Summary of Régulation | La menace qui pèse sur l'écosystème Crypto français

Upcoming Vote Overview

The video discusses a critical upcoming vote by the National Assembly on January 24, which could significantly affect the French blockchain and cryptocurrency ecosystem. The amendment in question aims to make the approval of a "San" (Service Provider and Digital Assets) compulsory for companies operating in this space. This proposal has raised concerns among industry stakeholders, primarily due to its complexity and potential negative implications.

Key Points

Current Regulatory Landscape: Companies in France must already be registered as PSN (Payment Services Network) to operate. The proposed amendment would require an additional layer of approval, complicating the regulatory environment.
Challenges of Compliance: The requirements for obtaining San approval include having sufficient own funds and professional liability insurance, which is particularly challenging in the cryptocurrency sector where such insurance is not readily available. This could force many companies to seek external funding in a difficult investment climate.
Resource Strain: The costs associated with compliance, including expensive software and human resources, are significant. Many companies may struggle to meet these requirements, especially when their revenue streams are already limited.
European Regulations: The video highlights that the European Union is already implementing regulations (Mika) that will harmonize rules across member states, providing a longer timeline for compliance. The proposed amendment could impose additional immediate burdens on French companies without considering these broader regulations.
Ineffectiveness of Stricter Regulations: The speaker argues that increasing regulatory burdens will not prevent failures like the FTX collapse, as these were not French-regulated entities. Instead, it may drive users to unregulated international platforms, potentially exposing them to greater risks.
Lack of Expertise Among Legislators: There is concern that many lawmakers lack a deep understanding of blockchain and cryptocurrency, leading them to support measures that may not actually benefit the ecosystem.

Conclusion

The video concludes with a call to action for viewers to inform their elected officials about the potential consequences of the proposed amendment and to engage in discussions about the future of cryptocurrency regulation in France.

Presenters/Contributors

Unnamed Presenter
President of the Association for the Development of Digital Assets
Valentin from Cryptos

Notable Quotes

— 00:12 — « This voting worries me a lot and it worries me all the more because not many people seem to be interested in it for one and only reason it's rather complex to understand. »

— 00:30 — « This decision will impact users who offer services and companies to regulate or not the French-speaking ecosystem. »

— 05:40 — « This decision of the Senate seems to follow in order to propose even more standards so that these problems no longer happen. »

— 06:34 — « It protects neither the end user nor the consumer nor the company which offers its services nor even generally the French economic fabric. »

— 07:11 — « When in reality it is quite the opposite. »