Whether we like it or not, and regardless of the country we live in, the government plays an important role in business development. This is especially true in the blockchain and cryptocurrency industry, which has generated a lot of controversy and is still struggling to go mainstream. This topic was discussed extensively during Binance Blockchain Week which is currently taking place in Paris. Exclusively, Cointribune brings you the reflections of the experts.
With the blockchain, the future is already here
Speakers David Princay (Country Manager of Binance France), Stéphanie Cabossioras (Legal Director of Binance France), Faustine Fleuret (President of Adan), Alain Clot (Founding President of France FinTech) and Pierre Person (Former Member of the French National Assembly ) during a debate on the topic: ” The French example: How is France leading the way for the blockchain ecosystem? “.
This exchange highlighted the urgency for companies in the blockchain space make governments understand the challenges of this new technology. The aim is for public authorities to be able to support them in order to facilitate their emergence. In fact, according to these professionals, “The future is already here”. In support of their remarks on the need to anticipate mass adoption of the blockchain, they cited the example of the internet and mobile phones, which were initially badly received by the masses. Arguing that today we spend a lot of time on the Internet, between social networks and online video games.
For them, blockchain is a revolutionary technology that has the potential to generate colossal added value. Therefore, governments must step forward and take the plunge. This is an opportunity for administrations and businesses to establish themselves as an innovation leader.
Adopting blockchain in France to shape the champions of tomorrow
Ledger and Sorare are two French unicorns who have succeeded to establish itself internationally in this very competitive market. France, and all countries in general, must multiply this type of success stories. This in particular involves regulating the new uses induced by the blockchain. Indeed, for both DeFi and other segments of this industry, it is essential to create a framework for all companies. That said, according to our experts, it’s even more It is important to find a balance that can satisfy all the players in the ecosystem.
To do this, public bodies can count on the support of companies active in the area. Indeed, to get the best results, regulators need to have access to the right information. This methodology has been useful for regulating digital assets. Now, we talk about transposition on DeFi and NFT.
What do you think of the MiCA regulations?
The European ecosystem is developing at a dizzying pace, regulation becomes inevitable. According to Stéphanie Cabossioras, regulation is the key build consumer confidenceand without it, mass adoption is not possible. Indeed, regulation is essential to protect investors. For this reason, companies in the sector must prepare for the application of the MiCA law.
In addition, this will certainly allow promote the development of skills and the competitiveness of its actors. In reality, regulation should be seen as an opportunity to stimulate innovation. In addition, MiCA is very beneficial for French companies who can use it as a European-wide passport to offer their services in other countries of the continent.
For his part, Pierre Person argued that although regulations theoretically aim to protect consumers from abuse, they should not, however, be used to maintain the monopoly of banks. Furthermore, he believes that Web3 cannot be framed in the same way as traditional financial institutions. Indeed, it is necessary to rethink the rules and adapt them to the criteria of this new economic era.
According to Faustine Fleuret, there is a great challenge in this regard the impact of cryptocurrencies on the environment. Energy consumption is one of the arguments often used to denigrate digital assets. This is why he deems it necessary do a solid upstream education job. This will make it possible to change perceptions and provide a relevant response to the concerns of regulators.
France has been at the forefront of defining the regulatory framework applicable to cryptocurrencies. His work served in particular as a reference for the European MiCA regulation. Today he has the opportunity to further distinguish himself by starting a reflection on the regulation of decentralized finance. Furthermore, the country is likely to hatch a multitude of unicorns. Join the dynamics of the French way! Trust France! It will help you become the champions of tomorrow.
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The Cointribune editorial team joins their voices to express themselves on specific topics of cryptocurrencies, investments, metaverse and NFT, trying to best answer your questions.