Faustine Fleuret, President of France’s Association for the Development of Digital Assets (Adan), has urged European Union (EU) institutions to adopt an innovative and open-minded approach towards blockchain and crypto-related technologies. She believes that such an approach will enable these institutions to harness the benefits offered by these technologies. Fleuret made this statement in a press release issued on May 6, regarding a report submitted by Adan to the European Union.
“There is an urgent need to understand the impact that Web 3 innovation will have on different areas of the economy and society, whether it involves transforming them or solving problems they have been facing for a long time,” said Fleuret. “Regulation alone will not ensure the success of the European project. The European institutions must therefore show inventiveness, even audacity, and keep an open mind in order to explore and benefit from the innovation offered by blockchain and crypto-asset technologies.”
According to the press release, Adan presented its report to EU institutions in anticipation of the European Parliament elections scheduled for June. Adan maintains that while the EU is well-positioned as a leading global hub for Web3 innovation, companies within this ecosystem continue to face challenges in scaling their operations across Europe. These challenges range from legal uncertainty in certain areas, insufficient funding, and a lack of understanding about some intrinsic characteristics of newer technologies. Adan asserts that its recommendations will bolster Europe and enhance the EU’s leadership in innovation.
The report details 22 recommendations from Adan which are grouped into eight categories: strategic autonomy, growth and employment, fundamental rights, inclusion and democratization, privacy rights and data protection, intellectual property and combating fake news, digital transformation, and environmental transition. To support the EU’s strategic autonomy, Adan advises prioritizing the development of euro-pegged stablecoins and establishing a Web3 incubator campus. The association also suggests creating a clear roadmap to position the EU at the forefront of blockchain and crypto technologies by 2030. In order to stimulate growth and employment, Adan recommends that startups have access to sufficient financing throughout their development cycles and advocates for educational training programs related to Web3.
In relation to fundamental rights, Adan proposes that the EU initiate a pilot project with several Member States to test new Web3 solutions in a “cooperation context” for issues such as tracking asylum seekers. With regards to inclusion and democratization, Adan suggests that the EU explore the potential of electronic voting. To uphold privacy rights and data protection, Adan advises the EU to consider Web3 technology’s applications for identity and age verification. In terms of intellectual property protection, Adan recommends granting NFTs legal status as a proof of ownership mechanism. For digital transformation, Adan encourages more use cases for the European Blockchain Services Infrastructure (EBSI) and other initiatives exploring potential benefits of the Web3 industry. Lastly, Adan suggests that the EU investigate how Web3 can support Europe’s transition to a low-carbon economy.
Fleuret assumed the presidency of Adan in May 2021 after serving as the organization’s head of strategy and institutional relations, according to her LinkedIn profile. She is also a lecturer at the University of Paris I: Panthéon-Sorbonne and a member of the Laboratory of Excellence for Financial Regulation. Prior to this, she worked as finance and regulatory strategy lead at ConsenSys.
