March 2022 Newsletter
This month of February crowned a long-term undertaking, carried by the Association for nearly 6 months, and highly anticipated by both the crypto sector and the institutional world. On February 14, during a large conference organized at Bercy, we finally unveiled our major study “Crypto in France: structuring of the sector and public adoption”. Carried out by KPMG, this study (quantitative and qualitative) has a double objective: to better dimension the crypto-asset sector and the prospects (in terms of growth, jobs, etc.) carried by its companies; to understand the positioning of French people regarding crypo-assets innovation.
It illustrates, with multiple figures to support it, the scale and dynamism of the French crypto ecosystem. A few to make you want to read on: 8% of French people holding cryptos today; 30% are considering acquiring some soon; 18.4% for whom it is even a subject that could influence their choice for the April election, 18.4% who are ready to leave their bank for another one offering them crypto services, 19% who believe that cryptos will replace traditional currencies… And unfortunately, only 4% who think that France is sufficiently supportive of the development of its industry. This echoes the issues raised by the entrepreneurs surveyed, and thus the proposals made by Adan in its manifesto to the presidential candidates of 2022. There is still a long way to go, but we hope that awareness is finally being raised.
However, the joy of this fine achievement has been dulled by the tragic events that have sadly closed this month of February. We associate our immense sorrow and dismay with the Ukrainian and Russian peoples. The crypto sector has shown its solidarity and its willingness to help the affected populations. In this context, we dress a list of their initiatives (at French, European and international levels). This list is non-exhaustive but is meant to be as well documented as possible, which is why any additional information will be welcome: do not hesitate to let us know more.
Some good news in this dark sky: we welcome our new project manager Benoît Preau to the team for the next six months. Benoît will accompany Mélodie and Jules in their respective missions. Welcome to him! As to our twelve new members, bringing the number of members of the Association to 120. Thank you all for your trust and support for our missions.
Crypto Finance Forum: partnerships open
Partnerships for our Crypto Finance Forum 2022 are now open to all companies. The second edition of our event will take place on July 18th at the Maison de la Mutualité in Paris. If you wish to support this event by becoming a partner, and to know all the modalities, you can contact us at the following address: [email protected].
|Participation to TimeTodecrypt
|Adan will be a partner of the TimeTodecrypt event to be held at the Grand Rex on April 26. This conference is dedicated to both beginners and insiders. Faustine Fleuret, President and CEO of the association, will speak on the “Regulation and Regulation” round table with Sarah Compani from the law firm Kramer Levin and Mr. Pierre Person, Deputy of Paris.
Crypto in France: structuring the sector and adoption by the general public
At the beginning of 2022, the Association for the Development of Digital Assets unveils its groundbreaking study. Carried out by KPMG France, it is divided into two parts. The first offers: an inventory of the crypto sector in France and projections for the economic opportunities associated with the development of this industry. The second measures the level of adoption of cryptos within the French population (adults), and the growth prospects in this area. In light of the results of this study, it is essential that public decision-makers and institutional players grasp the challenge of establishing France as the future crypto stronghold.
On 14 February, Adan presented the conclusions of its study at a major conference organised at the Ministry of the Economy, Finance and Recovery, in the presence and with the participation of Cédric O, Secretary for Digital Transition and Electronic Communications. Adan would like to thank once again the partners who made the production and publication of this study possible: Bpifrance, the Blockchain and B2B platforms chair at Ecole Polytechnique, the Caisse des dépôts, Coinhouse, Cryptoast, Ledger, Nomadic Labs and Sesterce.
Prohibition of proof-of-work in Europe: an inappropriate response to legitimate questions
In this paper, Adan demonstrates why a ban or excessive restrictions on POW protocols in Europe would be inappropriate and deleterious. A ban or inappropriate restrictions on POW will significantly affect Europe’s competitiveness, not only in the mining sector but in the digital domain as a whole. Crypto-asset players, aware that the ecological transition is a major challenge for our society, are already engaged (and are ready to be more so) in several initiatives (individual or collective) to reduce their impact on the climate and contribute to improving the energy efficiency of the global economy. It is necessary to understand the real challenges and opportunities of these consensus systems in terms of sustainable development. POW networks are an underestimated way to take advantage of energy waste in the EU. A strict ban on proof of work or inappropriate restrictions would be at best counterproductive, at worst impossible. Rather than a holistic approach, banning or limiting POW protocols through inappropriate rules should be seen as a violation of the principle of technological neutrality.
- At the French level, Adan provided its recommendations on the draft AML/CFT questionnaire prepared by the ACPR for the attention of the PSANs.
- [AML-FT] At the European level, the relative debates around the reform of the fight against money laundering and terrorist financing are still under discussion between the different European bodies. The Travel Rule (traceability of crypto transfers) is a subject that has a particular impact on the DASP profession and is being implemented particularly quickly. In this respect, Adan is meeting with European parliamentarians to explain the problems linked to a too hasty introduction of the Travel Rule in Europe for service providers, both for reasons of cybersecurity, data protection and strategic autonomy.
- [MiCA] In recent weeks, debates in the European Parliament have intensified. Relatively new topics, notably the fate of proof-of-work protocols and the treatment of NFTs, are entering the home stretch towards the adoption of a compromise. The postponement of the vote in the ECON Committee, initially scheduled for 28 February, is a sign of the sensitivity of certain issues. In this context, Adan remains vigilant and continues to take part in the debates in a constructive manner. In particular, the Association wished to contribute to the concerns around mining and its environmental impact: find above our position against the Proof-of-Work ban and our alternative recommendations.
- [NFT] Non-fungible tokens remain a hot topic, and have been for many months. This certainly explains the launch of a mission by the Ministry of Culture on this subject, entrusted to the Conseil supérieur de la propriété littéraire et artistique. Adan was heard in the framework of this mission.
- [Presidential 2022] Adan continues to promote the proposals of its manifesto in favour of the development of the French crypto sector to the presidential candidates and their teams in the April elections.
- In the context of the imminent start of the European trialogue on MiCA, PSANs are preparing for the arrival of this harmonised regime. For the profession, the challenge is multiple: to understand the outline and especially the new obligations that concern it (in relation to the PSAN framework), and to anticipate their compliance. On this second point, the Association affirms the need to introduce a facilitated procedure for PSANs already in compliance with MiCA. The Association is working closely with the French authorities on these two issues.
- In February, the list of registered DASP passed the threshold of the 30th registered provider. Congratulations to Kriptown!
During the month of February, Adan took part in several events:
- Participation in the radio programme “Eco d’ici eco d’ailleurs” on RFI on Thursday 3 February;
- Speech at X-Finance “State of play of the crypto ecosystem, challenges for bankers” on Thursday 3 February;
- Intervention at ODDO BHF for a “Update on the regulatory evolution of crypto-assets” on Friday 4 February;
- Crossed views with Pierre Person during the “Collection & Litigation 2022” conference on Friday 4 February;
- Participation in the “Blockchain Stampede” hackathon at the Village by Crédit Agricole on Wednesday 9 February;
- Speech at the Intellectual Property Forum on Thursday 10 February;
- Intervention in the BFM Bourse program on BFM Business to promote the study “La crypto en France” on Tuesday, February 15;
- Interview in the Parisien article “Un tiers des Français envisage d’investir dans les cryptomonnaies” on Tuesday 15 February following the publication of the study “Crypto in France“.
News form members
- Bitstack : We are now registered with the AMF as a Digital Asset Service Provider (DAP). More information
- Chainalysis : Chainalysis launches Cross-Chain Graphing, enabling compliance officers and law enforcement to view cross-chain activity on a single graph.
- ComptaCrypto : Pre-registration opens for the beta version of our application designed specifically for tax and accounting reporting for cryptocurrency professionals. Read more
- Kaiko : Kaiko launches its 2022 ranking of crypto-currency exchanges Read more
- Kryll : Implementation of our new offer “The Gift” to allow all new users to test the Kryll.io platform for free, the launch of our Lives twitch for the 4 years anniversary of Kryll.io.
- LYNCAS : LYNCAS is pleased to support and contribute to the 2022 edition of the Crypto Finance Forum, on 18 July at the Maison de la Mutualité in Paris
- Mon Livret C : Mon Livret C is intensifying its recruitment and this month welcomes two new Growth and Business Development profiles. New positions (IT, Compliance, Marketing…) will be open soon, so stay tuned to our news! Read more
- Nomadic Labs : Tezos new Blockchain partner of Manchester United Read more
- Retreeb : Retreeb has entered the TOP500 marketcap and even more temporarily the TOP400. Read more
- Scorechain : Scorechain now covers the BNB Smart Chain (BSC) blockchain and BEP20 tokens in its cryptocurrency transactional analysis and risk management solution. This new product allows users to identify risky transactions and track transaction flows with the most powerful tools on the market to comply with AML/CFT regulatory requirements for assets managed in the BSC. Read more
- We fundia & Re fundia : We fundia at B SMART to talk about Cryptos and the Tokenisation of the economy. On the SmartTech stage, Eric – CEO of We fundia & Re fundia – talks about the development of Crypto assets and the interest of tokenising corporate assets (bonds, receivables, carbon credits, …) in the form of NFT to facilitate sustainable financing. Watch the replay (link) Read More
Since the beginning of February, we have welcomed 12 new members, welcome to them!
1212Capital : Family Office dedicated to high net worth clients from the world of Sports & Entertainment. The company offers wealth management strategies adapted to the needs of their clients;
Bitstack : Application allowing to save small change in bitcoin. Customers also have the option of scheduling their post-purchase conversions in advance;
ComptaCrypto : A tool designed for tax and accounting reporting for professional crypto traders;
Dowgo sas : Decentralised investment fund, fighting for the preservation of the environment. The company’s objective is to accompany its clients towards carbon neutrality;
Dune : Law firm specialising in legal support in a wide range of areas of expertise, from employment law to trademark law and business law;
Earn crypto legal experts : a firm of chartered accountants and auditors. Earn offers services to entrepreneurs ranging from coaching to cash flow forecasting, including accounting updates;
GV Paris Avocats : Law firm specialising in taxation of crypto assets. GV Paris Avocats assists their clients in the tax management of their projects (investment, fund raising, mining etc);
Kryll : Platform allowing the creation of automatic and active trading strategies 24 hours a day;
LMW Law : Law firm specialised in innovation: IP/IT, Tax, corporate. LMW Laws provides legal advice for innovative players;
MS Conseil : Accounting and auditing firm;
Rondot Eychene Freminville : Law firm specialised in business and digital litigation;
Tobam : Asset management company that advocates diversification and has developed its own quantitative tools. Tobam has an international presence and manages more than 10 billion dollars of assets.