title: France — Stablecoins & Digital Money | World Payments Monitor canonical: https://payments.gi/jurisdictions/france/w2/ publisher: Asymmetric Intelligence ### W2 Stablecoins & Digital Money 1 judgment Probable confirmed 2026-06-23 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. Key judgment — Probable · impact France's payments regulatory posture is stable this cycle, with the lead development being Banque de France's doctrinal clarification on stablecoins versus CBDC rather than any binding rule change._claims: none recorded_ Horizon · 2026-07 (± a quarter) PSAN-to-CASP transition deadline under MiCA_Adopted, not yet in force · Tier 3 source_ Standing sub-brief · as of 26 June 2026 218 words · last cycle 2026-06-23 #### Stablecoins & Digital Money The French stablecoin supervisory architecture is split under MiCA: the AMF handles CASPs, crypto-asset white papers and market abuse, while the ACPR is competent for stablecoin provisions covering EMTs and ARTs, with EMTs assimilated to the EMD2 e-money regime. MiCA stablecoin provisions have been applicable since 30 June 2024. The dual-authority split determines which French regulator a stablecoin or CASP business must engage, and the EMT/EMD2 assimilation is the trust-as-payment-instrument anchor. 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)** 1. T1 [https://www.elibrary.imf.org/view/journals/002/2025/237/article-A001-en.xml](https://www.elibrary.imf.org/view/journals/002/2025/237/article-A001-en.xml) retrieved 2026-06-23 2. T3 [https://www.globallegalinsights.com/practice-areas/fintech-laws-and-regulations/france/](https://www.globallegalinsights.com/practice-areas/fintech-laws-and-regulations/france/) retrieved 2026-06-23 3. T3 [https://www.pymnts.com/cryptocurrency/2024/circle-attains-emi-license-from-france-achieves-mica-compliance/](https://www.pymnts.com/cryptocurrency/2024/circle-attains-emi-license-from-france-achieves-mica-compliance/) retrieved 2026-06-23 4. T3 [https://crassula.io/guides/licenses/france-acpr/](https://crassula.io/guides/licenses/france-acpr/) retrieved 2026-06-23 5. T1 [https://www.banque-france.fr/en/governors-interventions/rethinking-central-bank-money-digital-age](https://www.banque-france.fr/en/governors-interventions/rethinking-central-bank-money-digital-age) retrieved 2026-06-23