France has cancelled a meeting with the UK to discuss Channel crossings after Boris Johnson asked the French to take back migrants arriving in Britain.
French interior minister Gerald Darmanin has told Home Secretary Priti Patel “she was no longer welcome” at Sunday’s European meeting on migrant issues, a French government spokesman said.
Spokesman Gabriel Attal said it was because of Mr Johnson’s letter to French President Emmanuel Macron.
“That letter was formally poor and its content inappropriate,” Mr Attal told BFMTV.
Image: This is what remains of the boat that capsized in the Channel and resulted in the deaths of 27 people
Mr Darmanin said the letter is a “disappointment” and the fact it was made public was “worse”, according to reports in French media.
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An Interior Ministry statement, reported in French media, said the letter was “unacceptable and contrary to our discussions between counterparts”.
The meeting will now go ahead with just France, Belgium, the Netherlands, Germany and the European Commission.
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Conservative MP Tim Loughton told Sky News the French need to “get read” and realise there are consequences to “turning a blind eye” to Channel crossings.
He added that the PM has “come up with practical solutions” and it is “extraordinary” Paris has cancelled the meeting.
Mr Darmanin and Ms Patel spoke on Thursday, with the Home Secretary’s office saying they emphasised the need for “deeper co-operation” and agreed to remain in touch.
Governments on both sides of the Channel have been blaming each other this week after 27 migrants drowned on Wednesday evening off the coast of France as they tried to get to the UK on a small dinghy.
In the letter to Mr Macron, which he tweeted out, the PM set out five steps he thinks both sides should take “as soon as possible”.
The PM’s five-point plan entails:
• Joint patrols to prevent migrant boats from leaving French beaches • Using more advanced technology such as sensors and radar • Carry out reciprocal maritime patrols in each nation’s territorial waters and utilise airborne surveillance • “Deepening the work” of the Joint Intelligence Cell and ensuring there is better intelligence sharing to drive more arrests and prosecutions • Committing to “immediate work” to strike a bilateral returns agreement between Paris and London, as well as discussions on a UK-EU agreement.
Image: Migrants, including young children, arriving in the UK the day after 27 died
“If those who reach this country were swiftly returned the incentive for people to put their lives in the hands of traffickers would be significantly reduced,” Mr Johnson said.
“This would be the single biggest step we could take together to reduce the draw to Northern France and break the business model of criminal gangs.
“I am confident that by taking these steps and building on our existing cooperation we can address illegal migration and prevent more families from experiencing the devastating loss we saw yesterday.”
Suggestions the number of migrants crossing the Channel has reached record levels this year due to Brexit were dismissed by transport secretary Grant Shapps.
He told Sky News: “I think it’s a bit of a red herring to mix it up with Brexit, it’s not even an argument I’ve heard before.
“There were plenty of people crossing before but in different ways, they tended to do it by lorry but what’s different here is the number of people doing it by sea.
“I think the Europe argument is confusing here because it’s not related to that. It’s heartbreaking to see and I think it’s incumbent on the UK and France to do everything they can do to resolve this and get on top of this human tragedy.”
The Bank for International Settlements (BIS) has appointed Tommaso Mancini-Griffoli, one of the world’s most influential economists on digital money, as the next head of the BIS Innovation Hub, effective March 2026.
The BIS said Tuesday that Mancini-Griffoli will “lead work to explore technological solutions within the central bank community on innovation.” His mandate is expected to include ongoing work on central bank digital currencies (CBDCs), tokenized assets and new forms of market infrastructure.
Mancini-Griffoli currently serves as the assistant director in the International Monetary Fund’s Monetary and Capital Markets Department, where he leads work on payments and currencies. He’s one of the IMF’s most prominent voices advocating for regulated and publicly backed digital money models and has previously warned about the risks of unregulated stablecoins.
The appointment comes as the BIS Innovation Hub ramps up major projects, expanding its influence across its global centers. The Hub has become a venue for testing blockchain-inspired settlement systems and digital currency prototypes.
For the crypto space, the move signals that the BIS may steer digital asset innovation toward regulated tokenized money, a direction that could shape how central banks assess private blockchain infrastructure and stablecoins.
Mancini-Griffoli, who has been the IMF’s representative to global policy forums on CBDCs and payments, frequently argued that the most stable path forward lies in hybrid or public-backed arrangements rather than fully private tokens.
In 2020, Mancini-Griffoli stated that a synthetic private-public partnership CBDC could empower the private sector, such as blockchain-backed stablecoins, to innovate.
He championed the concept of synthetic CBDCs, a model in which private institutions issue digital money fully backed by central bank reserves, essentially blending public-sector safety with private-sector innovation.
He also supported tokenized financial instruments, but only when they operate within a public-money architecture that guarantees systemic stability and settlement finality.
In September, Mancini-Griffoli argued through an essay that stablecoins carry structural risks if not backed by safe assets and strong governance.
He warned that poorly regulated issuers could expose users to runs, liquidity mismatches and loss of value.
The BIS Innovation Hub currently operates several high-profile digital currency experiments.
This includes the cross-border CBDC settlement network mBridge, the tokenized deposit infrastructure Agora and real-time payments and interoperable CBDC rails called Project Nexus.
These projects demonstrate the BIS’s commitment to reimagining traditional finance with blockchain-inspired architecture.
Under Mancini-Griffoli, the innovation hub is poised to accelerate several high-impact initiatives, from cross-border payment networks to tokenized deposits and interoperable CBDCs.
Spain’s Sumar parliamentary group has introduced amendments to reform three major tax laws affecting cryptocurrencies, including the General Tax Law, Income Tax Law and Inheritance and Gift Tax Law, according to local media.
The proposal would change how crypto profits are taxed, shifting gains from non-financial-instrument assets into the general income tax bracket, which would raise the top rate to 47% instead of the current 30% savings rate, while setting a flat 30% tax for corporate holders, according to a Tuesday report from CriptoNoticias.
Sumar is a left-wing political alliance that holds 26 of the 350 seats in Spain’s Congress of Deputies as of early 2024. It is also a junior partner in the governing coalition with the Socialist Party.
The plan by the left-wing political platform would also require the National Securities Market Commission (CNMV) to create a visual “risk traffic light” system for cryptocurrencies, to be displayed on investor platforms.
Another controversial element is the proposal to classify all cryptocurrencies as attachable assets eligible for seizure. Lawyer Cris Carrascosa said on X that this is unenforceable, especially for tokens like Tether’s USDt (USDT), which cannot be held by regulated custodians under MiCA rules.
Cris Carrascosa explains why the new proposal doesn’t make sense. Source: Cris Carrascosa
In a post on X, economist and tax adviser José Antonio Bravo Mateu denounced the amendments as “useless attacks against Bitcoin,” arguing that the measures misunderstand how decentralized assets work. He noted that Bitcoin held in self-custody cannot be seized or monitored in the same way as traditional financial assets.
“The only thing these measures achieve is to make its holders residing in Spain think about fleeing when BTC rises so high that they no longer care what politicians say,” he warned.
Meanwhile, tax inspectors Juan Faus and José María Gentil have recently suggested creating a special, more favorable tax regime specifically for Bitcoin (BTC). Their proposal allows taxpayers to separate wallets and apply either FIFO (first-in, first-out) or weighted-average methods, with value adjustments when moving assets between wallets to prevent tax gaming.
Spain’s tax agency has been warning crypto holders about taxes for years, sending 328,000 warning notices for taxes on crypto for the 2022 fiscal year in 2023, followed by 620,000 similar notices a year later.
While Spain considers increasing taxes on crypto gains, Japan’s Financial Services Agency (FSA) is pushing for a tax reform that would dramatically reduce the burden on crypto investors.
Instead of taxing crypto earnings as “miscellaneous income” at rates that can reach 55%, Japan aims to apply a flat 20% capital gains tax, bringing digital assets in line with equities and making the country more competitive for traders and businesses.
Market infrastructure provider Deutsche Börse plans to integrate the EURAU euro-pegged stablecoin issued by AllUnity, expanding the exchange group’s digital-asset strategy following earlier ties with Circle’s Euro Coin (EURC) and Societe Generale-Forge’s EUR CoinVertible (EURCV).
According to a Wednesday announcement shared with Cointelegraph, Deutsche Börse plans to integrate EURAU into its financial market infrastructure, starting with institutional custody through its central securities depository arm, Clearstream. The announcement also promised a future “integration of the euro stablecoin across the entire service portfolio.”
This would integrate the stablecoin into a sizable and growing market. According to World Federation of Exchanges data, Deutsche Börse’s domestic equity market capitalization is about $2.23 trillion with 474 listed companies.
The two companies signed a memorandum of understanding, but have not yet shared a specific date for when the new features will go live. AllUnity CEO Alexander Höptner said that the partnership is “making onchain cross-border payments and digital assets accessible to institutional market participants.”
Deutsche Börse Group executive board member Stephanie Eckermann said the “goal is to build a seamless bridge between the established financial world and the future of digital assets.” She added that this partnership is an important part of the effort and that embedding institutional-grade stablecoins allows clients “to confidently explore new possibilities in digital finance.”
Deutsche Börse’s EURAU integration follows its partnership with major stablecoin issuer Circle to adopt its EURC token in late September. Earlier this month, the company also announced that it had partnered with Societe Generale-Forge to integrate its EURCV stablecoin.
With this latest deal, Deutsche Börse appears to be playing the stablecoin game on all fronts, adding EURAU, issued by a German BaFin-licensed e-money institution. This complements EURCV, a bank-tied stablecoin, as Societe Generale-Forge is the blockchain arm of major French multinational bank Societe Generale; EURC comes from a US tech-sector issuer.
While not leading to as many headlines as the United States, the European Union is also making progress in stablecoin adoption following the full introduction of the Markets in Crypto-Assets Regulation (MiCA) framework at the end of 2024. The announcement noted that the partnership “aligns with MiCA” and “represents a tangible step toward digitizing European markets and enhancing settlement and liquidity processes.”
Höptner said, “Europe is taking a global lead in regulated digital finance.”
Still, while picking up speed, stablecoin adoption remains low in Europe. Earlier this month, financial stability experts at the European Central Bank (ECB) said stablecoin-related risks in the euro area were limited due to low adoption and preventative regulation.
Some analyses point to euro stablecoins as a response to concerns that US dollar-backed stablecoins could threaten the European Union’s monetary independence. “Europe should not be dependent on US dollar-denominated stablecoins, which are currently dominating markets,” Pierre Gramegna, the managing director of the European Stability Mechanism, said earlier this month.
The industry is also seeing increasing involvement by local traditional financial players. In mid-October, Franco-German banking group ODDO BHF launched a stablecoin pegged to the euro under the MiCA framework.
In late September, a group of major European banks joined forces to launch a euro-pegged stablecoin under MiCA. The list of nine banks includes Dutch lender ING and Italy’s UniCredit.