France’s Treasury, AMF, Banque de France, and ACPR presented their joint response to the European Commission’s consultation on revising the MiCA regulation on October 20. The document proposes stronger rules for euro-denominated stablecoins, multi-issuance, decentralized finance, staking, and lending, as well as greater centralization of supervision through the ESMA. France wants to replace bank-reserve quotas with liquidity requirements, allow platform-paid rewards, and introduce certification for decentralized protocols above a threshold of locked value. It also recommends placing perpetual contracts and prediction markets under MiFID, while allowing the leverage limit currently applied to retail clients to be adjusted. The Commission is due to publish its report on MiCA’s application by June 30, 2027, while nearly $900 billion in stablecoins change hands each quarter, mostly in US dollars.
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