ADAN Manifesto for the Candidates in the 2022 Presidential Election

FRANCE AND DIGITAL ASSETS: WHERE PUBLIC COMMITMENT MEETS A NEW ECONOMIC IMPETUS

Foreword

The crypto-asset sector is booming and playing an increasingly significant role in the daily lives of our fellow citizens. With global market capitalization peaking at over $3 trillion by the end of 2021 and 8% of French people already holding digital tokens, the spread of this new asset class throughout our economy is no longer a passing fad.

This is a natural evolution that reflects society’s shift toward a more digital, flexible, and democratic world. In the 1990s, the Internet revolutionized the way we exchange information; today, crypto-assets are revolutionizing the way we exchange value. As a result, an industry is emerging that will transform every aspect of our economy. 

However, as the digital revolution has shown us over the past 20 years, those who seize the opportunities offered by technology today and are willing to take the associated risks are the ones who, tomorrow, will be able to set their own standards and shape the world according to their vision—and reap all the economic benefits that come with it. 

In this regard, crypto-assets offer a wealth of opportunities in terms of employment, economic financing, social responsibility, security, regional cohesion, and the effectiveness of our public policies. 

Everyone has a role to play in fully realizing this potential: individuals through their consumption choices, businesses by offering innovative products and services that serve the public interest, and public authorities by supporting these innovations and the associated transformations. 

France and Europe possess significant advantages that position them at the forefront of this financial revolution, foremost among which are globally recognized talent and pioneering regulations. In a highly competitive environment where the race for innovation has already begun, it is up to us to secure a leading position in this industry, which is critical to the future competitiveness and autonomy of our nations.

Proposals from Adan

Digital sovereignty

Proposal No. 1	Explicitly identify blockchain and crypto-assets as technologies of the future and establish a national strategy to accelerate innovation in these areas.
Proposal No. 2	Promote the growth of private and European crypto-assets backed by the euro, as a complement to a central bank digital euro.
Proposal No. 3	Anticipating the challenges posed by the rise of digital assets in the regulation of dominant platforms.

Business Growth

Proposal No. 4	Establish dedicated channels for public investors to fund blockchain technologies and crypto-assets.
Proposal No. 5	Establish partnerships between banks and digital asset custody service providers to enable professional funds to finance companies by investing in their tokens.
Proposal No. 6	Establish tax mechanisms that enable investors who realize capital gains from crypto-assets to reinvest those gains in the real economy, particularly in business financing.

Jobs

Proposal No. 7

Align a company’s plan for the free grant of digital assets with its plan for the free grant of shares.

Security

Proposal No. 8	Establish clear rules, developed in coordination between the Prudential Supervision and Resolution Authority (ACPR) and banking industry associations, to define the know-your-customer (KYC) requirements for crypto-asset operators.
Proposal No. 9	Harmonize anti-money laundering and counter-terrorist financing (AML/CTF) rules at the European level to improve their effectiveness; in particular, by requiring customer due diligence (KYC) procedures for transactions of one euro or more across all member jurisdictions.
Proposal No. 10	Accelerate the certification of video recognition solutions as a means of digital customer identification to streamline KYC procedures for digital asset service providers (DASPs) while ensuring user-friendly interfaces in a competitive environment.
Proposal No. 11	Take advantage of the opportunities offered by the transparency of blockchain networks by encouraging regulated entities to use transaction analysis tools when implementing their AML/CFT systems.
Proposal No. 12	Strengthen ex post controls regarding the implementation of the right to a bank account for PSANs.
Proposal No. 13	Promote the development of a European secure communication solution that enables the exchange of information between PSANs in accordance with EU standards.

Environment

Proposal No. 14	Allow miners to utilize the excess energy generated by power plants by allocating a portion of mining proceeds to fund renewable energy projects.
Proposal No. 15	Promote the development of a European secure communication solution that enables the exchange of information between PSANs in accordance with EU standards.
Proposal No. 16	Using digital assets to facilitate monitoring of progress toward achieving the European-level goals for the green transition.

Training

Proposal No. 17	Improve education in finance and digital technology starting in high school, following the model used for economics.
Proposal No. 18	Facilitate the launch of new undergraduate programs in innovative fields such as new technologies, digital finance, and computer science, or integrate them as modules into existing programs.
Proposal No. 19	Facilitate access for public and private decision-makers to continuing education programs related to new technologies and innovative use cases.
Proposal No. 20	Promote the development of a European secure communication solution that enables the exchange of information between PSANs in accordance with EU standards.

1. Why Focus on the Digital Assets Sector? An Overview of the Industry

An opportunity for citizens

Digital assets emerged in response to the public’s desire for a financial system that is more democratic, more respectful of privacy, better equipped to withstand financial crises, and more accessible to everyone.

Built on blockchain technology—transparent, secure ledgers that enable low-cost transactions—crypto-assets have thus emerged as the ideal alternative for fulfilling their aspirations and practices. As a result, this new asset class is attracting an ever-growing number of people around the world, including in France.

According to a study conducted by Adan in January 2022, an estimated 8% of French people own crypto-assets. Having come to the attention of the general public over the past year, particularly through social media, the global crypto-asset market exceeded $3 trillion by the end of 2021, and trading volume reached €116 billion—an increase of more than 500% since December 2017.

This trend is part of a broader shift toward a “cashless society,” where digital payment methods are becoming increasingly prevalent in people’s daily lives. In fact, as early as 2019, 76% of Europeans already considered the debit card to be the “best” payment method because it was simpler and more efficient; a trend that has strengthened with the pandemic, as 87% of consumers who used less cash during this period say they will continue on this path. Crypto-assets are fully aligned with this societal shift, and in the future, exchanging digital currency will be the norm. It remains to be seen, however, how this new ecosystem will integrate with traditional financial institutions, and how to ensure that all citizens are included in this transition, leaving no one behind.

With decentralized finance, the programmability of money, and the digital representation of all forms of value, new applications are emerging that will continue to gain traction across borders. Since this trend cannot be stopped, the key is to take an active role in it and support its development within a framework that we ourselves have defined.

An opportunity for the economy as a whole

The COVID-19 health crisis has starkly highlighted the need to strengthen our independence in France and across Europe in key sectors that have a far-reaching impact on both the economy and society. In this regard, preserving the autonomy and strength of our financial industry must be a top priority.

Since 2011 and the arrival of its very first players, the French crypto-asset sector has grown and taken shape across numerous segments: investment, savings, payments, financing, custody, decentralized banking and financial services, and more. Thus, within this new landscape of the European economy and finance, France undoubtedly has a role to play. 

There are many opportunities to be seized: 

• A new source of growth and jobs. Data compiled by Indeed shows that global hiring in the digital assets sector grew by 118% between July 2020 and July 2021.
• Revitalizing local communities. By fostering new investment models—ones that are simpler, more open, and more collaborative—local governments could diversify their funding sources, for example, to support the construction or renovation of public infrastructure.
• Supporting and modernizing public finances. Certain digital assets are structurally designed to be deflationary and can therefore help reduce debt. Similarly, the programmability enabled by digital assets would allow for a combination of automation and flexibility in tax collection and the distribution of social benefits.
• Improving financial services for citizens. Digital assets, combined with blockchain technology, help reduce the costs, delays, complexity, and lack of transparency associated with intermediaries and financial system procedures, while contributing to greater financial inclusion.
• An innovation aligned with environmental goals. Digital assets are rooted in a commitment to green finance. Recent initiatives highlight opportunities to help finance renewable energy, reduce energy waste, and better track our climate commitments.

A quarter of French unicorns are in the fintech sector, and nearly 10% of startups valued at over one billion euros are companies operating in the digital assets space. With a $680 million funding round last September, Sorare also broke the record for the largest fundraising in the history of FrenchTech. As we look to the economy and growth of tomorrow, ignoring such potential would seem ill-advised.

Abroad, many have already recognized the scale and urgency of the challenge: establishing the future GAFAMs of the financial sector within their borders and safeguarding their sovereignty in the face of the digital transformation of the economy. 

France and Europe must not be left behind. We can already take pride in our appeal to international companies, which view our pioneering regulations for crypto-assets as a source of trust and stability. However, our companies face structural barriers that must be urgently removed in order to foster the emergence of future leaders in digital finance. 

With this in mind, ADAN wishes to issue recommendations to the candidates in the 2022 presidential election aimed at creating the conditions for these leaders to succeed, overcoming existing obstacles, and establishing France as the driving force—within Europe—behind the new wave of global economic vitality that the ambitions of this new generation of leaders can help to foster.

2. Foster the emergence of digital finance leaders in France and Europe 

Digital sovereignty: reaffirming our economic strength in the face of international competition

The rise of digital technology has reshuffled the deck when it comes to decision-making power. The dominance of certain players now allows them to set the rules of the economic, geopolitical, and even sociocultural game. Network effects are indeed leading to the emergence of “winner-takes-all” phenomena, meaning that the entire economic fabric has become dependent on these “gatekeepers,” without whom it becomes difficult, if not impossible, to operate, and who sometimes engage in unfair competition. The host countries of these giants are the beneficiaries of economic spillovers that enable them to project their influence globally while asserting their political clout.

Today, alongside the Internet of information, the Internet of value is creating a new space that is poised to redistribute economic power. By redefining the boundaries of ownership, blockchain technologies and digital assets are forcing us to rethink existing business models, opening up a world of possibilities in terms of economic opportunities. Thus, they hold out the prospect that authors will once again have control over the circulation of their works, that internet users will be able to monetize their own personal data on social media, and that platform workers will be able to regain control over the profits generated by their work.

Therefore, to prevent new gatekeepers from gaining a foothold in the French industry—with the associated cybersecurity risks, particularly in the financial sector—it is essential for public authorities to support and encourage the development of crypto-asset projects within their jurisdiction. The goal is to anticipate future challenges and lay the groundwork for future success.

The digital assets sector can unquestionably be described as strategic, as it helps meet the needs of our society by contributing to the achievement of key objectives:

• It strengthens our economic sovereignty because mastering this technology would help ensure both our independence and our financial and monetary security.
• It aligns with the economic, environmental, and social imperatives of our time, as it drives growth and job creation, provides new sources of financing for renewable energy, and promotes financial inclusion.
• It brings consistency to the economy by connecting different industries.
• It strengthens our human capital and expertise because it operates in a highly specialized field.

Many countries have recognized the revolutionary potential of digital assets and have quickly joined the international race for innovation in this industry. The United States, by encouraging private initiatives, has helped ensure that over 99% of stablecoins are already backed by the dollar. Conversely, with a more centralized approach, China has been working since 2014 on launching a digital yuan. Each in its own way, these countries are attempting, through innovation, to strengthen the influence of their currencies in global trade.

In an environment where competition goes hand in hand with rapid innovation cycles, regulation must be flexible and agile. Yet Europe seems slow to take a stance on its vision for the future. It is struggling to find a balance between protection and innovation. Indeed, while plans for a digital euro are under consideration, our institutions appear to be having great difficulty defining its parameters, continually delaying the project’s launch. At the same time, the political support and regulatory conditions needed for continental players to issue euro-denominated stablecoins—which are crucial for quickly counterbalancing the dominance of dollar-denominated stablecoins—are far from guaranteed. 

To date, the French and European sectors are already facing intense—and at times unfair—competitive pressure from foreign companies. In the euro stablecoin sector, non-European entities are beginning to fill the gap left relatively unaddressed by Europe, while the U.S.-based company Tether launched its EURT this summer. In the crypto-asset markets, while France already imposes requirements on service providers, French companies that comply with the rules face illegal competition from unregistered players promoting their services to French customers without facing any consequences. In addition to the credibility of the current regulatory framework, its effectiveness is thus called into question. 

Proposals1.Explicitly identify blockchain and crypto-assets as technologies of the future and define a national strategy to accelerate innovation in this area.2.Promote the growth of private and European crypto-asset initiatives backed by the euro. 3.Anticipate the challenges associated with the rise of digital assets in the regulation of dominant platforms.

Business Growth: Supporting Tomorrow's Financial Leaders

According to a survey conducted by CBInsights, the European Union accounted for less than 4% of global funding in the crypto/blockchain sector between 2015 and 2019, compared to more than 50% for the United States and 18% for China. As a result, despite the sector’s strong appeal (nearly 10% of French unicorns are crypto companies), firms are struggling to raise funds in amounts that allow them to compete with international rivals. 

Various obstacles contribute to this problem. 

First, projects involving digital assets could theoretically qualify for funding under the Future Investment Plan or the France 2030 Plan. However, the intrinsic structure of blockchain networks, based on a combination of technologies, makes it difficult for them to meet traditionally defined investment criteria. From an operational standpoint, a vertical approach to research and development as it currently exists therefore seems ill-suited. 

Furthermore, as is often the case in the technology sector, the innovation cycles for digital assets are very rapid. As a result, funding programs and tools are becoming outdated and increasingly ill-suited to the projects proposed by applicants.

As a result, in order to secure funding, highly innovative projects are forced to adapt their operations, sometimes scaling back their ambitions to fit into existing frameworks. 

This situation is just as much of a roadblock for investors looking to support projects as it is for very early-stage companies seeking capital to grow. French investors, particularly public ones, are becoming less and less competitive; they struggle to keep pace with the rapid pace of technological change as well as the amounts invested. It is therefore not uncommon for only foreign venture capital funds—which allow for greater flexibility in their eligibility criteria for funding—to be able to support project leaders.

Given the sovereignty implications of digital assets, it is therefore appropriate to articulate a genuine policy vision for these technologies that supports the growth of startups in order to build the future leaders of digital finance.

Proposals4.Create dedicated channels for public investors to finance blockchain technologies and crypto-assets. 5.Establish partnerships between banks and digital asset custody service providers to enable professional funds to finance companies by investing in their tokens.6.Implement tax mechanisms allowing investors who realize capital gains on crypto-assets to reinvest them in the real economy, particularly in corporate financing.

Employment: Promoting Full-Time Employment and Motivating Employees in the Crypto Sector

A number of companies issue tokens to finance their operations or to run their services. The value of these tokens is closely tied to the company’s success. In fact, this success is reflected more in the value of the tokens issued than in the value of the company’s securities. Thus, granting employees a portion of the tokens issued by the company represents a greater incentive for them than the traditional granting of shares. 

There are also situations in which token issuance projects are developed not by employees, but by contributors who are not covered by any protective provisions and whose primary compensation consists of tokens from that project. 

However, the tax treatment of these grants depends on the relationship between the issuer and the recipient. This requires an analysis that can sometimes be complex, even in a seemingly straightforward situation arising from the desire to directly incentivize those involved in the project. These allocations raise numerous difficulties, for example, regarding the determination of the triggering event but especially the tax base, particularly when the tokens allocated were neither listed on trading platforms nor offered to the public at the time of their allocation.    

Therefore, it would seem advisable to establish a clear tax framework for the free allocation of tokens that provides a protective environment for project contributors, allowing them to benefit from effective profit-sharing and encouraging the conversion of these tokens into salary.

Proposals 7. Alignthe rules governing the free allocation of digital assets by a company with the rules governing the free allocation of shares.

Security: Combating Financial Crime Through Crypto-Assets

While the emergence of any technological innovation creates a new opening that criminal activity can exploit, in reality, crypto-assets are far more of a tool to support the fight against money laundering and terrorist financing than an obstacle to it.

For the year 2020, Europol estimated global money laundering at €2.129 trillion (equivalent to 3% of global GDP) and at €130 billion at the European level. By way of comparison for 2021, Chainalysis, an American company specializing in crypto-asset transaction analysis, reports that crypto-asset crime amounted to $14 billion. Fraudulent transactions thus account for only 0.15% of global crypto-asset transactions. While this figure remains too high, it is important to note that the percentage of fraudulent transactions continues to decline. According to data compiled by Chainalysis, fraudulent transactions accounted for 3.37% of crypto transactions in 2019 and 0.69% in 2020.

This decline in the use of crypto-assets by criminals, despite their growing popularity among the general public, comes as no surprise. Indeed, the traceability that is an intrinsic feature of blockchain technology makes it possible to track an entire transaction chain and thus to establish a relatively easy link between an illegal transaction and its perpetrator.

Furthermore, the vast majority of crypto-assets are held anonymously, allowing users to be identified in the same way that an IP address identifies an internet user. In this regard, the use of crypto-assets in cases of illicit financing has done more to guide intelligence agencies in their investigations than to complicate them.  

Nevertheless, we must not underestimate the role of mixing tools, which are frequently criticized for their use in fraudulent crypto-asset activities. These tools allow digital assets to be mixed together in order to obscure the transaction trail. However, with the help of increasingly sophisticated transaction analysis tools, the transfer of a crypto-asset via a mixing service remains traceable. Consequently, a transaction can be clearly identified as suspicious by the platforms responsible for processing it. They can then trigger enhanced monitoring measures. Such an approach is difficult to implement in the context of cash transactions, which remain a widely preferred method in financial crime. Indeed, regardless of the modus operandi, a conversion to fiat currency is always required to finalize the money laundering operation. Regulations must therefore focus on the points of transition between crypto-assets and fiat currency.

In this regard, it should be noted that France sets an example in the regulation of digital assets as part of the fight against money laundering and terrorist financing.

First, the Law on Business Growth and Transformation (Pacte) established two regulatory frameworks for digital asset service providers (DASPs): mandatory registration and optional licensing. In order to be registered (without which they are not permitted to promote their services to the French public), companies must comply with the same anti-money laundering and counter-terrorist financing regulations as other regulated entities, such as banks.

Second, these provisions were strengthened twice by the ordinances of December 2020 and April 2021, specifically to ensure that PSANs implement rigorous user verification procedures starting from the very first euro of a transaction. In this regard, PSANs are therefore subject to stricter regulatory requirements than traditional financial institutions when it comes to combating money laundering and terrorist financing. Various studies on the subject all agree that PSANs pose a minimal risk in terms of financial crime.

Nevertheless, on the grounds that their activities carry inherent risks, they are regularly denied access to banking services in France—a situation that drives them to seek banking services abroad. However, given that supervisory rules vary widely and some jurisdictions are less stringent, the current situation actually undermines France’s ability to effectively combat the risks of money laundering and terrorist financing.

While we can hope that the revision of the European AML/CFT framework will bring about improvements in this regard, the proposal presented by the European Commission on July 20 appears, at the very least, to address a major cybersecurity challenge.

In fact, in accordance with Recommendation 16 of the Financial Action Task Force (FATF) guidelines, the Commission plans to expand the 2015 Regulation on the Transfer of Funds (RTF) to subject PSANs to the “travel rule.” Thus, in the context of a transaction between two clients of different service providers, the latter would be required to exchange sensitive data about their users, such as account numbers. As it stands, this provision raises two issues: no technical solution currently exists to ensure that these transmissions are carried out automatically and seamlessly; the only existing initiatives in this regard are not European and do not appear to comply with the regulatory standards in force on the Old Continent. As such, PSANs would be required to transmit European citizens’ data to foreign entities, thereby raising issues of data governance, cybersecurity, financial security, and distortion of competition.

Proposals8.Establish clear rules, developed in coordination between the Prudential Supervision and Resolution Authority (ACPR) and banking industry associations, to define the know-your-customer (KYC) requirements for crypto-asset operators. 9.Harmonize anti-money laundering and counter-terrorist financing (AML-CTF) rules at the European level to improve their effectiveness; in particular, by mandating KYC procedures starting from the first euro of a transaction across all member jurisdictions. 10.Accelerate the certification of video recognition solutions as a means of digital customer identification to facilitate KYC procedures for digital asset service providers (DASPs), while ensuring user-friendly interfaces in a competitive environment. 11.Leverage opportunities related to the transparency of blockchain networks by encouraging regulated entities to use transaction analysis tools in implementing their AML/CFT systems. 12.Strengthen ex post controls regarding the application of the right to account for DASP.13.Drive the development of a European secure communication solution enabling the transmission of information between DASP in accordance with EU standards.

Environment: Crypto-assets at the Heart of the Green Transition

The crypto industry recognizes that the environmental transition is a major challenge facing our society and is committed to playing a role in it. This is evidenced by the Crypto Climate Accord initiative, supported by several environmental organizations, which has set the goal of achieving net-zero emissions in the global crypto industry by 2030.

It should also be noted that digital assets are compatible with demanding and ambitious environmental goals.

First, miners—those who validate transactions and thus ensure their security—are increasingly using renewable energy in their operations. As early as 2018, a study by the University of Cambridge estimated that most of the energy used came from hydroelectric power plants, which account for about 60% of mining activity regardless of the continent where it takes place. This figure has been reinforced by the Chinese government’s ban on mining operations within its territory. Miners, fleeing to countries that consume less coal, prefer low-cost methods of electricity generation.

Second, numerous initiatives are emerging to combine mining with other activities in order to act as a “recycler of wasted energy.” This helps reduce the environmental footprint of crypto-assets while making energy consumption more efficient overall.

Renewable energy sources, particularly wind and solar power, have significant potential in this regard and can contribute to making crypto-assets more environmentally friendly. Indeed, despite highly competitive rates, these renewable energy sources face major challenges—well known to all—that are currently hindering their large-scale deployment. Insufficient demand, intermittent production, and grid congestion are all challenges—often mitigated through subsidies—that are difficult to overcome by establishing a viable business model. A partnership with miners could prove beneficial in this regard. Crypto-asset validators could indeed purchase and consume the energy produced but left unsold, thereby achieving a dual objective: preventing this energy from being wasted and enabling the infrastructure associated with renewable energy development projects to become profitable more quickly.

Several companies have already been established around the world to capture and reuse, for mining purposes, the gases (primarily methane) generated by oil production—gases that are currently burned off into the air through a process known as “flaring” without serving any useful purpose. Crypto-assets would thus help achieve the “zero flaring by 2030” goal set by the World Bank.

The proceeds from the sale of this unsold energy to date could be reinvested in green energy, in the development of sustainable projects, and in research and development.

Conversely, a partnership with a heating and hot water provider in British Columbia will, starting this year, enable the heat generated by cryptocurrency mining to be recycled to heat about 100 homes and commercial spaces in the municipality of North Vancouver, Canada.

Third, environmental concerns have been integrated into the very development of the crypto-asset ecosystem. While the validation protocol that consumes the most energy—proof-of-work—is also the one most widely used today, particularly because the best-known crypto-asset (Bitcoin) uses it, it is important to note that an increasing number of blockchain networks are adopting other, less energy-intensive methods of transaction validation. Indeed, the proof-of-work principle involves a complex mathematical calculation race using a computer; when won, it is rewarded with crypto-assets. Miners are therefore financially incentivized to consume electricity for computing, which simultaneously ensures network security since the number of verifications required for consensus and the electricity expenditure are proportional to the number of participants. It should be noted that energy consumption and environmental footprint are not synonymous, and that proof-of-work is currently the protocol offering the highest level of security.

In the case of proof-of-stake, miners must stake their assets to participate and are randomly selected to validate transaction blocks. This validation method therefore eliminates the need for computational competition. By transitioning from proof-of-work to proof-of-stake, the Ethereum blockchain hopes to reduce its electricity consumption by more than 99%. Furthermore, Tezos, a partially French protocol, has always relied on proof-of-stake, and its annual carbon footprint is limited to the average consumption of 17 people.

In addition, delegated proof-of-stake allows users on the network to vote using the assets they hold to select validators for upcoming transaction blocks. Again, this validation method requires less computing power.

Finally, an article published by experts at the United Nations highlights the many opportunities that blockchain technologies offer for sustainable development. According to the experts, these technologies “could accurately track where and how recovered waste is used, as well as identify who collected it, ensuring that the right people are rewarded for their efforts.” Its emergence could put an end to illegal fishing or provide financial incentives for more sustainable practices.

Thanks to their traceability features, crypto-assets and blockchain technology could also enable more effective and fully transparent verification of the CO2 emissions data published by countries that have committed to COP 26. This transparency also helps to increase clarity at the international level regarding the carbon emissions trading market established by the European Union in 2005.

Furthermore, according to the findings of a partnership between the UNEP (United Nations Environment Programme), the Technical University of Denmark, and the Danish Ministry of Foreign Affairs, there are “three main areas where blockchain can accelerate climate action: transparency, climate finance, and clean energy markets.”

Proposals 14.Allow miners to use surplus energy generated by power plants by allocating a portion of mining revenue to fund renewable energy projects. 15.Encourage the formation of partnerships so that companies can reuse the heat generated by mining.16.Use digital assets to facilitate monitoring of progress toward achieving the European-level goals for the green transition.

Education: Preparing Our Citizens for the Economy of the Future

The digital assets sector faces several challenges when it comes to training.

The first challenge faces companies that lack technical resources and struggle to hire developers, particularly in the crypto sector. This is a complex technical field that often requires training that is largely self-taught—and therefore demanding and time-consuming—in order to fully grasp its intricacies. Vocational training programs, which are often short-term and designed for individuals with a different educational background who are seeking a career change, are, in this sense, not sufficiently aligned with companies’ hiring expectations.

The second challenge lies with universities. They are struggling to keep pace with the rapid pace of innovation. The first courses on crypto-assets are only just beginning to appear in higher education, nearly 14 years after the creation of the first digital asset and at a time when the sector is shifting toward complex issues such as decentralized finance.

The third challenge lies with public and private decision-makers, who must also be able to understand the innovative trends shaping the economy of the future. This involves supporting these sectors in their development by being able to grasp both the risks and the opportunities they present. It is for this reason that government officials sometimes lack training in digital innovation, too often attempting to understand it through existing frameworks and to force it into categories that are ill-suited or even inapplicable, without distorting its nature. The same is true for traditional market players, who sometimes struggle to integrate the innovation that would enhance their own competitiveness due to a reluctance stemming from incomplete knowledge.

The final challenge concerns citizens. Indeed, finance and digital technology are areas that are playing an increasingly significant role in the daily lives of French people. However, for some of them, these sectors remain abstract and difficult to access. As a result, they may be more vulnerable to cybercrime, such as ransomware attacks. Helping them better understand these issues would ensure they are better equipped to deal with these risks, thereby strengthening financial inclusion and raising awareness of the opportunities offered by digital finance.

Proposals 17.Improve education in finance and digital technology starting in high school, following the model used for economics.18.Facilitate the launch of new undergraduate programs on innovative topics such as new technologies, digital finance, and computer science, or integrate them as modules into existing programs. 19. Facilitateaccess for public and private decision-makers to continuing education programs related to new technologies and innovative use cases.20.Retain our talent locally by providing financial support for research and development in digital assets, notably by including this sector in the national acceleration strategies presented as part of the PIA.

  3. Introduction to Adan

ADAN (Association for the Development of Digital Assets) brings together professionals in the fields of digital assets and blockchain technology in France and Europe. Its members represent a wide range of activities, including trading, custody, payments, management, analytical tools, project and user support, and cybersecurity. ADAN aims to unite the digital asset industry and promote its development in support of a new digital economy. To this end, the Association possesses technical and regulatory expertise in the digital asset sector and maintains close dialogue with public authorities and industry associations.