary sovereignty and payment system stability.
Officials highlighted several risks:
- Monetary risks where foreign stablecoins could weaken the euro’s role in digital payments.
- Financial stability risks if large stablecoins fail or lose their peg.
- Regulatory gaps in overseeing issuers based outside the European Union.
- Operational risks tied to payment system integration.
The Bank of France also warned that foreign issued stablecoins could create regulatory arbitrage, where companies operate outside strict EU oversight while still serving European users.
Push for European Alternatives and Tokenized Systems
Beau emphasized the need for stronger European alternatives to reduce reliance on dollar backed stablecoins. He pointed to ongoing initiatives like Project Pontes and Project Appia, which focus on building tokenized settlement infrastructure using central bank and private money.
While progress has been made, officials believe current efforts may not be enough to match the rapid pace of crypto adoption. The central bank continues to evaluate whether additional changes to MiCA are required before full implementation.
MiCA’s rollout timeline adds urgency to the discussion. Its stablecoin provisions are already being phased in, with full implementation expected by the end of 2024. This makes the current review period critical for potential updates.
France Advances Reporting Rules for Self Hosted Wallets
Alongside MiCA related concerns, French lawmakers are moving forward with new rules targeting self hosted crypto wallets.
The National Assembly has approved a proposal requiring users to report crypto holdings above €5,000 annually. The measure is part of a broader anti-fraud bill aimed at improving tax compliance and transparency.
According to Gregory Raymond, founder of The Big Whale, the proposal is designed to close reporting gaps in private crypto holdings.
However, the plan has sparked debate:
- Critics question whether authorities can effectively monitor private wallets.
- Concerns have been raised about data security risks linked to sensitive financial information.
- Some officials doubt the practicality of enforcing such rules.
The legislation is still under review and may undergo revisions before final approval.
Global Context and Industry Reaction
France’s regulatory push reflects a broader global trend. Countries like the United States and the United Kingdom are also exploring stablecoin rules, while jurisdictions like Japan and Singapore have taken different approaches to crypto oversight.
Within the industry, reactions remain mixed. Some companies support clearer rules, saying they bring legitimacy and stability. Others warn that overly strict regulations could slow innovation and reduce Europe’s competitiveness in digital finance.
Market analysts suggest that tighter rules could give euro pegged stablecoins a competitive edge over dollar-based alternatives in the European market.
Paris Blockchain Week Adds to Policy Momentum
These developments come just days before Paris Blockchain Week, scheduled for April 15 and 16 at the Carrousel du Louvre.
French President Emmanuel Macron is expected to deliver a special address, with global crypto firms and policymakers set to attend. The event is likely to focus heavily on regulation, innovation, and the future of digital assets in Europe.
The timing suggests that France is positioning itself at the center of ongoing discussions around crypto policy and financial stability.
CoinLaw’s Takeaway
In my experience, this feels like a turning point for crypto regulation in Europe. I found that regulators are no longer just observing the market, they are actively trying to shape it before risks grow too large. The focus on stablecoins and self custody wallets shows where authorities believe the real pressure points are.
At the same time, there is a fine balance here. Push too hard and innovation could slow down. Move too slowly and financial risks could build up. Right now, France seems determined to take the lead, even if it means tightening the rules faster than others.
