France is intensifying its scrutiny of cryptocurrency, with a top Bank of France official advocating for stricter limitations on non-euro stablecoins under the EU's Markets in Crypto-Assets Regulation (MiCA). First Deputy Governor Denis Beau proposed restricting stablecoin use for payments, particularly those pegged to currencies other than the euro.
Beau highlighted that MiCA only partially addresses risks from non-European stablecoin issuers, which dominate 98% of the market. Concurrently, France's National Assembly advanced a bill requiring annual reporting of self-hosted crypto wallets holding assets above a 5,000 euro threshold.
These moves signal a hardening stance by French policymakers as Europe strategizes to manage the growing influence of US dollar-linked stablecoins and tighten oversight on assets held outside regulated platforms.