What is the role of the French government in regulating the blockchain industry?

Whether we like it or not, and regardless of the country in which we live, the government plays an important role in the development of businesses. This is especially true in the blockchain and cryptocurrency industry, which has generated a lot of controversy and is still struggling to become mainstream. This topic was widely discussed during Binance Blockchain Week which took place in Paris last week. Exclusively, Tremplin.io brings you the reflections of the experts.

With the blockchain, the future is already here

David Princay (Country Manager of Binance France), Stéphanie Cabossioras (Legal Director of Binance France), Faustine Fleuret (President of Adan), Alain Clot (Founding President of France FinTech) and Pierre Person (Former Member of the National Assembly French) intervened during a debate on the theme: ” The French example: How is France paving the way for the blockchain ecosystem? “.

This exchange highlighted the urgency for companies in the blockchain space to make governments understand the challenges of this new technology. The objective is for the public authorities to be able to support them with a view to promoting its emergence. Indeed, according to these professionals, “the future is already here”. To support their remarks on the need to anticipate the mass adoption of blockchain, they cited the example of the Internet and mobile phones, which were initially poorly received by the masses. Arguing that today we spend a lot of time on the Internet, between social networks and online video games.

For them, the blockchain is a revolutionary technology that has the potential to generate colossal added value. Therefore, governments must step up and take the plunge. This is an opportunity for administrations and businesses to establish themselves as innovation leaders.

Adopting blockchain in France to shape the champions of tomorrow

Ledger and Sorare are two French unicorns who managed to establish itself internationally in this very competitive market. France and all countries must multiply this type of success stories. This notably involves the regulation of new uses induced by the blockchain. Indeed, whether for DeFi or other segments of this industry, it is essential to create a framework for all companies. That said, according to our experts, it is all the more important to find a balance that can satisfy all the players in the ecosystem.

To do this, public authorities can count on the support of companies active in the area. Indeed, to achieve the best results, regulators must have access to the right information. This methodology has served well for the regulation of digital assets. Now, there is talk of transposing it to DeFi and NFTs.

What about MiCA regulations?

The European ecosystem developing at a breakneck pace, regulation becomes unavoidable. According to Stéphanie Cabossioras, regulation is the key to build consumer confidenceand without it, mass adoption is not possible. Indeed, regulation is essential to protect investors. This is why companies in the sector must prepare for the application of the MiCA law.

In addition, this will certainly allow promote the development of skills and the competitiveness of its actors. In reality, regulation should be seen as an opportunity to stimulate innovation. Moreover, MiCA is very advantageous for French companies who can use it as a passport at European level to offer their services in other countries on the continent.

For his part, Pierre Person argued that while theoretically regulations are intended to protect consumers from abuse, they should not, however, be used to maintain the monopoly of banks. In addition, he believes that the Web3 cannot be framed in the same way as traditional finance establishments. Indeed, it is necessary to rethink the rules and adapt them to the criteria of this new economic era.

According to Faustine Fleuret, there is a major challenge regarding the impact of cryptocurrencies on the environment. Energy consumption is one of the arguments often used to denigrate digital assets. This is why she thinks it necessary to do a solid job of education upstream. This will make it possible to change perceptions and provide a relevant response to the concerns of regulators.

France has been very avant-garde in defining the regulatory framework applicable to cryptocurrencies. His work has notably served as a reference for the European MiCA regulation. Today, it has the opportunity to further distinguish itself by initiating reflection on the regulation of decentralized finance. Also, the country is likely to hatch a multitude of unicorns. Join the dynamics of the French way! Have confidence in France! It will help you become the champions of tomorrow.

Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of newsletter daily and weekly so you don’t miss any of the essential Tremplin.io!

Similar Posts