Bank of France Urges Tighter MiCA Stablecoin Rules and Wallet Reporting

The European Union’s Markets in Crypto-Assets Regulation (MiCA) has applied in full since December 30, 2024, establishing common rules for stablecoins and service providers. The Bank of France argues that widespread use of stablecoins issued by non-European providers, particularly those denominated in currencies other than the euro, for everyday payments could weaken monetary sovereignty and create regulatory-arbitrage and financial-stability risks during periods of market stress.

Bank of France First Deputy Governor Denis Beau told a Eurofi seminar on March 26, 2026, that MiCA should restrict the everyday use of non-euro stablecoins for payments, tightly regulate multi-issuance structures spanning the EU and other jurisdictions, and clarify rules for e-money tokens. Separately, France’s National Assembly passed Article 3 quater on February 26, requiring self-hosted wallets worth more than €5,000 to report their total market value to tax authorities annually. Details are to be set by administrative decree.