The French Treasury, AMF, Bank of France and ACPR urged the European Commission to allow crypto platforms and other third parties to pay stablecoin holders rewards under conditions. MiCA currently bars both issuers and platforms from paying interest simply for holding stablecoins. The French authorities want issuer interest to remain banned, but say platform rewards should be regulated rather than prohibited.
They said platforms should disclose rewards clearly, avoid guaranteed returns, not market rewards as savings products, and monitor their effect on bank deposits. Unlike EU central banks, they do not seek to extend the interest ban to staking and lending; the central banks also want it to cover indirect perks. The Commission must report on MiCA by June 30, 2027, and may propose changes then.
