France tightens regulation on crypto assets and stablecoins to address the growth of dollar stablecoins in Europe

According to Cointelegraph, Denis Beau, the First Deputy Governor of the French Central Bank, stated at the EUROFI high-level seminar that the French Central Bank is pushing for the EU to strengthen the payment restrictions of the Markets in Crypto-Assets Regulation (MiCA) on non-euro stablecoins, particularly targeting dollar-pegged stablecoins. Beau pointed out that existing regulatory measures may not adequately address the risks brought about by the widespread adoption of stablecoins.

Meanwhile, the French National Assembly passed an anti-fraud bill on April 7, which aims to require annual reporting of self-custody crypto wallets valued over 5,000 euros, but the bill has not yet completed the legislative process.