Bank of France Pushes for Stronger EU Crypto Oversight via ESMA Amid Stablecoin Concerns

By: crypto insight|2025/10/09 13:40:05
分享
copy

Imagine the European Union as a bustling marketplace where digital currencies flow like rivers, but without a unified guard to watch over them. That’s the picture painted by recent calls from the Bank of France, highlighting how fragmented rules could leave the bloc vulnerable. As crypto assets grow, so do the worries about maintaining control and fairness. Let’s dive into why France’s central bank is advocating for a centralized approach under the European Securities and Markets Authority (ESMA), and what this means for stablecoins that could shake the euro’s foundation.

Why ESMA Should Take the Lead in EU Crypto Regulation

Picture ESMA as the vigilant sheriff in a vast Wild West of crypto markets—that’s the role the Bank of France envisions for it. During a key fintech forum in Paris back on that Thursday, Governor François Villeroy de Galhau made a compelling case for handing direct supervision of major crypto firms to this Paris-based authority. He argued that sticking with national regulators might lead to inconsistent enforcement, much like having different speed limits on the same highway, which could confuse drivers and cause accidents.

This push aligns with broader efforts to safeguard the EU’s financial sovereignty. Villeroy de Galhau emphasized that ESMA’s oversight would ensure uniform application of the Markets in Crypto-Assets (MiCA) framework, reducing risks and promoting a level playing field. It’s not just about rules; it’s about building trust in a system where crypto companies are expanding fast across borders. By centralizing power, the EU could avoid the pitfalls of regulatory arbitrage, where firms shop around for the laxest overseer, ultimately protecting investors and fostering innovation.

Supporting this, data from recent EU reports shows that crypto market capitalization in the region has surged to over €500 billion as of October 2025, underscoring the need for robust governance. Real-world examples, like the smooth integration of MiCA in countries with strong enforcement, contrast sharply with delays in others, proving that unified supervision isn’t just ideal—it’s essential for stability.

Stablecoins Pose a Real Threat to EU Monetary Sovereignty

Now, let’s talk about stablecoins, those digital anchors tied to currencies like the dollar, which the Bank of France sees as potential storm clouds over the euro. Villeroy de Galhau didn’t mince words, pointing out how MiCA’s rules on multi-issuance—allowing the same stablecoin to be issued both inside and outside the EU with only partial reserves—create vulnerabilities. It’s like building a bridge with half the supports; it might hold for a while, but stress could lead to collapse.

He warned that this setup could erode the euro’s dominance, fostering dependence on foreign entities and unregulated systems. Echoing this, officials like Italy’s Chiara Scotti highlighted on September 19 that while multi-issuance boosts liquidity, it amps up legal and operational risks, especially from non-EU issuers. The European Systemic Risk Board (ESRB) amplified these concerns on October 1, recommending a ban on the practice to curb systemic threats, even if it’s not binding yet.

Fast-forward to the latest updates as of October 9, 2025: Recent Twitter discussions have exploded around #MiCA and #Stablecoins, with users debating the ESRB’s stance. A viral post from a prominent EU finance analyst noted, “ESRB’s call to end multi-issuance is a game-changer—could save the euro from dollar dominance!” Official announcements from the European Commission indicate ongoing reviews, with plans to tighten MiCA by early 2026, based on consultations that wrapped up last month. Google searches for “EU stablecoin regulations” have spiked 40% in the past quarter, often paired with questions like “How do stablecoins affect the euro?” This reflects growing public interest in how these assets might reshape monetary policy.

To put it in perspective, compare stablecoins to traditional banks: Just as banks back deposits with reserves, stablecoins promise stability but often fall short without strict rules. Stricter regulations, as Villeroy de Galhau suggests, would minimize arbitrage in turbulent times, drawing from evidence like the 2022 crypto winter where under-reserved tokens crumbled, costing investors billions.

Tackling Passporting Challenges for Unified Crypto Supervision

Under MiCA, the passporting system lets licensed crypto firms operate EU-wide with approval from just one member state—think of it as a universal key unlocking every door in the union. It’s meant to streamline the market, but as Villeroy de Galhau noted, inconsistencies in national oversight could turn this into a weak link.

Critiques have surfaced, such as ESMA’s July findings on Malta’s partial compliance in licensing, which sparked fears of ripple effects. France’s AMF echoed this on September 15, hinting at potentially blocking passporting if gaps persist. These issues underscore the need for ESMA’s direct role, aligning with the Commission’s October 2025 push for integrated financial supervision to boost competitiveness.

In terms of brand alignment, this regulatory evolution presents opportunities for platforms that prioritize compliance and user trust. For instance, aligning with EU standards can enhance a brand’s reputation, much like how WEEX exchange has positioned itself as a reliable player in the crypto space. With its focus on secure, user-friendly trading and adherence to global best practices, WEEX stands out by offering seamless access to stablecoins and other assets, empowering traders to navigate regulations confidently without compromising on innovation or security.

The narrative here is clear: Stronger, unified regulation isn’t about stifling growth; it’s about nurturing a resilient ecosystem. As crypto evolves, these steps could prevent crises, drawing from past events where lax oversight led to market upheavals.

FAQ

What is MiCA and how does it regulate stablecoins in the EU?

MiCA, or Markets in Crypto-Assets, is the EU’s framework for overseeing crypto activities, including stablecoins. It sets rules for issuance, reserves, and operations to ensure stability, but recent discussions highlight needs for tighter controls on multi-issuance to protect monetary sovereignty.

Why is the Bank of France concerned about dollar-backed stablecoins?

These stablecoins could undermine the euro by increasing reliance on non-EU issuers and creating unregulated payment systems. Officials warn this might lead to fragmented financial landscapes, with evidence from market data showing rapid growth in such assets.

How would ESMA’s direct supervision benefit EU crypto markets?

By centralizing oversight, ESMA could enforce consistent rules, reduce arbitrage, and enhance investor protection. This approach, supported by recent EU reports, aims to build a more integrated and competitive market, preventing uneven enforcement across member states.

猜你喜歡

跑不贏股市、打不過貴金屬,Crypto真成牛市「局外人」?

傳統資產正在歡樂狂歡,加密資產卻意外掉隊。

Insight: 2026年或迎接「加密寒冬」,但機構化和鏈上轉型正在加速

重要摘要 2026年可能進入「加密寒冬」,比特幣價格持續面臨下行壓力。 當前市場由機構投資者主導,與過去由散戶主導的週期不同。 美國《數字資產市場明確法案》的通過是減少政策不確定性的一個重要轉折點。 儘管價格降溫,但加密行業的機構化、合規路徑和鏈上基礎設施正在穩固。 WEEX Crypto News, 2025-12-30 07:07:58 比特幣市場長期以來一直是一個充滿動態變化的領域,進入2026年這一動態似乎不會減弱。據Cantor Fitzgerald的年終報告顯示,比特幣很有可能步入一個持續多月的下行趨勢,甚至可能在2026年提前迎來一場「加密寒冬」。這一波下行趨勢主要是由於最近約85天以來,比特幣價格從高點回撤,加上市場進行技術性調整,以測試均價線附近的$75,000策略。 與以往週期不同的是,現今市場並不容易發生大規模清盤或系統性崩盤。Cantor Fitzgerald指出,現今市場已不再由散戶投資者主導,而是被機構主導。這意味著,代幣價格表現與鏈上基本面的「背離」正在擴大,特別是在去中心化金融(DeFi)、代幣化資產以及加密基礎設施方面。 加密市場的制度化進程 Cantor Fitzgerald 的分析報告強調,儘管2026年可能不會迎來新的牛市,但加密行業的機構化進程正穩步推進。在這一背景下,合規路徑和鏈上基礎設施正在逐漸形成,有助於市場更加穩定和成熟。這種趨勢的出現對整個行業的持久發展具有重要意義,即便是面臨市場降溫的時期。…

從2026年1月1日起數字人民幣錢包餘額將獲利息

關鍵要點 自2026年起,數字人民幣錢包餘額可獲得利息,這將使數字人民幣的運營模式發生重大變化。 銀行運營的數字人民幣將從100%存款規定轉向部分存款規定,進一步優化資產負債管理。 非銀行支付機構仍需遵守100%的存款規定以維持資金安全。 存款保險法規將為數字人民幣餘額提供同等的安全保障,提升用戶對數字貨幣的信任度。 這一變革將對金融市場格局產生深遠影響,推動數字貨幣在國民經濟中的應用。 WEEX Crypto News, 2025-12-30 07:07:58 數字人民幣的最新進展 隨著全球數字貨幣的快速發展,中國的數字人民幣(e-CNY)也在不斷進行升級和完善。根據財新網的報導,從2026年1月1日起,數字人民幣的錢包餘額將開始享有利息,這項政策意味著中國在推動數字貨幣普及方面邁出了重要一步。這一政策的落實標誌著e-CNY從原先的運營模式中取得了新的突破,並為未來的使用帶來更多便利和吸引力。 數字人民幣的升級並不會改變其雙層運營結構。在銀行運營層,數字人民幣將從過去的非銀行資產負債表轉移至銀行資產負債表,這是從百分之百的存款要求向部分存款要求的過渡。這種轉變將允許銀行自主管理數字人民幣錢包的資產負債,並按照存款利率定價自律協議為用戶支付利息,同時仍享有存款保險法下與儲蓄存款相同的安全保障。這一變動將促進銀行針對數字貨幣提供更具競爭力的金融產品和服務。 銀行和非銀行機構的變化 在銀行層面,銀行有能力實現數字人民幣資產負債的自主管理,這將為銀行創造新的收益來源。隨著存款利率的納入,銀行可以在傳統存款業務之外,開發出更多針對數字資產的優質產品。此外,這一舉措也反映了中國鼓勵數字化金融轉型以及通過創新加強金融穩定的政策導向。 反觀非銀行支付機構,數字人民幣仍需維持100%的存款要求,這表明對於非銀行體系的監管強度未有放鬆。此舉旨在確保用戶資金的絕對安全,以穩定市場對數字人民幣的信心。儘管如此,非銀行支付機構依然能夠受益於數字人民幣的普及和應用,尤其在支付速度和便利性上,具備無可替代的優勢。 市場影響與潛在挑戰…

經歷500次拒絕後,我開始專注於構建人們真正需要的產品

主要見解 投資於消費者導向的加密產品比單純依賴技術基礎設施更為有效。 年輕的用戶群體更容易接受新產品,並能自然地帶動產品的傳播效應。 產品本身需要具備高可分享性,降低傳統行銷的成本。 用戶反饋是快速迭代的關鍵,需迅速回應以獲取用戶的信任。 WEEX Crypto News, 2025-12-30 07:07:58 在加密行業中,「建設基礎設施」是否等於「技術的複雜性即是競爭的護城河」這一話題討論不斷。然而,本篇文章通過一位站在創業前線的企業家的經驗,揭示了從基礎設施的失敗賭注,到轉向用戶願意實際使用並付費的消費者產品,探討在加密行業中「構建產品」的真正困難之處。 初次的失敗經驗 作為第一次創業者,我曾投入數年開發三個基礎設施協議,可惜的是,最終都無疾而終。到了2025年,我選擇開發一個消費者級別的產品,這才是人們願意實際使用的東西。本文分享了我在用戶增長和籌資過程中,從「掉入陷阱」後獲得的經驗教訓。 在2023年,我投入了以EVM生態系統為基礎的創業,當時「帳號抽象」是最火熱的概念。幾乎每個人都專注於開發圍繞帳號抽象的錢包SDK,而同時,Rollup生態系統也在迅速升溫,比如Optimism、Arbitrum和各種RaaS項目都成為主流。身為數學愛好者的我,被ZK(零知識證明)深深吸引,認為它將改變世界(我到現在也仍然這樣相信)。 當時我犯的核心錯誤是將「複雜性」等同於「可信度」。當投資人質疑應用場景時,我會自信地列出許多方向,如zkML、zk身份、zk投票等,事實上,直到今天,這些東西仍然幾乎未被使用。我錯把「技術看起來很厲害」當成「這是個有用的產品」。然而隨著時間的推移,我甚至開始相信:想法越複雜,創業成功的機率就越高。眾多投資者也告訴我,在加密行業中,只有構建基礎設施才能有成功的機會。直到被超過500次拒絕後,我才恍然大悟:這條路不太適合我。因此,我轉向了Solana生態系統。 在Solana生態系統中的新起點 對我來說,這是完全新鮮的世界。這裡的人關心現實世界中的應用。就算是個meme,收入也很重要。速度很重要。分配也很重要。(在此特別感謝@superteamin的幫助。) 到目前為止,我們在這個生態系統中已經開發了大約7個月的面向消費者的應用。在alpha階段,我們已處理了超過1200萬美元的交易量。以下是我總結的一些洞察:…

Lighter:空投已全面分發,代幣交易即將開放

Key Takeaways Lighter平台的LIT代幣空投已於12月30日全面分發給用戶,無需申領即可在資產頁面查看。 LIT代幣的交易即將開放,社群反饋顯示每點可能兌換20個LIT代幣。 交易者在ETH上開出了均價為$2945.32的空頭倉位,而不再是專注於BTC的做空。 平台之間的LIT代幣利率差異明顯,新目標是對抗Lighter (LIT)。 WEEX Crypto News, 2025-12-30 07:09:36 在區塊鏈行業中,空投策略一直是許多新興和現有加密項目用來提高知名度和流動性的一種常見手段。Lighter宣佈其LIT代幣的空投已經全面完成,並強調交易功能很快就會開放,這項公告無疑在市場中掀起了一波熱潮。 Lighter的空投背後 Lighter社群的管理員在12月30日於Discord中宣布,他們已經完成了LIT代幣的空投,這項計畫不需要用戶額外操作代幣將直接顯示在使用者的資產頁面上。這一便捷的方式無疑增加了用戶的參與度和方便性,而社群反饋的結果也已經顯示每個點可能兌換20個LIT代幣。這種代幣分發策略為其後續的市場交易開放奠定了基礎。 幾乎所有接受過空投的用戶都對此感到興奮,尤其是考慮到市場上大約的LIT代幣價格,以及它在未來可能的價值增值。藉由此策略,Lighter平台不僅在用戶間建立了信任,也提供了一個潛在的獲利空間。 交易戰略重心的轉移 在以往,許多交易者曾經集中資源於比特幣的變動上。然而,近期一位自稱為“終極空頭”的人士,引起了市場的注意。這位交易者原本專注於做空比特幣(BTC),但據報導,他最近進入了做空Lighter…

華爾街準備迎接「無鮑威爾」時代的利率之戰

投資者預期聯準會可能朝著截然不同的方向前進。 川普有意任命新的聯準會主席,並強調希望加速降息。 市場對聯準會可能失去獨立性保持警惕,但暫無太大擔憂。 市場專家警告,聯準會內部分歧或造成不確定性增加,可能影響經濟。 WEEX Crypto News, 2025-12-30 07:09:37(today’s date,foramt: day, month, year) 市場的潛在威脅 隨著川普計畫在明年啟動新的聯準會領導層,投資者們正準備面對可能的重大變革。川普表示希望新領導者能夠支持他的政策議程,尤其是在利率問題上。市場雖然暂时不太擔心聯準會會完全失去獨立性,但對於聯準會可能出現的不合與弱化之可能性,依然感到憂慮。 聯準會獨立性的威脅 分析師警告,一個失去獨立性的聯準會將給經濟和市場帶來顯著威脅。即便聯準會掌控短期利率,但美國的借貸成本很大程度上是由長期政府債券收益率決定的,後者則是依賴於投資者對未來短期利率的預期。當經濟表現良好時,若聯準會激進地降息,將可能引發通脹和更高利率的擔憂,反而可能推高收益率和借貸成本,進而動搖股市。 聯準會主席的影響力和市場反應…

熱門幣種

最新加密貨幣要聞

閱讀更多