The cryptosphere is making its comeback under the sign of European regulations. After the various leaks of a pre-text, which had already stirred up the sector, the verdict fell with the Commission's draft: an ad-hoc text, extremely ambitious in its scope and complex in its form. It contains some very positive elements but also some extremely threatening elements for innovation in Europe: we will therefore be giving a pragmatic voice to make the text evolve so that it fully meets its objectives of protecting consumers and facilitating innovation. We will talk about this in more detail in our dedicated webinar on 7 October: come and see us in person!
The rest of the world did not - for all that - stop for the Union. We have signed a partnership with Bpifrance to pool our development efforts - an excellent signal! We travelled to Lithuania for an economic meeting and spoke at the Afterwork Legal Crypto. The AMF clarified the terms of application of the VASP scheme, while a few more players were (finally!) registered. The FATF again postponed its visit to France - and the Adan was invited to participate in its working groups. Finally, we set up regular meetings with several key contacts such as the AMF, ACPR and DGT to enable our members and representatives of these structures to exchange views on the industry's substantive issues.
More and more, the industry is growing and becoming part of the economic and financial landscape. I was talking about it recently in a forum for the newsletter 21 Million. However, there are still many misunderstandings and misconceptions. We have therefore launched an educational project that will be implemented over the next few months. If you have any questions for us, now is the time: contact us.
Chairman of the Adan
Free Webinar "Digital Finance Package: Towards an EU Crypto Framework".
On Wednesday 7 October at 6pm, the Adan will present and analyse the two proposals for regulations applicable to digital assets published by the European Commission as part of its "Digital Finance Package". While the first proposal for a regulation deals with cryptomoney, utility tokens and stablecoins (MiCA regulation for Markets in Crypto-Assets), the second describes a pilot scheme for "DLT Market Infrastructures" operating in security token markets. Deciphering and question-and-answer session on the programme: come and discover what the sector will be eating!
The event takes place exclusively online, with pre-registration required.
Date and time: October 7 at 6:00 pm
The state of the crypto industry in France
At the request of the French Treasury, the Adan and its members have carried out an inventory of the French crypto industry "post-PACTE" and an assessment of the strong and weak points of the ecosystem. The report "La France des actifs numériques - Après PACTE et la COVID19 : Etat des lieux et bilan de l'écosystème" summarises this work.
VASP : AMF details
The much-awaited question-and-answer document on the AMF's VASP regime has been released. This Q&A clarifies many points of application of the regime, particularly its territoriality.
AML-TF Crypto and Travel rule
On the subjects AML-TF Crypto and Travel rule, a call for experts (non-public) was carried out by the FATF in order to include representatives of the French crypto industry in the Group's next meetings (probably in January). The Adan was invited to participate in these meetings on its own.
The Adan travels to Lithuania to meet the local crypto ecosystem
Invited by the French Embassy of Lithuania, theAdan went to Vilnius to meet his local counterparts at the Economic Forum organized on the occasion of President Macron's official visit. In this context, we were able to meet with the Lithuanian crypto association, a representative of the Lithuanian central bank and many potential partners for the members of the Adan.
Intervention on EU regulations at Crypto Legal Afterwork
We spoke this Wednesday, September 30, 2020 as part of the Crypto Legal Afterwork co-organized by La Place, Paris EUROPLACE, Kramer Levin and Adan on the proposed regulation of digital assets by the European Union. On this occasion, we exchanged live with the participants on our vision of the project.