The Bank of France is calling for tighter restrictions on MiCA stablecoin payments and plans to strengthen oversight of self-custodied wallets.

French regulators are strengthening the regulation of crypto assets from multiple directions. Denis Beau, Deputy Governor of the Bank of France, called for stricter restrictions on non-euro stablecoin payments under the EU's Crypto Asset Market Regulation (MiCA) framework, particularly for stablecoins pegged to the US dollar. Beau stated that the current MiCA does not adequately cover the risks associated with the large-scale adoption of non-European stablecoins and that regulatory measures should be further strengthened to address the dominance of US dollar stablecoins, which hold approximately 98% of the market share. Meanwhile, on April 7, the French National Assembly passed an anti-fraud bill requiring users of self-custodied crypto wallets holding more than €5,000 to submit annual reports. However, the bill has not yet completed all legislative procedures and remains controversial regarding its feasibility and data security. Overall, as Europe assesses the impact of US dollar stablecoins and advances the digital euro process, France is simultaneously tightening its regulation of on-chain assets and payment systems. (Cointelegraph)