Pierre Persson, an outgoing member of the French National Assembly who has long advocated favorable digital currency regulations, shared his thoughts on the adoption of digital currencies and blockchain technology.
In the 204-page report titled “Money, Banking and Finance: Towards a New Era of Cryptocurrency,” Pierre attempted to make an inventory of French and European digital currency regulations and the legislator considered that the direction of digital asset policy in the European Union remained uncertain.
He criticized the European Union for “reluctance” in digital asset policies rather than seizing the market opportunity and noted that the EU’s current stance on digital assets is mostly defensive.
The European Union has not adopted a clear strategy with regard to crypto assets The European Union is hesitant, groping, and trying without much conviction Europe’s positions are more defensive than proactive regarding new challenges.
He also added that France, while it has come a long way, needs to give digital assets more legal recognition. Pierre recommended that France recognize decentralized autonomous organizations (DAOs) and non-fungible tokens (NFTs) in its legal system.
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He added that the banks in the country should not see DeFi platforms as competition but rather embrace them. In addition, he saw that miners should be encouraged to use renewable energy sources by banning mining based on fossil mass.
The report was written as a private endeavour by the legislator. While he does not plan to return to the National Assembly after the expiry of his current term, he hopes the document will help guide members of the House of Representatives.
Pierre’s history with cryptocurrency regulations in France dates back to 2018, when he helped write a landmark regulations document that made several positive recommendations, including easing tax rules for digital assets and clarity for initial coin offerings.
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Since then, France has also had success in attracting investments from digital asset firms, and this year France became the first major European country to grant regulatory approval to Binance, according to a CNBC report.
France has also been actively involved in the European Union’s efforts to bring digital assets under regulatory supervision, and the Autorité des Marchés Financiers (AMF), France’s main financial regulator, has suggested that digital currency regulations among EU member states should be unified under a single regulatory body.
The head of the AMF even recommended that this body be the European Securities and Markets Authority (ESMA).