The AMF, the Banque de France, the ACPR and the French Treasury published joint proposals for the review of MiCA. They propose allowing regulated rewards from third-party providers to holders of e-money tokens, while keeping the ban on issuers paying interest. The proposed safeguards include transparency, no guaranteed returns, a ban on marketing them as savings products and monitoring of the effect on bank deposits. This is a consultation response, not a rule in force.

What it means: Whether stablecoin holders can earn a yield is one of the most contested questions in the MiCA review. The regulation today bans issuers from paying interest, but it is unclear what applies when an exchange or other provider offers the reward. The French position seeks a middle ground: allow something the market already does, but with rules so stablecoins do not become a deposit substitute without the same protection. Naming the EBA as the authority to set the details shows a preference for uniform European rules. The position is not unanimous: other euro area central banks want a broader ban, worried that stablecoin yields will draw deposits from banks and reduce financing for the economy. For Greece, where banks rely heavily on deposits, the final rule matters for funding stability. For Greek crypto providers considering reward programmes, the message is to wait for the Commission's final proposal before designing products that may need to change.

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