France’s Direction générale du Trésor, Autorité des marchés financiers, Banque de France and ACPR want to strengthen European oversight of cryptocurrencies as part of the MiCA review. They propose giving the European Securities and Markets Authority greater powers to supervise the largest service providers and reduce regulatory arbitrage between member states. They also want to promote euro-denominated stablecoins, prevent licensed providers from offering services involving stablecoins that do not comply with MiCA, and regulate multi-issuance and reserve requirements. The authorities are also asking for clearer rules on decentralized finance, staking, and cryptoasset lending and borrowing. These proposals form part of a European Commission consultation and do not yet constitute new regulation.
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