While significant investors pour money into a new regulated cryptocurrency market springing up in Vietnam, France is trying to tighten regulations on foreign-backed digital currencies.
Stablecoins are digital tokens whose value is linked to actual currencies, particularly those that are not backed by the euro. A senior Bank of France official has urged European regulators to impose more restrictions on stablecoins.
The drive comes as European officials become increasingly concerned about the increasing use of digital currencies backed by dollars in daily transactions.
Denis Beau, the Bank of France official leading the charge, said that the existing European crypto rulebook, known as the Markets in Crypto-Assets framework or MiCA, does not go far enough.
In an official report, Beau wrote: “we are pressing for a strengthening of MiCA, particularly to restrict the use of stablecoins for everyday payments, all-the-more when they are backed by a currency other than the euro.”
The Bank of France has been building this case for some time.
As cryptopolitan reported earlier in 2025, the Bank of France had already urged the European Securities and Markets Authority, known as ESMA, to gain direct oversight powers over large crypto issuers.
It also pushed for stricter rules on what is called multi-issuance, when the same stablecoin is issued across several platforms, warning that current rules leave Europe open to regulatory loopholes and too dependent on dollar-backed tokens.
Beau’s report also noted that stablecoins issued by banks or licensed electronic money institutions carry less financial risk than those put out by firms with no banking background.
A rule requiring individuals to report cryptocurrencies held in private digital wallets if the total value exceeds 5,000 euros was passed by the nation’s National Assembly.
Although the initiative has not yet become a full law, it shows that France intends to monitor its citizens’ use and storage of digital assets more closely.
Vietnam opens up for business
While Europe tightens its grip, the picture looks very different on the other side of the world.
On April 10, Vietnam Prosperity Crypto Asset Exchange JSC, known as CAEX, announced that two major investment firms, OKX Ventures and HashKey Capital, have agreed to back the company financially and become strategic partners.
The two firms will contribute funds in April to help CAEX meet a minimum capital requirement of 10 trillion Vietnamese dong, which works out to around $380 million.
That figure is the entry bar set by Vietnam’s government for any exchange looking to join its new pilot program for regulated crypto trading.
This five-year trial program was started by Vietnam in an effort to move local traders from unregulated offshore platforms to venues under government supervision that are licensed. An exchange must reach the 10 trillion dong barrier in order to be eligible, and institutional investors like banks or securities firms must provide at least 65% of the necessary capital.
Five domestic companies, CAEX, associated with VPBank; TCEX, associated with Techcombank; and LPEX, associated with LPBank, passed an early assessment stage.
Netero Dai, vice president of OKX Global Markets, said: “Vietnam is one of the most dynamic markets for digital assets, with strong user adoption and a clear move towards a regulated framework. Our partnership with CAEX reflects our mission to create a safe, trusted environment for people to transact with crypto.”
Two regions, two very different bets
Later in 2026, Vietnam intends to impose a tax of about 0.1 percent on cryptocurrency transactions and legally recognize digital assets in legislation.
This divergence underscores Europe’s defensive approach to protect monetary sovereignty versus Asia’s pragmatic push for regulated growth and adoption.
While France tightens MiCA to limit non-euro stablecoins in daily payments, Vietnam and similar Asian hubs are attracting capital and infrastructure through clear licensing and institutional partnerships.
The result is an emerging crypto decoupling, where stablecoins increasingly function as independent payment infrastructure rather than purely speculative assets tied to market cycles.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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