France AMF Proposes MiCA Reforms for Stablecoins, Crypto and DeFi - Fincrime Central

France's financial regulator, the Autorité des Marchés Financiers (AMF), has put forward proposals to reform the EU's Markets in Crypto-Assets (MiCA) framework, with a focus on stablecoins, broader crypto activity and decentralized finance (DeFi). The move signals that European supervisors are already looking beyond the current rulebook as they assess how it has performed in practice.

The significance lies in timing and direction. MiCA was designed as the EU's first comprehensive crypto regime, but stablecoins and DeFi have evolved quickly, and regulators are now weighing whether existing requirements capture the risks these segments present. The AMF's proposals feed into that review process, which could shape how firms operating in or serving EU markets are supervised in future.

For market participants, the key takeaway is that the regulatory perimeter around stablecoins and DeFi may keep shifting. What to watch: how other national regulators and EU bodies respond to the AMF's suggestions, whether the proposals gain traction in formal MiCA review discussions, and how any changes could affect compliance obligations for issuers and platforms. As with any reform proposal, these are early-stage ideas rather than settled rules.