L’Adan publie son rapport annuel d'activité 2021 Télécharger ⬇️

🇪🇺 Regulation as seen by crypto-industry – Adan x Cryptoast

In the context of the ongoing European trialogues, Adan – in partnership with Cryptoast, the crypto-asset media – has launched a video series entitled “🇪🇺 Regulation as seen by crypto-industry”.

In six thematic episodes, the objectives of these videos are – by giving the floor to the main stakeholders, crypto companies – to explain to the European institutions and the industry the main concerns and issues of the ongoing regulatory debates on the draft Markets in Crypto-Assets (MiCA) regulation and the revision of the Transfer of Funds Regulation (TFR), and to propose concrete solutions and alternative measures in order to build an efficient regulation that promotes the development of innovation in Europe and by Europe.

Find Adan’s positions on MiCA and TFR.

Episode 1: MiCA and decentralised finance

The MiCA regulation was conceived to regulate players in the new “intermediated” finance built through crypto-assets. As decentralised finance (DeFi) has grown exponentially in recent years, Europe is considering bringing it under MiCA. However, both because this would be too early and above all because MiCA rules are absolutely not adapted to DeFi, Adan and its members recall the contours of this new open finance and the need not to rush: the framework of DeFi is a long-term reflection to be carried out in cooperation with the sector in order to define a new regulatory paradigm that is totally innovative and compatible with the flourishing of these new uses.

Testimonies from Marc Zeller of the Aave protocol, Pablo Veyrat of the Angle protocol and Romain Figuereo of the Paladin protocol. Interviews conducted by Valentin Demé from Cryptoast. Conclusion by Adan.

Episode 3: The Recast Transfer of Funds Regulation, what impact for CASPs?

The revision of the Transfer of Funds Regulation (TFR) implies the extension of its scope of application to transfers of crypto-assets and to service providers on crypto-assets. In addition to the difficulties and sovereignty concerns related to the lack of European technical solutions for the secure and privacy-friendly exchange of information on crypto transfers, Adan and its members question the current approach which fails to take advantage of the unique technological opportunities for the fight against money laundering and terrorist financing: adapting TFR to the world of crypto-assets is essential for an effective regulation in terms of its objectives and the development of the industry.

Testimonials from Simon Douyer of Aplo (formerly Sheeldmarket), Élodie Trevillot of Banque Delubac & Compagnie, Rija Rameloarison of Just Mining and Pierre Gérard of Scorechain. Interviews conducted by Valentin Demé of Cryptoast. Conclusion by Adan.

Episode 4: MiCA is not for non-fungible tokens (NFT)

Inspired by the MiFID 2 regime, MiCA is a regulation for the “financial” uses of crypto-assets. With the rich news they generate, non-fungible tokens (NFTs) have attracted the attention of the European institutions to the point of questioning their inclusion in the scope of MiCA. However, NFTs – a technological concept above all – are not (all) financial assets. Adan and its members explain the different use cases (notably non-financial) that NFTs can have and the risks of considering them as a homogeneous asset class in a regulatory context.

Testimonials from Frédéric Montagnon of Arianee and Quentin de Beauchesne of Ownest. Interviews conducted by Valentin Demé of Cryptoast. Conclusion by Adan.

Episode 5: MiCA, what consequences for CASPs?

Largely inspired by the French authorisation, MiCA establishes a harmonised framework for crypto-assets service providers. While restoring a level playing field in Europe is good news, some of the provisions are of concern to the industry and threaten European competitiveness. Adan and its members call for more progressiveness, proportionality and pragmatism so as not to hinder the development of new crypto-asset markets in Europe, and the future champions that will guarantee our digital sovereignty.

Testimonials from Simon Douyer of Aplo (formerly Sheeldmarket), Nicolas Louvet of Coinhouse and Coinhouse Custody Services, Rija Rameloarison of Just Mining and Mark Kepeneghian of Kriptown. Interviews conducted by Valentin Demé of Cryptoast. Conclusion by Adan.

Episode 6: TFR and unhosted wallets

Following the latest developments in the European debate, it is now being considered to require the identification of unhosted wallet holders interacting with crypto-assets service providers as part of the traceability requirements for crypto-assets transfers, for any transaction regardless of the amount. Adan and its members recall that this provision – stricter than for traditional fund transfers – is unenforceable, and that a copy-paste of the traditional regulation is not appropriate. On the contrary, the new tools developed on blockchain technologies offer new opportunities to be more efficient in the fight against financial crime, while preserving the privacy of honest users.

Testimonials from Nicolas Louvet of Coinhouse and Coinhouse Custody Services, Pascal Gauthier of Ledger and Florian Le Goff of Synaps. Interviews conducted by Valentin Demé of Cryptoast. Conclusion by Adan.

Episode 7: MiCA, mining and climate issue

In the context of the current debates, it is proposed to integrate mining into the European Taxonomy and to subject crypto-assets issuers and service providers to information requirements on the environmental impact of these assets. Adan and its members recall the opportunities of mining for the environmental objectives of the European Union, the importance of having a French and European industry that carries these objectives within our borders, and the need to have relevant and therefore realistic obligations.

Testimonials from Thomas Charbonnel of BBGS, Alexandre Teinturier and Maxime Chery of Mètis and Youssef El Manssouri of Sesterce. Interviews conducted by Valentin Demé of Cryptoast. Conclusion by Adan.