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Patrick Hansen, the Senior Director of European Union (EU) Strategy and Policy at Circle, a cryptocurrency payments platform, stated that France is the "crypto powerhouse" of the EU. He attributed this status to a robust developer community and governmental support. Hansen made these remarks in an April 12 post on X.
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Circle policy director: 'France has become the crypto powerhouse of the EU'
Patrick Hansen, Senior Director of EU Strategy and Policy at Circle | LinkedIn/patrickghansen
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"France has become the crypto powerhouse of the EU," said Hansen, according to his post on X. "After a week in Paris for our @circle Forum and Paris Blockchain Week, this seems clearer to me than ever. The developer community is thriving and creating lots of successful crypto entrepreneurs. The political administration is very supportive by creating regulatory clarity and by treating this technology as a huge economic opportunity."
According to the post, Hansen's comments were made following Circle's participation in Paris Blockchain Week. This annual conference focuses on blockchain and digital asset industries. Circle also hosted its second annual Circle Forum Paris, where industry leaders and government officials convened. Among them was Marina Ferrari, the French Secretary of State for Digital Affairs. They discussed the Markets in Crypto-Assets (MiCA) regulations enacted by the EU. Hansen observed that the crypto ecosystem in France continues to expand with substantial financing for startups and over 100 registered Digital Asset Service Providers (DASP). "That's why we are more confident than ever in our decision to make France our EU & MiCA regulatory headquarter," said Hansen.
A post reported that over 9,000 individuals attended Paris Blockchain Week 2024, marking its fifth annual edition. Jeremy Allaire, co-founder and CEO of Circle, was among the featured speakers at the event. Other industry leaders present included Binance CEO Richard Teng, Stellar Foundation CEO Denelle Dixon, and Ripple CEO Brad Garlinghouse.
Talos reported that during the conference, Ferrari urged traditional financial institutions and partners in regulatory and investment sectors to collaborate with Web3 companies. She believes this will help France maintain its leadership position in financial innovation. "I'm calling on you to join forces so that we don't lose our lead in financial innovation," Ferrari said. A panel discussion at the conference saw agreement from both private and public sector participants on the need for increased collaboration as MiCA moves towards implementation.
Hansen's LinkedIn profile reveals that, in addition to his role at Circle, he serves as a member of the EU Blockchain Observatory and Forum panel. His previous roles include serving as a crypto venture advisor for Presight Capital, and he is also a certified blockchain developer.
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The UK cryptocurrency market continues to pose challenges for exchanges as they adapt to stricter regulatory requirements. Cryptocurrency exchange Bitget recently relaunched its UK platform after halting services in May 2024 to comply with the UK Financial Conduct Authority’s (FCA) Financial Promotions regime. This relaunch reflects Bitget’s efforts to align with the FCA’s evolving standards, aimed at enhancing consumer protection in the digital asset space.
The Italian government recently announced a plan to increase the capital gains tax on bitcoin and other cryptocurrencies from 26% to 42%. This proposal, part of broader fiscal measures to support election pledges and reduce Italy’s fiscal deficit, has raised concerns among cryptocurrency investors and industry leaders.
On November 14, the European Banking Authority (EBA) released comprehensive guidelines for Payment Service Providers (PSPs) and Crypto-Asset Service Providers (CASPs) to ensure alignment with European Union (EU) and national restrictive measures. These guidelines aim to reduce risks and strengthen compliance when transferring funds or crypto assets.
The UK government is set to introduce new cryptocurrency regulations aimed at countering the growing appeal of the United States as a destination for crypto businesses. In response to concerns of regulatory delays following Brexit, the legislation focuses on establishing a clearer framework for stablecoins and staking activities, with the goal of strengthening the UK’s position as a global hub for digital assets.
OpenAI, the world’s largest artificial intelligence company, has announced it will establish a new base in Paris.
On October 30, UK Chancellor Rachel Reeves announced a capital gains tax (CGT) rate increase for high-income individuals, raising it to 24%. This change has raised concerns in the cryptocurrency community, where some investors fear that increased tax and regulatory pressures will diminish the UK's appeal for digital asset investment.
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