MiCA review: what France wants for DeFi and stablecoins

On 21 October, four French authorities published their joint response to the MiCA review: the finance ministry (Direction Générale du Trésor), the securities regulator AMF, the Banque de France and the banking supervisor ACPR. They want more European supervision of the largest crypto providers, a ban on authorised providers offering services on stablecoins that do not comply with MiCA, and a framework for DeFi with clearly assigned responsibilities for intermediaries. This is a submission to the European Commission's consultation, not a law: nothing changes for you right now.

The French MiCA review proposals in short

• Who and when: Trésor, AMF, Banque de France and ACPR, press release of 21 October 2026. It is their answer to the European Commission's consultation on the review of MiCA.
• Supervision: a bigger role for ESMA over significant crypto-asset service providers (CASPs) and crypto conglomerates, for their crypto activities.
• Stablecoins: an explicit ban on EU-authorised providers offering services on stablecoins that do not comply with MiCA.
• Multi-issuance: a framework for stablecoins issued both in the EU and in third countries, with equivalence assessments, cooperation between supervisors and extra safeguards for reserves and the right of redemption.
• DeFi: a framework with clearly assigned responsibilities for intermediaries, due diligence obligations and certification of protocols.
• Staking, lending and borrowing: clearer rules. The press release gives no amounts, thresholds or transitional periods.
• Limitation: the full text of the submission is not in the press release; what follows comes from that press release.

Stablecoins: the ban Europe is already preparing

The French are asking for an explicit rule: an EU-authorised provider may not offer any service on a stablecoin that does not comply with MiCA. That fits with what ESMA asked for on 30 September in ESMA wants a tighter MiCA: influencers, costs, staking and DeFi, and with the earlier deadline for USDT that we covered in Coinbase USDT conversion to USDC on 30 October: what to do. The difference: that was an arrangement with supervisors, whereas this would become a fixed rule in law.

The four authorities also want to encourage euro stablecoins (e-money tokens) and tokenised bank deposits, especially for cross-border payments with countries outside the EU. They name the ECB infrastructure Pontes and the digital euro as complements, and say that central bank money remains the safest way to settle transactions in financial assets.

The French also want Europeans to keep access to global liquidity in crypto, ‘through regulated providers’ and with equivalent protection and reciprocity. That is why they propose regulating multi-issuance. A stablecoin issued both in and outside the EU would only be allowed if the supervisor considers the third country’s regime equivalent and there are extra safeguards for the reserves and the right of redemption. The central banks already asked for something related on reserves on 22 September; see ECB wants to replace MiCA's 60% deposit rule for stablecoins.

Supervision: ESMA for the big ones, national supervisors for the rest

At present a national supervisor, such as the AFM or BaFin, grants a MiCA authorisation, and it is valid across the whole EU. France wants ESMA to get more supervision over significant providers and over conglomerates, for their crypto activities. The press release gives no threshold for ‘significant’. For how many providers would fall under direct ESMA supervision, read ESMA supervision of crypto: 10–15 of 360 providers.

The French also ask for prudential requirements that fit the real risks better, and for more cooperation against providers without authorisation. They also want to clarify the boundary between MiCA, the rules for financial instruments and those for payment services, especially when a single activity requires several authorisations. In their view, a financial instrument remains subject to the financial instrument rules ‘regardless of the technology used’. Check who holds an authorisation in our MiCA register.

DeFi: who is responsible when you use a protocol through an app?

The newest part is the section on DeFi. The French want a ‘safe and proportionate’ framework with three things: clearly assigned responsibilities for intermediaries, appropriate due diligence obligations and certification of protocols. According to an analysis by Cryptoticker, that means an authorised provider that gives clients access to a DeFi protocol must check what it offers and may become liable for certain losses. The press release itself does not use the word ‘liable’, and it does not say which incidents would be covered.

ESMA asked for something different on 30 September: a new authorised service for firms that provide access to DeFi, and stricter criteria for what is truly decentralised. Both proposals target the intermediary and not the protocol itself.

Staking, lending and borrowing

The French describe staking as ‘locking up crypto in return for a reward’ and want clear rules, as they do for lending and borrowing crypto. The press release says nothing more than that. ESMA was more specific: information on rewards, lock-up periods, slashing and costs. Which rules will apply has not yet been decided.

What does this mean for you as a European investor?

Now: nothing. MiCA applies unchanged. The submission is a wish list from four French bodies, alongside those of ESMA, the central banks and other parties.

If you use stablecoins: the direction is clear. European platforms will be allowed to offer less and less on stablecoins that do not comply with MiCA. Read what stablecoins are and check on your platform which stablecoins are still available to you.

If you use DeFi through an app or exchange: an intermediary would later have to check and explain more. That could make the offering smaller, and it could give you more clarity about who your point of contact is.

In France, the Netherlands, Belgium, Germany, Spain, Portugal, Italy and Poland: the rules change everywhere at the same time, because MiCA is a European regulation. This piece says nothing about tax; for that, see our page on crypto and tax in Europe.

What is not certain yet

• The full text of the French submission could not be read in our source at the time of writing; we are relying on the AMF press release of 21 October. What Cryptoticker writes about liability therefore comes from a second source.
• No threshold for a ‘significant’ provider and no transitional period are mentioned.
• Which body would certify protocols, and by what criteria, is not described.
• Whether the Commission adopts anything from this proposal, we will only know when it tables a legislative proposal. After that, the European Parliament and the Council still have to agree.

This article is not investment advice. Crypto can lose a lot of value and you can lose your entire investment.

Frequently asked questions

Is the MiCA review law yet?

No. It is a response by French authorities to the European Commission's consultation. The Commission has to make a proposal first, and then the European Parliament and the Council decide.

What does France want to do about stablecoins like USDT?

Authorised providers in the EU may not offer services on stablecoins that do not comply with MiCA. The press release does not name any coins.

Will DeFi be banned in Europe?

That is not in the proposal. The French want a framework with responsible intermediaries, due diligence obligations and certification of protocols.

What is a significant crypto provider?

In the proposal, that is a large CASP that ESMA would supervise. The press release gives no threshold.

Sources

Read on 24 October 2026.

• AMF — MiCA regulation revision: The French authorities publish their joint proposals, 21 October 2026
• AMF — press release as PDF, 21 October 2026
• Cryptoticker — MiCA revision: France wants DeFi liability for exchanges, accessed 24 October 2026