France Goes Against the ECB on Stablecoin Rewards in MiCA Review

The crypto industry has gained an unexpected supporter in its battle for stablecoin rewards in the EU. Four French financial authorities have urged the European Commission to allow these rewards under certain circumstances, opposing the stance of the European Central Bank and the EU’s national central banks. In a joint response on how to revise MiCA , the EU’s Markets in Crypto-Assets Regulation, the French Treasury, market regulator AMF, Bank of France, and ACPR—the banking and insurance supervisor attached to the central bank—urged the European Commission to allow crypto platforms and other third-parties to pay rewards to stablecoin holders under…