France's four major financial regulatory authorities are calling on MiCA to allow third parties to offer stablecoin rewards, a position that runs counter to the European Central Bank's stance.
55 minutes ago
France’s Ministry of Economy and Finance, the Autorité des Marchés Financiers (AMF), Banque de France, and Autorité de Contrôle Prudentiel et de Résolution (ACPR) have, in their input on the revision of the EU’s Markets in Crypto-Assets (MiCA) regulation, called for allowing crypto trading platforms and other third parties to offer rewards to stablecoin holders under specific conditions, rather than a full ban. The four bodies advocate retaining the ban on direct interest payments by stablecoin issuers, while permitting third-party rewards, provided there is full disclosure, no guaranteed returns, no promotion of rewards as savings products, and monitoring of their impact on bank deposits. This stance differs from that of the European Central Bank (ECB) and the Eurosystem, which aim to extend the ban to third-party rewards, lending, and staking activities. French regulators warn that overly strict rules could erode the competitiveness of euro-denominated stablecoins. The European Commission is required to submit a MiCA assessment report by June 30, 2027, and may propose revisions. (Bitcoin News)
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