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The future of the French crypto sector lies between attractiveness and credibility
- At the Crypto: what is at stake? event held on Wednesday 3 November in Bercy, the exchange platform Binance announced the launch of Objectif Lune in France. Adan welcomes the positive impact of this €100 million project for the country as it will contribute to the training of talent and job creation, while stimulating investment in the ecosystem.
- While this initiative reaffirms France’s attractiveness in the field of crypto-assets, Adan recalled the need to politically support French companies in the face of the multiple obstacles to growth that they encounter.
- Adan insists on the need for a uniform application of the current rules through, among other things, a reinforced control aimed at preserving the credibility of the regime put in place by France.
Paris, 05 November 2021 – On Wednesday 3 November, the Association for the Development of Digital Assets (Adan) was associated with the Crypto: what is at stake? event organised by France FinTech and the Ministry of the Economy, Finance and Recovery on the occasion of the visit to France of Changpeng Zhao, Chairman and CEO of Binance. Faustine Fleuret, President and CEO of Adan, presented the dynamism and prospects of the French industry in an exchange with Oliver Yates (CEO of Sheeldmarkets) and Sarah-Diane Eck (founder of Lum Network).
A dialogue was then held between the Secretary of State for Digital Transition and Communications, Mr Cédric O, and the CEO of Binance, Changpeng Zhao, during which the latter announced his desire to establish his company in France thanks to the launch of Objectif Lune. Adan welcomes the positive spin-offs that the French ecosystem can expect from this initiative supported by an investment of 100 million euros.
Once again, this announcement demonstrates the potential of crypto-assets for the economy. In a highly competitive context, the opportunity to establish the conditions for innovation at the local level is salutary. In this respect, the impact of the proposed project in terms of training, research funding and jobs seems promising. Moreover, the interest in France of a foreign player of international stature testifies to the indisputable attractiveness of our ecosystem and our market. The establishment, three years ago, of a complete and stable regulatory framework is a major asset that offers companies clarity and confidence.
In this respect, Faustine Fleuret recalled that to date, French regulations have been taken into account by many actors:
“The regulatory framework in force in France was designed with good intention: to restore confidence and structure a safe market. French crypto players are complying with it. If we analyse the AMF’s white list, we realise that twenty-three of the twenty-five digital asset service providers (DASPs) that have obtained registration are French companies. It is therefore important to stress that our industry is playing the game.”
Beyond French companies, this regime has already attracted foreign players who have complied with PSAN registration from 2020.
The conditions for fair competition should now be generalised through enhanced monitoring:
“It remains difficult for players to obtain the benefits and counterparts of registration in France. [Until it is registered, a company cannot, in theory, offer its services to domestic customers. This is problematic because, to date, we do not ensure a level playing field between players offering and promoting their services to the French public. We have regulated companies, which have the right to promote their services to the French public, and others that are not regulated but still offer their services on the national market.”
In line with the ambition of the current regime, Adan therefore encourages all stakeholders – national and international companies and public authorities – to work towards and support the development of a safe and innovative ecosystem in France.
Adan (Association for the Development of Digital Assets) is a non-profit bringing together and representing digital assets and blockchain professionals in France and Europe. Adan’s members cover a wide range of activities: digital asset markets, custody, payments, investment management, blockchain analysis tools, support for crypto/blockchain projects, IT security, etc. Adan’s mission is to promote the development of the crypto-assets industry in favour of a new digital economy.
Faustine Fleuret, President and CEO – [email protected]
Mélodie Ambroise, Strategy and Institutional Relations Director – [email protected]
Website : https://adan.eu
Twitter : @adan_asso