Regulator: Autorité de Contrôle Prudentiel et de Résolution (ACPR); Autorité des Marchés Financiers (AMF); and Banque de France (BdF)
France has transitioned from its national PACTE framework to the EU's comprehensive Markets in Crypto-Assets (MiCA) regulation. Stablecoin provisions entered into force on June 30, 2024, making France's regime live. The framework distinguishes between two main types of stablecoins: e-money tokens (fiat-backed, issued by credit or e-money institutions) and asset-referenced tokens (backed by baskets of assets). Both require authorization from the ACPR, maintain strict reserve requirements, and are prohibited from offering interest to holders. France implemented a transitional period through July 1, 2026, allowing existing digital asset service providers to continue operations while obtaining MiCA compliance. France has authorized Circle as an e-money institution issuer (USDC and EURC), with Schuman Financial and Société Générale Forge also authorized as EMT issuers. The Banque de France oversees stablecoins used as means of payment, while the ACPR supervises stablecoin issuers and the AMF supervises crypto-asset service providers.
