Four French Financial Institutions Propose Allowing Stablecoin Rewards, Oppose Expanding Ban to Staking and Lending

The French Ministry of Finance, the Financial Markets Authority, the Bank of France, and the Prudential Supervision and Resolution Authority jointly recommended to the European Commission that crypto platforms be allowed to issue rewards to stablecoin holders under specific conditions, asserting that such rewards should be regulated. The four institutions pointed out that platforms must disclose reward information to holders, must not promise guaranteed returns, and should not advertise rewards as savings products; regulators should monitor the impact of rewards on bank deposits. France supports banning stablecoin issuers from paying interest but opposes extending the ban to staking and lending activities. The European Central Bank and the central banks of EU member states advocate maintaining the ban on interest for stablecoins and including indirect benefits such as rewards and fee waivers, as well as activities like lending and staking, within the scope of restrictions. The European Commission must submit a review report on the "Regulation on Crypto-Assets Markets" to the EU legislative body by June 30, 2027, and may propose amendments.

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