{"id":4901,"date":"2026-04-10T21:17:10","date_gmt":"2026-04-10T21:17:10","guid":{"rendered":"https:\/\/www.europesays.com\/france\/4901\/"},"modified":"2026-04-10T21:17:10","modified_gmt":"2026-04-10T21:17:10","slug":"bank-of-france-wants-eu-to-rein-in-non-euro-backed-stablecoins","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/france\/4901\/","title":{"rendered":"Bank of France Wants EU to Rein in Non-Euro-Backed Stablecoins"},"content":{"rendered":"

The Bank of France<\/a> is pressing for a strengthening of the European Union\u2019s Markets in Crypto-Assets Regulation<\/a> (MiCA), saying the current regulatory framework does not address all the risks in the sector.<\/p>\n

Denis Beau<\/a>, first deputy governor of the Bank of France, said this in speaking points<\/a> delivered at a Eurofi High Level Seminar<\/a> on March 26 and posted<\/a> online by the Bank for International Settlements<\/a> (BIS) on Thursday (April 9).<\/p>\n

The Bank of France believes MiCA \u201conly partially addresses the risks posed by changes in the sector, particularly in the event of widespread adoption of stablecoins issued by non-European players,\u201d Beau said.<\/p>\n

The central bank is pushing for MiCA to restrict the use of stablecoins for everyday payments, especially when they are backed by a currency other than the euro; to much more strictly regulate multi-issuance of the same stablecoin inside and outside the EU, \u201cto reduce regulatory arbitrage in times of stress\u201d; and to clarify the regulatory framework for e-money tokens (EMTs) \u201cto improve clarity regarding regulatory requirements,\u201d Beau said.<\/p>\n

Stablecoins issued by banks or by electronic money institutions (EMIs) belonging to a banking group present lower counterparty risk than those issued by non-bank actors, because banks benefit from direct access to central bank liquidity and European supervision, Beau said.<\/p>\n

Non-bank stablecoin issuers cannot access central bank accounts. However, they could be allowed to do so in the future, especially if they also provide payment services, Beau said.<\/p>\n

Advertisement: Scroll to Continue<\/p>\n

\u201cAt the global level, I would like to reiterate the importance of a full, timely, consistent and global implementation of the FSB [Financial Stability Board] Standards on crypto-assets by all countries, based on the principle of \u2018same activities, same risks, same rules\u2019 and technological neutrality, in order to limit regulatory arbitrage,\u201d Beau said.<\/p>\n

It was reported in January that policymakers across Europe are weighing how to reduce reliance on U.S.-based card networks and dollar-based stablecoins<\/a> while preserving the European Central Bank<\/a>\u2019s role at the core of the monetary system.<\/p>\n

In September 2025, it was reported that the European Central Bank wants to ban multi-issuance stablecoins<\/a>, in part because of the risks in a scenario in which foreign holders of a stablecoin had a claim on EU-based issuers.<\/p>\n","protected":false},"excerpt":{"rendered":"The Bank of France is pressing for a strengthening of the European Union\u2019s Markets in Crypto-Assets Regulation (MiCA),…\n","protected":false},"author":2,"featured_media":4902,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[3529,430,5,4518,6,2778,4519,4520,2781],"class_list":["post-4901","post","type-post","status-publish","format-standard","has-post-thumbnail","category-france","tag-bank-of-france","tag-european-union","tag-france","tag-mica","tag-news","tag-pymnts-news","tag-regulations","tag-stablecoins","tag-whats-hot"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/posts\/4901","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/comments?post=4901"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/posts\/4901\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/media\/4902"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/media?parent=4901"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/categories?post=4901"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/france\/wp-json\/wp\/v2\/tags?post=4901"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}