We are happy to present the June 2025 edition of our monthly newsletter, produced by the Adan team. Discover a summary of the latest news and important events you won’t want to miss.

On 23 May, the French Financial Markets Authority (AMF) issued the first Crypto-Asset Service Provider (CASP) authorisation under the MiCA Regulation.

Adan enthusiastically welcomes this announcement, which finally gives substance to the work carried out by the French ecosystem over many months and contributes to confidence in the crypto-assets sector.

This authorisation marks a starting point: it is now up to the AMF to confirm its commitment to supporting players in the ecosystem by granting authorisations to the many service providers concerned, in order to strengthen France’s attractiveness and competitiveness in Europe.

In line with its role, Adan is fully committed to working with players based in France in particular, to represent their views to the relevant authorities and to maintain an ongoing and constructive dialogue with them, in the interests of the crypto and web3 ecosystem and French competitiveness.

Since early April, Adan has been in regular dialogue with the French Financial Markets Authority (AMF) on the operational implementation of the MiCA Regulation and the granting of the first PSCA approvals.

We met with the AMF on 2 April and 19 May and agreed to hold monthly meetings until September to support ecosystem players during this crucial phase.

During these discussions, we:

• emphasised the urgent need for an accelerated process for CASPs that are already registered;
• pointed out operational obstacles, such as the lack of clarity surrounding the requirements for the completeness of applications, the segregation of funds and the management of conflicts of interest;
• raised the issue of the absence of precise definitions, particularly with regard to sub-custody.

We remain committed to advocating for a pragmatic and operational framework that will ensure the rapid and consistent implementation of MiCA in France.

On 17 May, the European Data Protection Board (EDPB) published its new guidelines 02/2025 on the application of the GDPR to public blockchains.

In their current form, these guidelines set out an extremely rigid framework:

• prohibition of personal data ‘on-chain’;
• requirement for complete data erasure;
• joint responsibility of actors within public networks.

Such a framework would render most open blockchain projects virtually inoperable in Europe.

At Adan, we fully support the protection of fundamental rights. However, we caution against an overly formalistic interpretation of the GDPR that fails to take into account the technical and functional specificities of these technologies. Such an approach risks saving a digital infrastructure that is essential for Europe.

We advocate an alternative approach that is demanding but realistic, respectful of individual rights without sacrificing decentralised innovation.

On Tuesday, 20 May 2025, Adan was received by Senator Patrice Joly, SER of Nièvre, for an in-depth discussion on the challenges of blockchain, cryptocurrencies and Web 3.

The senator was particularly attentive to the specific technological features and challenges facing our sector, taking the opportunity to temper the alarmist rhetoric that has prevailed in the Senate since the tabling of the ‘drug trafficking’ bill.

We were able to outline the potential benefits of these innovations while reiterating the need for an appropriate regulatory framework to ensure user safety and trust.

Very concerned about tax issues, Patrice Joly expressed his desire to act as a liaison with his colleagues during the examination of the next finance bill, in order to promote some of our proposals on the taxation and treatment of crypto-actifs.

As vice-chair of the commission of inquiry into financial crime, which is due to hear Bruno Retailleau, Amélie de Montchalin and Gérald Darmanin in the near future, Senator Joly asked to be briefed in advance on the security issues at stake.

On Monday, 2 June, the first meeting of the Cyber Committee was held, the result of our partnership with the League for Web3 Security (LSW3). This new working group aims to become a permanent forum for coordination on security issues in Web3.

Among the first topics explored were CASP cyber requirements, security in DeFi, insurance, digital identity, and compliance tools. The goal is to develop concrete recommendations, pool expertise, and promote a high level of security among public authorities and industry players.

We are pleased to welcome Raphaël, a student at ESCP Business School, who will be joining us for the next few months to contribute to the Association’s efforts.

Specialising in finance, strategy and international markets, Raphaël is involved in several student associations active in the fields of finance and blockchain.

He is particularly interested in issues at the intersection of technological innovation and financial regulation.

We are delighted to welcome him to the team and to benefit from his skills and his committed perspective on our sector.

We are delighted to announce our partnership with the Proof of Talk conference, which will take place on 10 and 11 June 2025 at the Musée des Arts Décoratifs in the Palais du Louvre in Paris.

This unmissable event will offer you the opportunity to meet leading figures in the sector and discover the latest advances in blockchain and Web3.

The Mastercard for Fintechs programme is back for a second edition

This Fintech support programme, structured around a competition, is back in Paris, Madrid and Milan. The prize includes access to the Mastercard Start Path acceleration programme, mentoring sessions with experts and founders from the ecosystem, and marketing support estimated at €100,000.

Open to pre-seed, seed and Series A Fintechs, the programme is based on three key pillars:

• The organisation of events across Europe, bringing together Fintechs and key industry partners
• A competition to identify the most innovative Fintechs on the market
• Access to exclusive training resources

Applications are now open for the France & BeLux Competition, which will take place on 18 September 2025 in Paris.

Don’t hesitate to apply for this second edition and benefit from networking opportunities, visibility and international funding.

Applications for the French, Belgian and Luxembourg markets are open until 18 July 2025.

On Friday 16 May, Adan was invited to the Place Beauvau by the Minister of the Interior, Bruno Retailleau, for an unprecedented meeting bringing together representatives from the crypto-asset sector. In light of the rise in attacks targeting Web3 entrepreneurs and their families, the stated objective is clear: to build a coordinated response to the emergence of a new form of organised crime.

During this meeting, several immediate measures were announced:

• Priority access to the emergency number 17 for executives identified as being at risk
• Home security consultations by law enforcement agencies
• Security briefings provided by elite units (GIGN, RAID, BRI)
• Launch of a national action plan coordinated by ComCyberMI.

The Adan has continued this momentum by ensuring operational follow-up with the relevant services as of this week. Direct exchanges with law enforcement agencies are underway and planned for the future to organise initial consultations and gather information to enable effective intervention.

This mobilisation is part of broader efforts at the government and parliamentary level, which we will continue alongside the elected officials and administrations concerned.

It is our understanding that the long-awaited no-action letter on PSD2 by the European Banking Authority (EBA) should be published very soon, as stated by the EBA’s official leading this work to some industry players.The letter will clarify the interplay between MICA and PSD2 regarding services with E-money Tokens (EMTs).While we lack further details, it is our understanding that:

• Transfers: All EMT transfers are to be treated as payments as long as there is a CASP acting as an intermediary (trading and exchange of EMTs for crypto are not deemed payments), including first-party transfers between CASPs, as well as between CASPs and self-custody wallets, where the clear purpose is crypto-asset custody or trading – that is, MiCA-regulated CASP services.
• License: Grace period only until 31 October 2025 after which NCAs should ensure entities have a PSP license or work with an agent if they offer payment services (aka any transfer of EMTs which is not for trading or investments).
• SCA requirements’ grace period “until 30 April 2025” which is today so doesn’t make much sense if the letter comes out after, so maybe it’s a typo in the draft.
• Custody: While we lack information regarding stance towards custody, in previous discussions with EBA, they seemed to adopt a similar approach to custody as with traditional e-money.

• Cede Labs: Cede Labs is hiring (a lot) to support its exponential growth.
  Read more

• Fipto: Streamline crypto and fiat settlements with batch payments.
  Read more

• Keyrock: We have set up a free weekly market update every Monday morning, available on Telegram.
  En savoir plus

• Mithras Labs / Paladin: Paladin is rebranding to Trevee.
  Read more

• Next Generation: Next Generation Secures $5 Million in Seed Funding to Pioneer Blockchain-Powered B2B Payment Ecosystem.
  Read more

• Société Générale-FORGE: In the heart of Paris, at the Ministry of Economy and Finance, industry experts gathered for the Société Générale-FORGE Blockchain event, held during the 6th edition of Paris Blockchain Week.
  Read more

• SwissBorg: SwissBorg users can now trade Hyperliquid-native assets, including the $HYPE token, directly from fiat currencies like EUR, GBP, and CHF in a single, one-tap transaction. With more users wanting to have direct access to DeFi without the complexity of bridges, wallets, and gas fees, SwissBorg stands at the emergence of a new standard: regulated platforms with simple access to decentralised markets.

• XRPL Commons: 🚀 XRPL Core Dev Bootcamp – 11-25 July, Paris
  Calling all intermediate and advanced C++ developers! Join XRPL Commons’ first-ever in-person bootcamp to master XRPL core development, earn certification, and gain access to exclusive job opportunities. Only 20 spots available!
  Read more

Arion is a consulting and training firm specialising in emerging technology regulation. We support crypto players and, more broadly, regulated finance players with their compliance, regulatory strategy and innovation challenges. Our expertise covers MiCA, AML6 and the AI Act regulations, among others.

Freelance DAF specialising in tech & web3.

At Next Generation, we are building a payment platform where money moves instantly, securely and without unnecessary costs.

Our integrated platform combines blockchain technology, a dedicated IBAN and a digital wallet, offering institutions, businesses and markets a reliable solution for fast transactions at the lowest costs, in full compliance with current regulatory requirements.

Relai supports the new generation of long-term investors by offering them a simple and secure way to save in Bitcoin through an intuitive and autonomous wallet.

We develop international payment solutions for businesses via blockchain and stablecoins.