On Thursday, Governor François Villeroy de Galhau emphasized the need to tighten EU regulations on cryptocurrencies as global exchanges and stablecoin issuers expand their operations in Europe. He criticized the current system, which allows cryptocurrency companies to obtain licenses from one EU country and operate throughout the bloc, leading to legal gaps and uneven enforcement.
Villeroy calls for tightening the MiCA framework, especially the multi-issuance model of stablecoin providers like Circle and Paxos, allowing similar token issuance in multiple regions with separate reserves. He warns of the risk of price discrepancies in a stressed market. This issue aligns with the ECB's efforts to regulate cross-border stablecoins, while cryptocurrency associations warn that excessive regulation could stifle innovation, causing the EU to lag behind.
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