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Adan President Fleuret: 'support provided by French public leaders and policymakers' contributes to 'accelerated adoption' of cryptocurrency

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Association for the Development of Digital Assets President Faustine Fleuret (left) and Minister of State for Digital Affairs of France Marina Ferrari (right) | LinkedIn/faustine-fleuret, LinkedIn/marina-ferrari-gouv

Faustine Fleuret, president of the Association for the Development of Digital Assets (Adan), has highlighted the role of French public leaders and policymakers in driving cryptocurrency adoption among the French population. "The support provided by French public leaders and policymakers," she said, is contributing to an "accelerated adoption" of cryptocurrency. Fleuret shared these insights with Crypto Republique via email on April 18.

"At some point, the accelerated adoption in France can be explained by the support provided by French public leaders and policymakers - through the government, the administration, regulators and some MPs - to the development of the Web 3 industry," said Fleuret. "France has established a regulation on crypto-markets since 2019, which is a very important adoption catalyser as nearly 90% of the French admit that they rely on the French legal CASP status to choose their providers. Since the first edition of our study, France has dedicated substantial efforts to help citizens be more aware of the French regulatory environment in which crypto markets operate. The positive approach taken by our French leaders - including public speeches by Bruno Le Maire since 2022 and Marina Ferrari since her nomination as Secretary of State in Digital Affairs a few weeks ago who both promote France as the EU Web 3 hub - also favours institutionalisation even if, in the allocation given by Mrs Ferrari at the recent Adan event organised in Bercy, she called for 'greater cooperation and openness between traditional financial players and those specializing in the crypto-asset sector."

In 2019, France implemented a regulatory framework for digital assets through the PACTE law. This established its financial regulator, the Autorité des marchés financiers (AMF), as the supervisory authority over virtual tokens and digital asset service providers (DASP), according to information released by Adan.

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Adan's third annual survey findings, released in March, indicated that by early 2024, 15% of French people had owned crypto at some point. This represented a 15% increase compared to early 2023, as per a press release. The survey also found that currently, 12% of French people own crypto, compared to 9.6% at the start of 2023.

According to a press release from Adan, Marina Ferrari, Minister of State for Digital Affairs attended a Finance and Blockchain conference in April. The event was organized by Adan in collaboration with banking association OCBF, Bpifrance, and Caisse des Depots. Ferrari opened the conference with a speech calling for increased cooperation between "traditional financial players" and the crypto industry to "ensure that France does not lose its lead in financial innovation." Adan interpreted Ferrari's statements as reaffirming France's "ambition to position itself as a leader in blockchain in Europe."

Yahoo Finance reported that Bruno Le Maire, French Minister has been emphasizing the importance of crypto in the global economy since 2018. During the G20 summit in Argentina in 2018, Le Maire said he "firmly believes this technology is very positive for every country." He also stressed the importance of regulations for the crypto industry and stated that "Europe will lead the process" of implementing crypto regulations.

Fleuret assumed the presidency of Adan in May 2021, according to her LinkedIn profile. Prior to this role, she served as the organization's head of strategy and institutional relations. She is also a lecturer at the University of Paris I: Panthéon-Sorbonne and a member of the Laboratory of Excellence for Financial Regulation. Earlier in her career, Fleuret served as finance and regulatory strategy lead at ConsenSys.

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