French MP passes report in favor of crypto

In a report filed on Wednesday, LREM deputy Pierre Person presented 22 proposals to ensure France doesn’t miss out on the wave of cryptocurrencies.

Report to help France become a leader in the industry

“Money, Banking and Finance: Towards a New Era of Crypto” is the title of a new report released on Wednesday by LREM MP Pierre Person (who is not running in the 2022 legislative election). He is an expert in this ecosystem.

When bitcoin was barely worth around 2300 euros. NFT was at best an obscure acronym. The main trading platforms, through which billions of dollars pass today, operate without any regulation. In June 2017, when LREM MP Pierre Person took office, the French crypto ecosystem was just getting started.

Since then, the industry has lost its innocence. Almost 10% of French people own digital assets. The price of the most popular cryptocurrency plummeted in early May to unimaginable levels that scared away many novice investors but were unthinkable two years ago.

In a report filed this Wednesday, in the final days of his mandate, LREM Deputy Pierre Person returned to the evolution of the sector and presented 22 proposals to regulate and protect cryptocurrency holders without killing the French ecosystem.

He decided to write the report himself, without permission from the Finance Committee. In 2019, the latter worked with Eric Werth as a Cryptocurrency Information Mission Speaker at the National Assembly. He also contributed to several changes in the taxation of cryptocurrencies and the regulation of the sector as part of the negotiations for the law on the Covenant.

But the cryptocurrency ecosystem has changed a lot and matured since 2019. According to an Adan (Association for the Development of Digital Assets) survey conducted by Ipsos last December, 8% of the French now own cryptocurrencies, and 30% plan to invest in these assets within a year.

Pierre Person told BFM Crypto: “Our goal is to present and recommend, in accordance with the first report, an analysis of future French and European regulations.”

“I have been trying to understand the geostrategic issues caused by crypto assets and the impact of technology in the next decade. We have met many players who have emerged in recent years and who will certainly change traditional finance,” he explains.

All points of the ecosystem are covered

There is a section on decentralized finance, specifically web 3, and the report specifically asks questions about how to get an overview of new models in light of new technologies. As such, the latter explores many ecosystem topics, from NFTs (Non-Fungible Tokens) to DAOs (Decentralized Autonomous Organizations) and even oracles.

The release of the report on Wednesday was no accident. Until the end, Pierre Person wanted to connect the report with the news, especially against the backdrop of a storm in the cryptocurrency market, especially over the past month.

In addition, the report fits into the context in which Europe reflects on its new European rules. It is expected that a final agreement on the European regulation of mica (the “crypto asset market”, which is now being discussed) will be reached by the end of June. The report explicitly refers to this provision.

If he expresses some misgivings about Mica regulation, especially regarding stablecoins, or NFT regulation in particular, the latter also has clear views on mining issues, which MEPs shared last March.

Although the Paris MP is not running for a new term, he hopes his report will help successors better understand the ecosystem’s problems.