French authorities are advancing a dual regulatory push to tighten oversight of the cryptocurrency sector. Denis Beau, First Deputy Governor of the Bank of France, has publicly called for the European Union to strengthen the Markets in Crypto-Assets Regulation (MiCA) by imposing stricter limits on the use of stablecoins for payments, particularly those pegged to non-euro currencies like the US dollar.
In a speech delivered at the EUROFI High Level Seminar in March and published on the Bank for International Settlements (BIS) website, Beau argued that MiCA "only partially addresses the risks posed by changes in the sector, particularly in the event of widespread adoption of stablecoins issued by non-European players." He highlighted the overwhelming dominance of US dollar-pegged stablecoins, which account for 98% of the global stablecoin market, and pressed for a regulatory strengthening to support European alternatives, including tokenized central bank money and private money initiatives like the Pontes and Appia settlement infrastructure projects.
In a separate but parallel legislative move, France's National Assembly adopted a provision on April 7 as part of an anti-fraud bill. This measure would require taxpayers to annually report their holdings in self-custodied crypto wallets if the total fair value exceeds 5,000 euros. The proposal, reported by Gregory Raymond of The Big Whale, has faced opposition from some lawmakers and parts of the government, who raised concerns about enforcement challenges and potential data security risks. The bill has not yet completed the full legislative process.
These developments signal a hardening stance from French policymakers as Europe grapples with the growing influence of foreign-issued stablecoins and seeks to increase transparency for assets held outside regulated platforms. The regulatory focus intensifies as the industry prepares for Paris Blockchain Week on April 15-16, where President Emmanuel Macron is expected to deliver a special address.
