The Bank of France is urging tighter controls on stablecoin usage across Europe, particularly for non-euro-pegged assets. Denis Beau, First Deputy Governor of the central bank, made the call during remarks delivered at the EUROFI High Level Seminar, emphasizing the need to strengthen the European Union’s Markets in Crypto Assets Regulation framework.
Beau warned that existing rules only partially address risks tied to the growing use of non European stablecoins. He highlighted that US dollar pegged stablecoins currently dominate the sector, accounting for roughly 98% of the global stablecoin market. The official also pointed to ongoing tokenization initiatives such as Pontes and Appia as part of broader efforts to modernize payment systems.
France Advances Reporting Rules for Self-Custody Wallets
In a parallel move, lawmakers in the National Assembly of France adopted a provision on April 7 requiring annual reporting of self hosted crypto wallets exceeding 5,000 euros in value. The measure is included in an anti fraud bill that has not yet completed the legislative process.
The proposal has faced opposition from parts of the government and tax authorities, with concerns raised about enforcement challenges and data security risks.
These developments highlight France’s increasingly firm regulatory stance as policymakers seek to limit reliance on foreign-issued stablecoins and strengthen oversight of private crypto holdings. The discussion comes ahead of Paris Blockchain Week scheduled for April 15–16, where Emmanuel Macron is expected to deliver a special address.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.