“MiCA is a unique opportunity to impose France in the global cryptocurrency landscape and strengthen Paris’ place”. At the end of the conference on European blockchain and cryptocurrency rules for the securities industry, organized by the French Association of Securities Professionals (AFTI), Deputy Director for Corporate Finance and Financial Markets to General. The Treasury Department Pierre Chabrol spoke very clearly about France’s ambitions.
the regulations are partly inspired by France
MiCA Regulation (Crypto asset markets), which is currently being discussed in the European Parliament, should regulate cryptocurrencies at EU level. It has three main objectives: to regulate market players by creating a European Statute for Digital Asset Providers (PSANs), to protect investors and ensure financial and monetary stability, and to combat money laundering. At the moment, its entry into force is scheduled for the end of 2023 – beginning of 2024.
Pierre Chabrol summed up the French position with a delicate balance between “Confirmed support for innovation”, risk management and fair competition between players in the sector. The fact is that French rules inspired this European text “International pioneer“In particular, regarding the status of PSAN, this, according to the official, is an opportunity to increase the attractiveness of the Paris financial services market.
use “pilot mode” for experiments
Another piece of legislation being adopted at European level, the “pilot scheme for a blockchain-based market infrastructure”, is the second lever France is counting on to boost its ecosystem. This text, which aims to create a transitional regulatory framework for testing the use of blockchain technologies in market infrastructures, is due to enter into force at the end of 2022. It complements MICA, which excludes decentralized finance from its scope.
“France has been fighting hard to get a pilot scheme“, Said Pierre Chabrol. “It is an interesting opportunity to initiate experiments that can reach the level of industrial development, within a safe framework. This is a very important stage. We are ready to support interested players in project development. We can get a significant comparative advantage. from them”he explained.
assets to assert themselves
After Brexit, France spared no effort to raise capital and financial companies. “Several tens of billions of euros were repatriated to Paris”said the Deputy Director of GDT, who wishes “Make Paris the capital of innovation in cryptocurrencies and decentralized finance”.
To do this, he is counting on “existence of a talent reserve” in mathematics and quantitative finance at the poles of Paris-Saclé and the Sorbonne; on “Diversification of market players”, who for some time welcomed hedge funds that were not represented in Paris (such as the Citadel and the Millennium); and on “Dynamism of French entrepreneurship in fintech and cryptocurrencies”like the unicorns Sorare and Ledger. According to him, these assets should “Allow Paris to assert itself in the field of cryptocurrencies”.