Continuing our action in terms of attractiveness, cementing our position in our areas of excellence, and in particular accelerating the development of financial innovation and fintech, and strengthening our ability to influence the European and international scene are three main objectives set out in the Paris EUROPLACE 2030 action plan.
We have been a driving force in proposing the introduction of a regulatory framework for ICOs and digital asset service providers in France and welcomed the implementation of a simple, attractive and protective framework in the context of the PACTE law.
However, this framework applies only to tokens which do not qualify as financial securities (which are covered by European regulations) and is limited to the French market. Therefore, we call for the establishment of a European framework applicable to all digital assets, which would encourage innovation while ensuring an appropriate level of protection, strengthen the competitiveness of the EU and allow the development of European markets in crypto assets.
The consultation on an EU regulatory framework for crypto assets launched by the European Commission as part of its new EU Digital Finance Strategy was an opportunity to share our views on on this crucial issue. You will find attached a copy of our contribution.
In a nutshell, for crypto assets that are not already covered by European financial regulations, we propose to introduce an optional visa system, including a European passport. For crypto assets that fall within the scope of existing European financial regulations, we propose to adapt them to the specificities of crypto assets and introduce an EU regulatory testing zone, which would allow to experiment innovative business models and to develop new markets within the EU.
We would like to warmly thank the members of the Fintech Committee of Paris EUROPLACE, chaired by Hubert de Vauplane, who participated in the preparation of this response to the European Commission, and remain at your disposal for any further information.
