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MiCA EMT/ART supervision split (ACPR for EMTs/ARTs, AMF for CASPs/white papers/market abuse); MiCA stablecoin provisions applicable since 30 June 2024; Circle first EU MiCA-compliant EMI (licence aligned to 30 June 2024, announced 1 July 2024); BdF flags MiCA gaps on USD stablecoins.
France is the EU forerunner on EMT issuance. Circle obtained an ACPR EMI licence aligned to MiCA's stablecoin provisions — which entered application 30 June 2024 — publicly announced 1 July 2024 as the first global stablecoin issuer to be MiCA-compliant, enabling its French entity to issue USDC and EURC under MiCA EMT obligations.
The policy posture is nonetheless cautious. Banque de France assesses MiCA as a vital but incomplete step, not comprehensively addressing conglomerate concentration, DeFi, or large-scale adoption of USD-denominated stablecoins issued by non-bank non-European entities, and argues central bank money must remain the primary settlement asset between intermediaries. This signals a French and Eurosystem stance against USD-stablecoin dominance that feeds the digital-euro and wholesale-CBDC sovereignty agenda.
Outlook
France's legacy PACTE PSAN regime holders must transition to MiCA CASP status by 1 July 2026, the key dated milestone for the module.
no periodic updates on record for this sub-brief
Sources and findings (5)
- T1https://www.elibrary.imf.org/view/journals/002/2025/237/article-A001-en.xmlretrieved
- T3https://www.globallegalinsights.com/practice-areas/fintech-laws-and-regulations/france/retrieved
- T3https://www.pymnts.com/cryptocurrency/2024/circle-attains-emi-license-from-france-achieves-mica-compliance/retrieved
- T3https://crassula.io/guides/licenses/france-acpr/retrieved
- T1https://www.banque-france.fr/en/governors-interventions/rethinking-central-bank-money-digital-ageretrieved