Do you run a cryptocurrency company in America and you’re getting tired of the regulatory confusion surrounding your industry? Are you sick of Gary Gensler and the Securities and Exchange Commission (SEC) breathing down the back of your neck? If that’s the case, you may want to give France a try!
France Wants American Crypto Firms
France has commented that it will welcome all companies and enterprises in America devoted to blockchain and crypto as it’s aiming to build up its digital infrastructure and offerings. Regulators are currently working to establish a new framework that will make it so that the U.S. can benefit from its growing crypto environment. The goal is to also appeal to more crypto companies in the United States and appear more inviting – potentially inspiring some of them to move 4,000 miles across the Atlantic and set up stations within the country’s borders.
The United States has long talked about crypto regulation, and these calls for implementing it have only gotten stronger since last November’s FTX collapse. Once one of the top digital currency exchanges, FTX fell into a heaping pile of bankruptcy and fraud, and it really scared American leaders and convinced them that the crypto industry was nothing but a bunch of criminals and fraudsters working together to gain access to the funds of innocent investors.
However, while the U.S. may be all about implementing crypto regulation, its methods for doing so have been questionable. The integration of regulation has fallen primarily on the shoulders of Gary Gensler, the head of the SEC, and it’s become clear he’s not playing fair or clean. In fact, it appears persecution is the only tactic the old geezer is willing to try. Thus far, several big names in crypto – like Coinbase and Kraken – have fallen victim to his antics, and many analysts are worried about what Gensler is doing to innovation and growth when it comes to crypto in the U.S.
Trying to Create the Right Rules
France has clearly taken notice of what’s going on in the land of the free and the home of the brave, and it wants to give entrepreneurs in the blockchain space a little leeway. For the most part, the European Union (EU) appears to be way ahead of the game when it comes to crypto regulation in that it recently implemented the new MiCA rules. France, being part of the EU, stands to gain a lot of traction in the coming weeks when it comes to crypto, though some things remain up in the air.
For example, right now, France is working on the types of crypto influences that can promote crypto business, as specific laws haven’t been set in stone, though this will likely be established firmly before we know it.
