ADAN, a European digital assets institution, has called for a regulatory pause to allow for preparation of Europe’s Markets in Crypto-Assets (MiCA) regulations. The organization shared its statement on October 9 via the social media platform X.
“Adan calls for a regulatory pause, essential to allow stakeholders to prepare for the entry into force of #MiCA at the end of the year,” said . “This pause must be used to clarify existing vagueness, develop the tools and services necessary for compliance, propose alternative solutions to unsuitable or hasty requirements, and not overload the boat, including for stakeholders not affected by MiCA such as #DeFi. The competitiveness of the sector, and therefore national and European sovereignty, is at stake.”
In an interview with BFM Crypto, President of ADAN, Faustine Fleuret, highlighted the significance of Web3 companies to France. She advocated for a regulatory pause to enable stakeholders to prepare for MiCA’s implementation at the end of the year and to provide clarity and development. Fleuret emphasized the need to alter any “unsuitable or hasty requirements,” referencing a general policy speech by Prime Minister Michel Barnier. She said that without sparing Web3 companies, France would struggle to address budgetary and financial challenges or advance major projects outlined in its DPG.
According to Ken Timsit, Managing Director of blockchain company Cronos Labs, Web3 and crypto funding in France remain robust. As of March 2023, France was home to 32 “unicorn” tech companies—private firms valued at over $1 billion—and blockchain projects have raised at least $1.3 billion since 2017. The French government has shown support through initiatives like the Ministry of Culture’s allocation of $150 million towards promoting “French cultural sovereignty” in digital environments. Timsit noted that these investments reflect the resilience and abundance of France’s capital markets despite challenging conditions.
Several crypto companies have chosen France as their base due to its favorable regulatory environment. A report by Coindesk indicated that officials in France offer a predictable regulatory framework for crypto businesses. The Secretary General of the Autorité des Marchés Financiers (AMF) expressed pride in France being a pioneer in this sector.
Faustine Fleuret holds degrees from Technological University Dublin and University of Paris and has been leading ADAN since 2021. ADAN is a professional body founded in 2020 with aims to promote digital assets across Europe.
