Global Stablecoin Regulation
Legal with restrictions
In-Force
Fiat Referenced
Asset Referenced
Classification
Crypto Asset
E-Money
Regulatory Authorities
Autorité des Marchés Financiers (AMF)
Market conduct, white-paper review, registration and authorisation of CASPs/DASPs, investor protection, coordination for MiCA authorisations.
Autorité de Contrôle Prudentiel et de Résolution (ACPR)
Prudential supervisor (attached to Banque de France), licensing EMIs and credit institutions that issue EMTs; AML/CFT and prudential oversight of issuers.
Top Issuers
Consumer Protection
Reserve Requirements
MiCA/EBA require full backing for EMTs and robust reserve requirements for ARTs, including high-quality liquid assets, segregation/safeguarding, and limits on investment risk, specified in EBA technical standards and guidelines and implemented in France via national measures, including Décret n° 2025-169.
Auditing
Issuers must provide periodic reserve attestations and independent audits. Significant issuers face enhanced reporting, stress testing, and supervisory scrutiny under EBA standards.
Redemption Rights
Holders of EMTs have a right to redeem at par. Issuers must maintain operational redemption processes. Authorities have early-intervention powers.
