The Bank of France advocates for transferring control over large cryptocurrency companies to the European Securities and Markets Authority (ESMA). This initiative aims to ensure a unified application of regulatory standards within the European Union.
This is reported by Finway
Strengthening Crypto Market Regulation in the EU
Governor of the Bank of France François Villeroy de Galhau emphasized the importance of centralized oversight of the crypto sector. According to him, the current system, which allows obtaining a license to operate in any member state and using it throughout the EU, creates risks of uneven regulation and opportunities for regulatory arbitrage.
The Bank of France and the European Central Bank (ECB) are also promoting restrictions on the multi-issuance of stablecoins — the simultaneous issuance of identical tokens within and outside the EU. Such measures are aimed at reducing risks to the financial system and preventing arbitrage in crisis situations. Villeroy highlighted:
“This regulatory framework must be strengthened with stricter regulation of the multi-issuance of the same stablecoin within and outside the EU to reduce arbitrage risks during periods of stress,” Villeroy emphasized.
Multi-Issuance of Stablecoins and Market Position
According to current rules, stablecoin issuers must maintain reserves in at least one EU country while continuing to manage similar tokens outside the bloc. One of the largest players in this field is Circle, which issues the USDC stablecoin with a market capitalization of over $76 billion and employs a multi-issuance model permitted by the MiCA regulation. In 2024, the company obtained an electronic money license in France.
Associations of crypto and payment companies are urging the European Commission to clearly define its position on the multi-issuance of stablecoins. In a joint letter dated October 6, 2025, addressed to EU Commissioner for Financial Services Mairead McGuinness, organizations such as Blockchain For Europe, the Electronic Money Association, and the Digital Euro Association warned of the risk of losing competitiveness in the European market.
“Revising this already established principle — the only path for global stablecoins, which account for 99% of the market — poses a risk of Europe falling behind,” the signatories emphasized.
ESMA is expected to become the official regulator of the EU crypto market soon, as the European Commission is already preparing the relevant legislative package. Meanwhile, France is considering the possibility of blocking the activities of crypto companies that hold MiCAR licenses issued in other EU jurisdictions.