Proposal: non-profit fighting for sound crypto regulation – Adan thanks the whole Cosmos community for their crucial support ⚛️
In January 2020, our founding members came together to create Adan (Association for the development of crypto-assets), the first professional association in France aiming to carry a single strong voice representing the crypto-asset sector to French decision makers and institutions.
Our association, which operates democratically and is native to the sector, aims at:
- Promoting the growth of the industry and support the companies in the sector;
- Building and clarifying national and European regulations;
- Building healthy relationships with economic actors and institutions; and
- Promoting a better understanding of the crypto-blockchain universe.
However, given the increasing regulatory issues at European level – in particular with the presentation of the digital finance package and the AML-CFT package, which include MiCA and TFR regulations – Adan had to redouble its efforts to make the industry’s voice heard by the EU institutions. Fighting against the POW ban, the restriction of DeFi applications, inadequate requirements for NFTs and the application of unadapted rules to non-custodial wallets, Adan was able to obtain more pragmatic texts than what could be feared and to avoid inappropriate provisions that would be detrimental to businesses of our players.
MiCA and TFR are only the genesis blocks of a regulatory framework that will be largely completed in the future. As a result, Adan has decided to strengthen its efforts in the European Union and to do so needs to hire a person dedicated to these issues.
To this end, the Association has approached the Cosmos community with the objective of raising funds to support its development in Europe through the recruitment of a European Affairs Manager.
Like many blockchains networks, the Cosmos infrastructure has a governance mechanism that allows anyone to submit a project to ATOM token holders and raise funds from the community pool. Thus, the Association deployed – on October 24, 2022 – an “on-chain proposal” on the Cosmos blockchain. While this proposal is not intended to directly enable the development of an infrastructure on Cosmos, it is clear that unadapted regulations – especially of DeFi and NFTs – would affect the growth of the entire sector, including the Cosmos ecosystem.
During the 14-day voting period, participants overwhelmingly and favourably voted for our proposal, which received about 71% positive votes out of a total of 33,791 voters. Thus, at the close of the vote – on 7 November 2022 at 9.45 pm – the Association had collected 8,000 ATOM, the equivalent of approximately 100,000 USD on the same date.
The contribution granted by the Cosmos chain is a key factor for the structuration and development of the crypto industry in Europe. The operational office, the administrators and the members of the Association would like to express their most sincere thanks to the Cosmos community. Adan is committed to using the funds raised wisely and to recruiting a European Affairs Officer.
Acknowledging the trust placed in us by the Cosmos community, the operational office of the Association undertakes to send bi-annual reports to the Cosmos community highlighting the progress of our European missions.
Adan remains available for any question at any time.
Adan’s Core Team.