France is leading a push to tighten European Union regulations on stablecoins, particularly those not backed by the euro. Denis Beau, a senior Bank of France official, has called for enhanced restrictions under the Markets in Crypto-Assets (MiCA) framework, arguing current rules fail to address risks posed by dollar-pegged tokens in everyday payments.
The Bank of France has long advocated for stricter oversight, urging the European Securities and Markets Authority (ESMA) to directly monitor large crypto issuers. Concerns center on regulatory gaps in multi-issuance scenarios and overreliance on dollar-backed stablecoins, which officials fear could undermine monetary sovereignty.
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