France's four major financial institutions call for conditional allowance of stablecoin rewards, diverging from the European Central Bank's stance.

On October 27, according to Bitcoin.com News, the French Ministry of Finance, the Financial Markets Authority (AMF), the Banque de France, and the Prudential Resolution and Supervision Authority (ACPR) called in their submitted comments on MiCA amendments for the EU to conditionally allow crypto platforms and other third parties to offer rewards to stablecoin holders, and opposed expanding the stablecoin interest ban to staking and lending activities.

The French position holds that such rewards should be regulated rather than completely prohibited, and recommends that platforms disclose their reward mechanisms, avoid promising guaranteed returns, refrain from marketing them as savings products, and monitor the impact of these rewards on bank deposits. France continues to support prohibiting stablecoin issuers from paying interest directly.

The European Central Bank and national central banks of EU member states, meanwhile, advocate maintaining the current ban and bringing indirect incentives such as rewards, fee reductions, and certain loyalty benefits under restricted categories. The European Commission must submit a MiCA implementation report to EU legislators by June 30, 2027, at which point amendment proposals may be presented.