France Pushes Tighter Curbs on Dollar Stablecoins and Self-Custody Wallets
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.
In a separate move, France’s National Assembly adopted on April 7 a provision in an anti-fraud bill that would require annual reporting of self-hosted crypto wallets above a 5,000 euro threshold, according to Gregory Raymond, founder of local outlet The Big Whale.
Taken together, the developments show French policymakers hardening their stance as Europe weighs how to contain the growing role of US dollar-linked stablecoins while tightening oversight of crypto assets held outside regulated platforms.
Bank of France presses for tougher MiCA limits
Addressing ways to respond to the global dominance of US dollar-pegged stablecoins, which account for 98% of the stablecoin market, Beau highlighted the role of supporting tokenized central bank money and private money, as well as stronger regulation.
While reporting progress on tokenization initiatives related to settlement infrastructure, such as Pontes and Appia, the official suggested that current regulatory measures might not be sufficient to address the issue.
“MiCA only partially addresses the risks posed by changes in the sector, particularly in the event of widespread adoption of stablecoins issued by non-European players,” Beau said.
Related: ECB paper questions if DeFi DAOs are decentralized enough to sit outside MiCA
In 2025, Bank of Italy Governor Fabio Panetta said MiCA had a limited impact on the adoption of compliant stablecoins in Europe, pointing to the digital euro as a key tool to address the issue.
France moves to require reporting self-custodial holdings
Separately, France’s National Assembly on April 7 adopted a provision in an anti-fraud bill that would require taxpayers to report certain self-hosted crypto holdings to the tax administration each year.
The measure would apply when the fair value of assets held in self-hosted wallets exceeds 5,000 euros, though the bill has not yet completed the legislative process.
Raymond said the proposal has faced opposition from lawmakers and parts of the government and tax administration, who raised concerns about enforcement limits and potential data security concerns.
The developments come as the community prepares to gather at Paris Blockchain Week next week, a major industry event hosted by Chain of Events. According to media reports, President Emmanuel Macron is expected to deliver a special address at the conference, which is scheduled for April 15-16 at the Carrousel du Louvre.
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