France turns out to be an increasing global leader in the crypto sector, and this is also thanks to favorable policies led by President, Emmanuel Macron.
Summary
Emmanuel Macron and France’s favorable policies for the crypto sector
The President of France, Emmanuel Macron, is leading the country with favorable policies for the crypto sector.
Indeed, Binance, Crypto.com, Circle, and other cryptocurrency giants have chosen Paris as their European base precisely because of the regulatory framework. Not only that, Ledger, the company behind the industry’s most popular hardware crypto-wallet that hosts 20% of crypto, was born in the country and seems unwilling to move.
In this regard, President Macron seems to be a big supporter of the industry part of Web3.
🔴 EXCLUSIF@EmmanuelMacron a accepté de répondre aux questions de @TheBigWhale_ sur le numérique, le Web3 et l'innovation.
C'est LA grande interview Tech du candidat.
A lire ici 👉 https://t.co/EApV5Behwt pic.twitter.com/8CcxVgWfDj
— The Big Whale 🐳 (@TheBigWhale_) April 21, 2022
Last year, in his exclusive interview, Macron had stated the following:
“Web3 represents a necessity and an opportunity that should not be missed. France and Europe must be the leaders of the future generations of the web. France has the resources and the talent to make it happen.”
Not only that, in a press conference on 17 March 2022, Macron had also raised the idea of a “European metaverse” for the first time and advocated cultural and informational independence through the adoption of NFTs.
Emmanuel Macron and the reception of crypto giants in France
Emmanuel Macron has been president in France since 2017, five years. During his tenure, crypto giants such as Binance, Crypto.com, and Circle have approached the country and chosen it to be their European base.
And indeed, already last year, Crypto.com announced its expansion into France. During this past year, Binance has also deepened its relationship with the country, which seems to have won over its CEO Changpeng CZ Zhao, who has called Paris the financial hub of crypto in Europe.
Not surprisingly, from 14 to 16 September 2022, there was Binance Blockchain Week precisely in Paris, with the central theme of the debate being the role of France and Europe in the digital revolution, especially in the blockchain and crypto sector.
Paris then hosted other events such as the famous Paris Blockchain Week, the leading international conference dedicated to professionals in the blockchain and Web3 space, hosted at the Carrousel du Louvre from March 20-24 this year.
In addition to Crypto.com and Binance, Circle has also recently expressed its desire to expand in France. A few days ago, Circle announced that it has applied to become an authorized electronic money institution in the country and a registered Digital Asset Service Provider (DASP).
In doing so, the stablecoin company is establishing a European business base in Paris, while the staff will remain in offices in Dublin and London for UK operations.
France is ready for regulation of the crypto world
There is actually already a crypto regulation bill in France that has already been approved by French lawmakers, awaiting only Macron’s signature to become law.
Among the provisions of the crypto regulation are the requirement for cryptocurrency companies to register with the AMF (Autorité des Marchés Financiers). This will enable the AMF to monitor companies’ activities more closely and take action against those involved in illegal and unethical practices.
Not only that, crypto companies should implement strict KYC and AML procedures. This would help prevent criminals from using cryptocurrencies to launder money or fund terrorist activities.
The French approach to crypto regulation is designed to ensure that these companies operate responsibly, transparently, while promoting innovation and competition among digital assets.
