Bank of France Calls for Tougher MiCA Rules on Dollar Stablecoins

The Bank of France wants stricter EU rules for dollar stablecoins. First Deputy Governor Denis Beau published his position through the BIS and stated that current MiCA rules fail to stop dollar dominance - USD stablecoins account for 98% of the entire global market.

Why Paris Is Unhappy With MiCA as It Stands

Despite transaction volume caps on non-euro stablecoins, the current MiCA text does not shut the market to USDT or USDC. The Bank of France sees this as a gap. Beau spoke at the EUROFI High Level Seminar in March. The BIS published his speech on April 9 - and that was enough to ignite a debate across the industry.

The French regulator has been pressing Brussels on this for some time. As an alternative to the dollar, it backs tokenized settlement infrastructure (Pontes and Appia) and supports development of the digital euro as part of the eurozone response to USD dominance.

What the Bank of France Wants to Change

• Significant restrictions on non-euro stablecoins in EU payment operations
• Tighter reserve requirements and governance standards for non-European issuers
• Active promotion of tokenized central bank money as a competitive alternative

France is not alone here. In 2025, Bank of Italy Governor Fabio Panetta said MiCA had little effect on compliant stablecoins market share and also named the digital euro as the main fix. Both central banks point to the same problem and reach the same conclusion.

Self-Custody Under Annual Reporting Requirements

On April 7, France's National Assembly approved a provision in an anti-fraud bill that would require annual tax reporting for self-hosted wallets exceeding 5,000 euros in value. The bill has not yet completed the legislative process, and the provision drew significant pushback: critics raised concerns over enforcement limits and data security risks.

Paris Blockchain Week and Macron Set the Stage

All of this lands just before Paris Blockchain Week (April 15-17), where Emmanuel Macron is expected to speak on the 15th. The timing is unlikely to be accidental. France is trying to position itself as a firm but not hostile crypto regulator, while the US moves in the opposite direction and eases rules for those same dollar stablecoins.

What This Means for USDT Holders

There are no official changes to MiCA yet. This is a regulator's position, not a finished law. But if France wins support from the ECB and the European Commission, dollar stablecoin volumes across the EU could drop. Those who sell USDT for hryvnia through eurozone-linked partners should keep an eye on how this develops. For now, it is a signal only - not a law.