France AMF Proposes MiCA Reforms for Stablecoins, Crypto and DeFi - Fincrime Central

France's financial markets regulator, the AMF, has put forward proposals to reform the EU's Markets in Crypto-Assets (MiCA) framework, with a focus on stablecoins, broader crypto activity and decentralized finance (DeFi). The move signals that European supervisors are already looking beyond MiCA's initial implementation, aiming to close gaps that have become more visible as the market evolves.

The emphasis on stablecoins and DeFi is notable. Stablecoins sit at the center of crypto trading and payments, while DeFi protocols raise unresolved questions about disclosure, governance and accountability. By proposing reforms in these areas, the AMF is effectively arguing that the current rulebook may need refinement rather than remaining static. For market participants, this suggests the regulatory conversation in Europe is shifting from "how do we implement MiCA" to "what comes next."

What to watch: the substance of the AMF's proposals, how they are received by other EU authorities and whether they feed into formal legislative review. Any signals of tighter stablecoin requirements or new DeFi obligations could shape compliance planning and market structure across the bloc. For now, the development is best read as an early indicator of regulatory direction rather than a settled rule change.