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1st March 2023 > > France!


France is fast becoming a world leader in crypto regulation and crypto adoption.

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BTC is attempting another push at $24k though my expectation is we stay very range bound as the population of weaker hands who bought during 2022 continue to provide selling pressure at these levels.

Curious Cryptos’ Commentary – France

The French National Assembly and the Senate have both passed a new bill relating to regulation of crypto currency service providers in France:

Regular readers might be surprised to read this as we were all expecting and hoping that the EU’s flagship – and world leading – crypto legislation MiCA (Markets in Crypto Assets) would soon be up and running.

The final vote on MiCA has been delayed a second time, again for “translation issues”, a subject that the EU bureaucrats really should be on top of by now. Implementation of MiCA is expected in 2024 now rather than 2023, a huge disappointment to all of us.

France has therefore decided to take the lead and implement interim legislation until such a time that MiCA is operational. And the scope of this new law looks eminently reasonable. According to CoinTelegraph:

“… the new law would oblige France-based cryptocurrency service providers to comply with stricter anti-money laundering rules, show that customer funds are segregated, adhere to new guidelines on reporting to regulators and provide more detailed risk and conflict of interest disclosures as a means to strengthen consumer protection.”

Note that this will apply to new service providers. The sixty or so who have already registered with the AMF (Financial Markets Authority) in France remain compliant under the old regime.

This positive approach to crypto regulation in France and the EU contrasts sharply with the foot-dragging we see in the US and the UK. A lesson there for our own civil servants and the bureaucracy they have built around themselves – you can get things done quickly if you really wanted to.

Curious Cryptos’ Commentary – France again

The benefits of a clear regulatory regime that fosters innovation and development are on show in France.

Binance, a centralised cryptocurrency exchange licensed under the old French rules, recently announced:

“Crypto payments just got easier in France. We've recently partnered with @ingenico, a global payment solutions provider, to enable users to pay in crypto through #Binance Pay.

Another milestone for global crypto adoption.”

Though this pilot is limited in scope and ambition to begin with – the only two merchants in the program are Le Carlie and Miss Opéra – there are plans to roll out across several other EU countries.

Of interest, for now the merchant receives payments in cryptos, not an immediate exchange into fiat, though that functionality is planned for later down the line.

This initiative is not only targeting consumers who have crypto holdings, but corporates who themselves are open to building a crypto war chest.

The revolution is happening right here, right now.

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