Svmuu News: French regulators are strengthening crypto asset oversight from multiple angles. Denis Beau, Deputy Governor of the French central bank, has called for stricter restrictions on non-euro stablecoin payments under the EU's Markets in Crypto-Assets Regulation (MiCA) framework, particularly targeting USD-pegged stablecoins.
Denis Beau stated that the current MiCA framework still inadequately covers the risks associated with the large-scale adoption of stablecoins not issued in Europe. He argued that regulatory measures should be further strengthened to address the dominant position of USD stablecoins, which hold approximately 98% of the market share.
Simultaneously, the French National Assembly passed a provision of an anti-fraud bill on April 7th, proposing to require users of self-custody crypto wallets holding assets exceeding 5,000 euros to file annual declarations. However, this bill has not yet completed the full legislative process, and controversies remain regarding its feasibility of implementation and data security.
Overall, as Europe assesses the impact of USD stablecoins and advances the digital euro project, France is concurrently tightening its regulatory grip on on-chain assets and payment systems. (Cointelegraph)