French authorities back stablecoin rewards in split with ECB over MiCA review

Key points

• The French Treasury, AMF, Bank of France and ACPR made the call in a joint response on revising MiCA.
• They say rewards should be regulated rather than banned, with transparency, no guaranteed returns and no savings-product marketing.
• The European Commission must report on MiCA by 30 June 2027 and may then propose changes.

Four French financial authorities have urged the European Commission to allow stablecoin rewards in its review of MiCA, setting them against the European Central Bank. The French Treasury, the AMF, the Bank of France and the ACPR made the call in a joint response on how the EU's Markets in Crypto-Assets Regulation should be revised, Bitcoin.com News reports.

Under the current rules, both stablecoin issuers and crypto platforms are barred from paying interest simply for holding a token. The French bodies argue that rewards should be regulated rather than prohibited outright, saying the practice will develop regardless. They point to the US GENIUS Act, which bans issuer interest but not third-party rewards, and warn that a stricter EU framework could weaken euro-denominated e-money tokens against competitors.

Commercial banks are also resisting rewards while developing their own tokens, including HSBC's stablecoin in Hong Kong and a shared euro stablecoin planned by European banks through the Qivalis consortium.

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