As EU lawmakers lay out a new framework for cryptocurrency, Web3 entrepreneurs are concerned about the extreme nature of this regulatory act. But France, the president of the European Council, will ensure the proper development of the cryptocurrency ecosystem, we were told at Bercy.
It all starts with healthy ambitions. Such as the goal of harmonizing European legislation, which has developed in an unregulated manner on cryptocurrencies in recent years. France, which is leading this consideration for these new financial applications, knows something about it.
But it is best that this legal standardization not be too restrictive, at the risk of curbing or preventing the development of major crypto players in Europe. This is already the case today, for example with the main trading platforms located abroad.
To this, it must be added that the digital asset sector in the European Union is approached from the angle of risk, and not from the angle of opportunity or innovation. European lawmakers are taking a defensive approach and seem to be prioritizing ways to protect themselves from cryptocurrencies. Meanwhile, in the UK, regulatory strategy is pouring into an attractive approach to the cryptocurrency ecosystem. While in the United States, President Biden Himself Cryptocurrencies have made a specific point in their political agenda.
Europe that missed the Web3 revolution
It must be admitted that regulatory discussions have taken a strange turn recently. Negotiations suddenly accelerated, as if you strengthened them Digital Services LawThe new European regulation is supposed to keep the web giants on the same page.
It appears that two legislative bills dedicated to crypto assets, MiCA (marketplace) and TFR (transfer funds), are moving forward in haste. So much so that the global blockchain ecosystem is concerned about the quality of regulations that European institutions will prematurely generate.
” Alarming last-minute proposals for MiCA and TFR risks derail years of preparatory work and the future of web3 in the EU ”, Issued an emergency warning to about 50 international crypto players In a joint letter addressed to European decision-makers.
The devastating SMS, which Nomirama was able to reference, was sent to 27 EU finance ministers, parliamentarians and 4 European commissioners.
The authors remember the need to regulate this industry and this emerging market for bitcoin and other digital assets. But they are urging European leaders to adopt an adaptive, differentiated and proportionate approach. Conversely, they insist that regulations will lead to public disclosure of all transactions and addresses of digital asset wallets, putting their owners at risk.
” These proposals, if adopted, would make Web3 an excessive burden on European citizens and hinder the adoption and development of this emerging but rapidly growing part of our economy. Co-signers, including French leader Ledger or Biarritz-based bitcoin investment service provider StackinSat, to name a few, prompted.
Is France aware of the issues and ready to act accordingly?
The claims of the crypto-business community may appear legitimate (they are limited to Gafi’s guidelines, and decentralized technologies are excluded from the obligations arising from the traditional financial system). However, this cry of warning is bound to be heard from future Web3 entrepreneurs.
As a reminder, it is up to us that some finance ministers have not yet been informed of this famous warning message. In the call of Nomirama, the Minister of Finance, Bruno Le Maire, did not answer and did not dispel questions about the scope of work available to him and the follow-up he intended to give.
However, like the government and the president, Minister Le Maire will be well aware of the issues and ready to take appropriate action, a source from the Director General of the Treasury has suggested to us.
” En tant que présidente du Conseil européen, la priorité de la France est d’aboutir à un accord équilibré qui protège les consommateurs, encadre les risques d’anti-blanchiment d’argent, tout en garantissant l’attract’invité de l’attract’invité ‘European Union’ ‘We were confirmed at Percy.’ France will assume the mandate given to it by 26 other member states, aiming to reach a political agreement with Parliament and the Commission by the end of June.. »
It must protect France and Europe without losing its competitiveness, in short. This technical-political vision will be shared at the highest level in the country. A few days before his re-election, in a review interview with the new encrypted French-speaking media big whaleEmmanuel Marcon advocated the need for regulation.
But the president calls for a pragmatic approach from European decision makers, regarding the contributions of crypto, blockchain and other technologies. Not a believer in the self-regulation of this tech industry, he advocated tackling the real problems.” don’t imagine and implement their potential solutions. A balanced approach promoted by the European Council and Inspired by the French ‘, punctuated by Emmanuel Macron. From any verb.