Bank of France calls for tougher MiCA limits on stablecoin payments

A Bank of France official called for tighter MiCA rules on non-euro stablecoins as lawmakers advance reporting requirements for self-custodial crypto wallets above 5,000 euros.

French officials are pushing for tighter oversight of crypto from two directions, as a Bank of France official called for stricter limits on non-euro stablecoins under the European Union’s Markets in Crypto-Assets Regulation (MiCA), and lawmakers in Paris advanced a separate reporting requirement for some self-custody holdings.

Denis Beau, First Deputy Governor of the Bank of France, delivered a speech at the EUROFI High Level Seminar in March, calling on the EU to restrict the use of stablecoins for payments, particularly those pegged to non-euro currencies.

Published on the Bank for International Settlements (BIS) website on Thursday, he said the Bank of France has been “pressing for a strengthening” of MiCA in this regard.