Is France Becoming a Safe Haven for Cryptocurrency?

Financial authorities in the United States are actively targeting anyone working in the cryptocurrency industry . In particular the Securities and Exchange Commission (SEC) is vicious and it links the victims together across various cryptocurrency ventures . The French Financial Markets Authority (AMF) has said that it would want to welcome US-based crypto enterprises who have been forced to relocate to Europe . This requires (ultimately) accepting a first PSAN approval as a prerequisite .

MiCA and French Regulations Are Friendlier Than US

Across the Atlantic, there is a genuine campaign of harassment against Bitcoin (BTC) and cryptocurrency-related businesses . Cryptocurrency investors and traders in the United States face complete regulatory ambiguity despite calls for an end to “Operation Choke Point 2.0” by the Biden administration and its financial authorities like SEC .

Although things are not looking good the legal framework for Digital Asset Service Providers (PSAN) in France was strengthened (or made stricter depending on your point of view) in March 2023 . Furthermore, the MiCA rule has recently been passed at the EU level with finality . Probably taking effect in the spring of 2024 .

According to several news outlets including CoinDesk, the French financial regulator, the Autorité des marchés financiers extended an open invitation to any and all participants who want to avoid the legal uncertainty surrounding crypto-assets in the United States .

“We in France take great pride in being the first to regulate cryptos . It’s obvious that American players are welcome to take use of European processes if they wish to gain from the French government .

France Is Not a Paradise Neither

Even though legislative frameworks for Bitcoin and similar cryptocurrencies are beginning to take shape in France and Europe businesses must still navigate complex compliance requirements . Currently none of the 74 crypto-companies (or 72 if we add the two delisted) who have attempted to validate their PSAN registration have been able to do so .

Not even crypto exchange giants like Binance which has a compliance department staffed by a small army (about 700 employees) is not PSAN-registered . In addition to this major challenge another regulatory issue that might be as serious is now under process about “influencers” . The first version of this law was so poorly drafted that it might have outlawed all types of promotion for crypto-companies not accredited by PSAN .

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