Crypto Thriving In France As Macron Strives For ‘Startup Nation’
- Bloomberg reported contrasting scenes of a crypto conference and nearby protests in Paris.
- Emmanuel Macron’s attempts to attract digital asset firms to France are proving successful.
- Circle Internet Financial, Crypto.com, and Binance making the French capital their EU hub.
A peculiar contrast was seen in Paris in late March, as articles reported on the scene of an excited crypto conference happening near piles of rubbish due to protests and strikes against President Emmanuel Macron’s proposed increase in the retirement age. In spite of the challenges the industry has endured in the last year, many attendees were still upbeat, although the industry itself was largely to blame.
Crypto is known for being a global, borderless asset, powered by blockchain and untethered to any particular place or central authority. But the sector has taken a hit in certain countries, like China, where most digital assets are prohibited, and Singapore and Dubai, which have implemented stricter regulations. The US has also been increasing its oversight of the industry, after the chaotic collapse of FTX in November.
Still, Macron’s support for the industry has persuaded companies like Circle Internet Financial, Crypto.com, and Binance to make Paris their European center. French venture capital deals in the crypto space have also grown, demonstrating that Macron’s efforts to attract digital asset businesses have been productive.
At the Paris crypto event, which brought in around 8,500 attendees, Joe Lubin, CEO of ConsenSys, praised Macron’s efforts to create France into a startup nation.
France is dedicated to the sector’s development. Officials Senator Hervé Maurey and Banque de France Governor Francois Villeroy responded to FTX’s collapse by setting up stricter regulations. New French laws require transparency in areas such as pricing policies, conflicts of interest, and customer deposit segregation. These laws are an interim measure before EU-wide regulations are applied.
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