- President Macron’s efforts to attract digital asset businesses to France are bearing fruit.
- Circle Internet Financial, Crypto.com, and Binance are making Paris their EU base.
Reports detail the sight of excited attendees of a cryptocurrency conference amid piles of garbage is a peculiar juxtaposition on the streets of Paris in late March. While protests and strikes against President Emmanuel Macron’s proposed increase in the retirement age were taking place in the city, executives in the digital asset industry gathered in a convention center located within the Louvre Palace.
Despite the challenges that the industry has faced over the past year, many attendees at the crypto conference were in high spirits, which seemed to contrast with the troubles that have largely been brought on by the industry itself, according to Bloomberg.
However, Proponents of cryptocurrency celebrate its borderless nature, powered by blockchain technology untethered to any place or central authority.
Nevertheless, the industry has suffered setbacks around the world in the past two years, with China prohibiting most digital assets and Singapore and Dubai implementing stricter regulations. In addition, US authorities have been cracking down on the industry following the chaotic collapse of FTX in November.
The cryptocurrency industry faced several challenges, including regulatory crackdowns and market shrinkage, but President Macron’s support for the sector has encouraged companies like Circle Internet Financial, Crypto.com, and Binance to make Paris their European base. France’s share of venture capital deals in the crypto space has also increased, indicating that Macron’s efforts to attract digital asset businesses are bearing fruit.
Moreover, at the Paris crypto event, which drew approximately 8,500 attendees, Joe Lubin, CEO of ConsenSys, praised Macron’s efforts to establish France as a startup nation.
France is dedicated to the advancement of the sector. Officials Senator Hervé Maurey and Banque de France Governor Francois Villeroy responded to FTX’s collapse by establishing stricter regulations. New French laws mandate disclosure in areas like pricing policies, conflicts of interest, and customer deposit segregation. These laws are an interim step before EU-wide regulations are implemented.