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Faustine Fleuret, president of the Association for the Development of Digital Assets (Adan), said that the French government's support for the crypto and Web3 industries "must be maintained" as these sectors work to overcome "major deadlocks." Fleuret shared the statement with Crypto Republique on April 18.
"Institutionalization is key as 21% of the French population would prefer to acquire and safeguard crypto-assets with a bank or a traditional investment firm," said Fleuret. "23% of the French population and 70% of the French investors would even like to change their bank if another one was allowing them to do so. This support by France must be maintained as the Web 3 / crypto industry is still facing major deadlocks (documented in our study) among them: difficulties in partnering with banks and insurance companies, difficulties in raising funds (especially with EU investors) at a later stage of their development, competitiveness deficit due to legal costs and structuration they had to integrate in their roadmaps, unfair competition from companies that do not comply with regulations (but are not sanctioned), strong international competition in terms of talent acquisition and client prospection, legal uncertainty for some use cases where regulation is not implemented yet (NFTs, DeFi)."
Reuters reported that some crypto companies have encountered difficulties finding traditional banks where they can open business accounts. Some banks have been reluctant to accept crypto companies as clients due to concerns about risk and liquidity.
