France is an important market where cryptos tend to develop. In recent months, he has remained very dynamic. In one year, the number of crypto platforms operating in the country has increased significantly. A situation whose repercussions are observable in terms of alternative methods of conflict resolution.
Crypto mediation cases increased by a quarter in one year
Mediation procedures relating to cryptos have seen a remarkable rise in France. This is revealed by the Financial Markets Authority (AMF), the public institution responsible for regulating the financial markets and protecting investors.
The AMF’s annual activity report for the 2022 financial year, published recently, devotes a section to the figures concerning digital assets. These show that the total number of requests sent to the AMF for mediation concerning cryptos has risen to 54.
This figure was 44 in 2021. Year-on-year, this trend represents an increase of 22.73%. This is almost a quarter of the total requests sent to the AMF over the period. A set of which only 17 files were admissible by the institution in 2022, against only 6 the previous year.
According to the AMF, two reasons explain this upward momentum. The first particularly concerns the ups and downs experienced by the crypto market in 2022. Fluctuations punctuated by the spectacular sinking of major crypto firms such as FTX or Terra Luna.
The second element that weighed heavily in this dynamic is the significant increase in crypto platforms operating in France. According to the AMF, their total has doubled in one year. Thus, the number of registered digital asset service providers (PSAN) increased to 59 in 2022. It was 28 the year before.
The regulator notes with relevance that the registration of a PSAN was the sine qua non condition, making its intervention possible. In addition, the institution clarified the reasons for the crypto disputes brought before its instance.
Essentially, these concerned “disappointments related to stablecoinsinterest generated by immobilization or digital asset lending operations (staking, crypto-lending)”.
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