An outgoing member of the National Assembly of France, Pierre Person, who has long advocated for favorable digital currency regulations, has shared his thoughts on adopting digital currencies and blockchain technology.
In the 204-page report titled “Money, banks, and finance: towards a new crypto era,” Pierre attempted to take an inventory of French and European digital currency regulations. The lawmaker opined that the European Union’s digital assets policy direction remains uncertain.
He criticized the EU for “dithering” on digital assets policies instead of capturing the market’s opportunity. He noted that the EU’s current posture on digital assets is mostly defensive.
“The European Union has not adopted a clear strategy regarding crypto-assets. The European Union is hesitating, groping, trying without much conviction. Europe’s postures are more defensive than proactive regarding the new challenges,” he said.
He also added that France, while having come a long way, needed to give digital assets more legal recognition. Pierre recommended that France should recognize decentralized autonomous organizations (DAOs) and non-fungible tokens (NFTs) in its legal system.
He added that banks in the country should not see DeFi platforms as competition but embrace them. Additionally, he held that block reward miners should be encouraged to use renewable energy sources by banning fossil-based block reward mining.
The report was written as a private endeavor by the lawmaker. While he does not plan to return to the National Assembly after his current tenure is complete, he hopes the document will help guide members of the House.
France opening up to the digital currency industry
Pierre’s history with digital currency regulations in France goes back as far as 2018, when he helped pen a landmark regulations document that made many positive recommendations. The recommendations which were adopted include an easing of tax rules for digital assets and clarity for ICOs.
Since then, France has also made inroads in attracting investments from digital assets firms. This year, France became the first big European nation to grant Binance regulatory approval, according to a CNBC report.
France has also been actively involved in the EU’s efforts to bring digital assets under regulatory oversight. The Autorité des Marchés Financiers (AMF), France’s main financial regulator, has proposed that digital currency regulations among EU-member countries should be unified under one regulatory body.
The AMF chair even recommended that this body should be the European Securities and Markets Authority (ESMA).
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