MiCA: France Proposes a Framework for Rewards Paid by Third Parties

A French Proposal in the Revision of MiCA

The French Treasury, the Financial Markets Authority, the Bank of France and the ACPR presented a joint response to the European consultation on MiCA. Published on 21 October 2026, then updated on 26 October, this contribution defends the development of European digital finance under regulatory control. The debate on rewards linked to stablecoins is part of this revision work: it is not an announcement of an already applicable authorization for platforms.

The proposed distinction concerns the source of the remuneration. The authorities wish to maintain the prohibition of interest paid by the issuer of an electronic money token. They, however, consider regulating certain indirect remunerations, notably those coming from service providers or platforms. Their position therefore preserves a boundary between the use of the stablecoin for settlement and the additional services that may accompany it. It does not amount to turning all stablecoins into interest‑bearing savings products.

The Current Prohibition Remains the Starting Point

Article 50 of MiCA prohibits issuers of electronic money tokens from paying interest in connection with those tokens. It also targets providers offering associated services. The notion of interest covers remunerations or benefits linked to the holding period, including some mechanisms that pass through third parties. A reward presented under another name therefore does not, for this sole reason, benefit from a general exemption provided by the text.

Redemption constitutes another issue. Article 49 provides for a claim by the holder against the issuer and a redemption at par, upon request, under the conditions set out in the regulation. This right concerns the return of the monetary value represented by the token; it does not create a right to receive a return. Confusing parity, redemption and remuneration would erase the distinction that the regulatory debate seeks precisely to clarify for users and providers.

Envisaged Conditions, Adoption Still Separate

In their detailed response, the French authorities request that the framework for indirect remunerations include transparent information for holders, the absence of any promise of guaranteed return and no presentation as a savings product. They also add monitoring of the effects on bank deposits. These conditions are part of the proposal submitted to the Commission. The French contribution therefore does not suffice to establish that a particular commercial program complies with MiCA or that a legislative amendment has been adopted.

The joint communiqué places this discussion within a broader context: euro‑denominated stablecoins, tokenized bank deposits, regulated access to international liquidity and strengthened supervision of major players. It also calls for clarification of the treatment of staking, lending and borrowing of crypto‑assets. These topics remain distinct from the remuneration of a stablecoin by its issuer. The next evolution will depend on the European revision process, not on a simple translation of national proposals into commercial offers.