From the French Revolution to the recent Yellow Vest Protests, the French have always been at the forefront of uprising transformation.
And with cryptocurrencies forcing the latest technological and financial revolution, the French are again the ones storming the charge.
But this time it’s different. This time it’s the government and corporate giants leading the charge, and leaving the rest of the world lost in its cloud of crypto uncertainty.
France Commanding the Crypto Revolution
With governments around the world still hesitant, the French government is clearing the way for crypto regulatory guidelines.
Last month, France’s top financial regulator (AMF) published new rules regarding the licensing of digital asset service providers, with the aim of clearing up any uncertainty for crypto firms.
The French regulator also released specific rules for crypto custodians, exchanges, and crypto broker-dealers. A first for any major economic power.
The rules and guidelines follow France’s PACTE law, which was introduced in with the intention of welcoming cryptocurrency issuers and traders to set up business in France.
The law, named the Action Plan for Business Growth and Transformation’, was introduced to create a legal environment that will boost growth for small to medium enterprises (SMEs), and will hopefully open France up to the cryptocurrency revolution.
The PACTE law was one of the first crypto legislative packages passed in Europe, and the crypto market is central to it.
It’s professes to enable issuers of ICOs and digital assets service providers to obtain an ‘optional visa’ from the financial markets regulator, with the aim of giving legitimacy to their business activities.
Fundraisers wanting to launch an ICO will have to pass a certain criteria, and as long as they’re based in France, they will not be required to possess a French Visa.
As well as clearing up guidelines for crypto startups, the AMF will be keeping a white list of certified ICO projects, with the aim of making available information to help better protect crypto investors.
Cryptocurrency on the School Curriculum
The French government is also introducing a new cryptocurrency course into the national high school curriculum.
Students will be learn the basics of comparing Bitcoin with fiat currencies. Thus, gaining a basic knowledge about possible impact of Bitcoin, cryptocurrencies and blockchain technology on the global stage.
The new course is expected to be an introductory course which will educate students in understanding the impact cryptocurrencies could have on the French and global economies.
Shoppers in France Can Pay With Bitcoin
French society is seeing a surge in cryptocurrency adoption, and multiple French retailers, including global sportswear giants Decathlon and cosmetics store Sephora announced that they will start accepting Bitcoin payments in early 2020.
This news came shortly after it was announced that BTC would be accepted in over 5200 Tobacco Shops around the country.
Football in France In On The Crypto Revolution
France’s biggest football club Paris Saint Germain (PSG) has jumped on the crypto bandwagon, too. The European giants recently announced that they will launch their own crypto token.
The $PSG token is aimed at stimulating participation among club and supporters.
PSG supporters can buy PSG fan tokens for around 2 euros, and token holders will be able to influence club decisions by voting on issues like the location of friendlies and the design of the club's next kit.
The move comes just a day after the club announced its latest multi-year sponsorship deal with crypto exchange, CoinCasso.
CoinCasso, which raised $2.5m in an ICO last year, said in an official statement, ‘Paris Saint-Germain is an innovator, having been one of the first to engage with blockchain players back in 2018. Together we share a leading position that will allow us to showcase the quality of our service around the world.’
France isn’t the only country opening its doors to cryptocurrencies. But with the government laying out clear guidelines, they are clearing the uncertainty around crypto and will no doubt attract crypto firms wanting clarity.
Global shopping giants are opening their cash registers to Bitcoin, and one of the world’s biggest football clubs announcing its own crypto token and sponsorship deals, it’s clear that cryptocurrencies are becoming a part of French society.
It’s usually the people that cause uprise in France, but this time it’s coming from within. This time it seems like there’s little need for negotiation, but maybe that’s because the ‘Estates General’ realize the Crypto Revolution is inevitable.
Contact the author: