the Bank of France It is pushing to strengthen the European Union Markets in regulating crypto assets (MiCA), saying that the current regulatory framework does not address all risks in the sector.
Dennis PoeThis was stated by the First Deputy Governor of the Bank of France Talking points Delivered in a High-Level EUROVI Symposium On March 26 and to publish online before Bank for International Settlements (Bank for International Settlements) on Thursday (April 9).
The Bank of France believes MiCA “only partially addresses the risks posed by changes in the sector, particularly in the case of widespread adoption of stablecoins issued by non-European players,” Beau said.
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 more stringently regulate the multiple issuance of the same stablecoin within and outside the EU, “to limit regulatory arbitrage in times of stress”; And clarifying the regulatory framework for electronic money tokens (EMTs) “to improve clarity regarding regulatory requirements,” Poe said.
Poe said stablecoins issued by banks or electronic money institutions (EMIs) affiliated with a banking group pose less counterparty risk than those issued by non-banks, because banks benefit from direct access to central bank liquidity and European supervision.
Non-bank stablecoin issuers cannot access central bank accounts. However, they could be allowed to do so in the future, especially if they also offer payment services, Poe said.
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“At the global level, I would like to reiterate the importance of full, timely, consistent and global implementation of the Financial Stability Board (FSB) standards on crypto assets by all countries, based on the principle of ‘same activities, same risks, same rules’ and technological neutrality, in order to reduce regulatory arbitrage.”
It was reported in January that policymakers across Europe were examining how to reduce reliance on US-based card and card networks Dollar-based stablecoins While maintaining European Central BankIts role at the heart of the monetary system.
In September 2025, it was reported that the European Central Bank wanted a ban Multi-issuance stablecoinsThis is partly due to the risks in a scenario where holders of stablecoins have a claim on EU issuers.
