France is proving to be one of the most crypto-friendly countries in Europe after the country’s third-largest bank, General Companyreceived approval to offer digital assets to its customers.
The French regulator’s decision, announced in recent days, allows you to store, sell and trade cryptocurrencies.
This important step towards more favorable regulation in a major country like France follows similar regulatory decisions by the Autorité des Marchés Financiers (AMF) for foreign crypto firms including Crypto.com, Binance, and Luno.
To give just one example that explains very well the country’s favorable climate towards the crypto world, last June, Il Beaugrenelle in the 15th arrondissement of Paris, which has 110 stores, announced that as of Wednesday it will accept payments in cryptocurrencies, one of the first cases in Europe and the world.
And it is that a few days ago the famous cryptocurrency platform Crypto.com, which long ago began a dense promotional campaign especially in the world of sports, announced an investment of 150 million euros in France to support its operations in the country. This includes the establishment of an office in Paris as a base for operations in the European region.
Binance, the world’s largest exchange, has decided to invest €100 million in France after obtaining a license to operate in the country. “France is in a unique position to be the leader of this industry in Europe,” said Binance CEO, Changpeng Zhaofrom the stage at the Paris Blockchain Week Summit in March, adding that the company already has a team of about 50 people in the country.
Société Générale enters the world of cryptocurrencies
Now, this decision by the French regulator is one more step towards a different attitude on the part of regulators and financial institutions and towards the world of cryptocurrencies.
Founded in 1864 and with assets of more than 1,400 million euros in 2020, with 117,000 employees in 66 countries around the world, it is the third French bank and the sixth banking group in Europe, and this new fact will surely make a lot of noise. in the world of finance, not only in Europe.
The bank had announced in September that it was ready to launch crypto funds and custody services for Bitcoin, a service that has long been requested by French venture capitalists and funds, who by now were struggling to find such a service offered by financiers. institutions of the country.
Some funds, like the €100 million Ledger Cathay Capital fund, for example, have been established as vehicles precisely to make investments in assets, such as digital assets, that are unregulated. This latest ruling by the AMF means that French venture capital firms looking to protect their token investments can now use the services of one of their best-known banking operators.
That the wind for crypto seems to be turning in France is also evidenced by what happened in June, when crypto custodian Metaco announced that it is partnering with Société Générale’s Forge, also Société Générale, showing that it wants to become the bank of choice in the country in digital assets, to expand its digital asset capabilities.
This also shows how France seems interested in becoming a true European tech hub for cryptocurrencies. The transalpine country has always adopted very favorable regulations for technology start-ups in general, creating space and financing and creating the most important technology start-up incubator in Europe in Paris.
France is positioned as a global hub for cryptocurrencies
French greatness has always been frustrated by relative importance precisely as a financial center, compared to much larger financial centers like London, Frankfurt or Zurich. This is precisely where digital assets could be the tool to make France and Paris a European hub for cryptocurrencies, considering how in other countries, like Great Britain for example, the attitude towards cryptocurrencies and digital assets is critical, for say the least. Lately, the FSA, the regulator of the London Stock Exchange, banned the operation of the world’s largest exchange, Binance.
But doubts remain about this as we listen to the opinions of many experts. Among them is Daniele CasamassimaCEO of Pure, who states:
“To be honest, I don’t see Paris as a future crypto capital as it has never been a big financial center. When it comes to forex, France is one of the most old-fashioned countries. Unlike Germany, the UK, Italy, Sweden, Poland and even Spain, France has never needed to be a highly developed country in terms of the use of financial instruments.
But the CEO of Binance doesn’t feel the same way at all, instead thinking that Paris is already, in a sense, a kind of European tech hub for cryptocurrencies and all digital assets:
“Paris is probably already the financial center of cryptocurrencies in Europe and probably most of the world as well. I think the ministers and regulators here in France have made tremendous input and contributions to the upcoming MiCA regulations.”
Indeed, a few weeks ago the Mica, the regulation of cryptocurrencies and digital assets in Europe. However, the new regulation is not expected to kick in for another 9-12 months.
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