France Proposes New Rules For Stablecoin Rewards

France proposes to authorize under conditions the rewards paid to stablecoin holders by platforms, despite the opposition of the European Central Bank. Behind this technical disagreement is mainly Europe’s capacity to develop euro stablecoins capable of competing with their dollar-backed rivals. The General Directorate of the Treasury, the AMF, the Bank of France, and the ACPR have presented a joint position within the framework of the revision of the MiCA regulation . These four authorities support maintaining the ban on stablecoin issuers directly remunerating holders. They propose, however, a different treatment when the reward comes from a third party, such as an exchange platform. According to them, these mechanisms “should be regulated rather than simply banned, as they tend to develop in any case” .

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