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France wants stricter crypto rules, with a particular focus on stablecoins and private wallets. This further increases the pressure on the crypto sector, while Europe is still working hard on a clear regulatory framework.
The French central bank is especially concerned about stablecoins that are pegged to foreign currencies, such as the US dollar. According to Deputy Governor Denis Beau, around 98% of this market consists of dollar stablecoins. This could disrupt financial stability in Europe and weaken the position of the euro. France is therefore calling for tighter European rules within MiCA, the existing EU legislation for crypto-assets.
In addition, France wants more oversight of crypto held outside trading platforms. On 7 April, the French National Assembly approved a proposal requiring holders of private wallets with more than €5,000 to report their holdings to the tax authorities each year. The proposal is part of a broader anti-fraud law, but has not yet been definitively approved.
There is division within France over these plans. Critics point to practical problems with enforcement and express concerns about privacy and data security. Supporters, on the other hand, argue that tighter controls are needed to curb money laundering, tax evasion and systemic risks.
Russia will introduce stricter rules for crypto trading from 1 July 2026. Exchanging digital coins for cash will be banned, meaning transactions will only be allowed via bank accounts. According to the Russian central bank, this is necessary to gain more control over the rapidly growing crypto market.
The new measures are part of a bill currently being debated in the Russian State Duma. The law has been drafted by the central bank together with the Ministry of Finance and is intended to provide a clear legal framework for crypto in Russia.
Crypto companies will also face tougher requirements. Trading platforms that want to continue operating in Russia will have to apply for a licence. Existing providers will be given a transition period to adapt, but companies without a licence risk heavy fines or closure. Initially, approved platforms will be allowed to trade in major coins such as Bitcoin, Ethereum and Tether.
For Russian citizens, owning crypto will remain permitted, but paying with digital currencies for goods and services will continue to be banned. In addition, holders will in future have to report their crypto to the tax authorities.
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