A survey conducted by France’s Autorité des marchés financiers (AMF) found that more French people have invested in cryptocurrency that have invested in stocks or exchange-traded funds (ETFs). The survey results reflect the support the digital asset industry has received in France from government agencies and venture capitalists.
The AMF conducted the survey in spring among more than 1,000 French residents and released its findings in Nov. Twenty-four percent of survey respondents said they held at least one investment product, and half of those investors are “new” investors, having only started investing since the beginning of the pandemic in early 2020. The survey revealed that 9.4% of the French population holds cryptocurrency, while 7.3% owns stocks, 5.4% owns bonds, 2.8% owns non-fungible tokens (NFTs), and 2.4% is invested in ETFs.
In 2019, France introduced a regulatory framework for digital assets through the PACTE law, establishing the AMF as the supervisory authority of virtual tokens and digital asset service providers (DASP), according to Adan.
While American venture capitalists are pulling back from the crypto industry due to regulatory uncertainty, funding for Web3 and crypto in France remains strong, according to Ken Timsit’s opinion piece published by CoinDesk; Timsit is managing director of blockchain company Cronos Labs. As of March, France was home to 32 “unicorn” tech companies — private firms valued at least $1 billion — while blockchain projects based there have raised at least $1.3 billion since 2017. “All these investments speak volumes about France’s capital markets – even amidst a crypto winter,” Timsit said.
Binance became the first major global exchange licensed to operate in France when it was granted a DASP registration by AMF in May 2022. David Princay, the CEO of Binance France, stated that “The registration of Binance France as a DASP is a key milestone for crypto in Europe. Greater adoption will help bring better liquidity to the market.”
According to Statista, the number of people in France who hold or trade cryptocurrencies rose from approximately 2.57 million at the end of 2021 to about 3.76 million by the end of 2022.
