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France is moving to harden Europe’s stablecoin rulebook just as Vietnam is building a regulated path for crypto growth, creating a striking split in how two regions see digital assets. In Paris, the concern is monetary sovereignty and the growing role of dollar-backed tokens in everyday payments. In Vietnam, the emphasis is controlled adoption, licensing, and institutional capital. The contrast is becoming difficult to miss: Europe is trying to contain stablecoins more tightly, while Asia is testing how regulated crypto markets can expand.
Denis Beau of the Bank of France has argued that MiCA does not go far enough and is pressing for stronger restrictions on stablecoins used for everyday payments, especially when they are backed by currencies other than the euro. The Bank of France has also pushed for tighter rules on multi-issuance, warning that the same stablecoin issued across several platforms leaves loopholes and deepens Europe’s dependence on dollar-backed tokens. France’s message is that digital money cannot be allowed to erode the euro’s role through regulatory gaps.
That tougher posture reaches beyond stablecoins alone. France’s National Assembly has passed a rule requiring individuals to report crypto held in wallets when totals exceed €5,000, although the measure has not yet become law. On the other side of the world, Vietnam Prosperity Crypto Asset Exchange, or CAEX, said OKX Ventures and HashKey Capital will provide funding in April and become strategic partners as it works toward the 10 trillion Vietnamese dong, or about $380 million, capital threshold required for the country’s regulated crypto pilot. Vietnam is not opening the door casually, but building a supervised market with clear financial barriers to entry.
That pilot is designed to last five years and aims to move local traders from unregulated offshore venues onto licensed exchanges under government supervision. To qualify, institutional investors such as banks or securities firms must provide at least 65% of the required capital. CAEX, linked to VPBank, is among the domestic companies that have passed an early assessment stage, alongside firms associated with Techcombank and LPBank. Vietnam also plans later in 2026 to impose a 0.1% tax on crypto transactions and legally recognize digital assets. The result is a sharp geopolitical split: one region is reinforcing monetary defenses, while another is trying to regulate crypto into economic infrastructure.
