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Newsletter – April 2021

Hello

This month, I would like to warmly thank those who have followed and supported us since the creation of Adan. We will soon be convening our first General Assembly, which will be held on 6 May 2021. All members who have paid their membership fees will be able to participate. This General Assembly will be the occasion to define our priorities for the next 12 months, but also to renew entirely the Board of Directors and the Bureau. We’re looking forward to seeing you at the General Assembly.

On the crypto market, the explosion of volumes and values continues. The market has reached $2 trillion and institutional announcements have continued. In France, more and more DASPs are being registered and positive signals are coming from our members, but we deeply regret that the work of the French Prudential Supervision and Resolution Authority’s (ACPR) “Access to Crypto Account” working group ended with a disengagement of the French Banking Federation (FBF) and the participating banks. Yet, paradoxically, some French banks such as Société Générale (Lugh project) and Boursorama are showing their growing awareness and openness to the interest – and even the necessity – of supporting crypto innovation.

In April, don’t miss the “Stablecoins: Digital Transformation of Money” event (in French) organised in partnership with LabChain consortium (housed by the French Deposits and Consignments Fund) – an opportunity to take stock of the sensitive topic of stablecoins and share our long-term vision on these new instruments.

Finally, we welcome 5 new members this month!

Simon,
President

Events

« Stablecoins : Transformation numérique de la monnaie ? »

We are pleased to co-organise a conference (in French) with the LaBChain consortium on stablecoins. It will cover a wide range of topics, including the state of the art of the sector, use cases and applications for DeFi, advances across the Atlantic, and will reveal the major challenges facing the French and European industry today. A series of multidisciplinary speakers, including the MP Pierre Person, will help you to better understand this phenomenon which is the focus of much debate.

Online conference on Friday 23rd April at 9am

Publications

Adan press release on access to bank accounts by crypto players

The ACPR (French Prudential Supervision and Resolution Authority’s) – AMF (French Financial Markets Regulator) Fintech Forum helped facilitate the creation of “Access to cryptoasset accounts” working group, which brought together the cryptoasset industry (including Adan), the banking industry and the French authorities. Despite its positive conclusions, the French Banking Federation (FBF) and the participating banks disassociated themselves from the group’s work.

This statement was moreover picked up by many media, including an appearance in the Journal du Net (by Charlie Perreau) and CryptoActu (by Nathalie Epron).

➡️ Read the report

Report and replay of the conference “DeFi: France must not miss the future of finance”

On 18 March, Adan organised a conference (in French) on the theme of decentralised finance. This event takes place in the context of the ongoing work around the proposed European MiCA (Markets in Crypto-Assets) regulation, which is worrying the crypto-blockchain sector and leaves doubt about the future competitiveness of the European industry. ➡️  Read the report

A functional classification of cryptoassets on blockchains

The objective of this paper is to present a taxonomy of cryptoassets existing on open blockchains with the aim of informing rational policies that take into account their functional applications. ➡️  Read the article

DASP: The LCB-FT framework gets stronger

Adan takes up and gives a general overview of Decree No. 2021-387 of 2 April 2021 “on the fight against the anonymity of virtual assets and strengthening the national anti-money laundering and countering the financing of terrorism” applying to DASP. ➡️  Read the article

European crypto initiatives

March was a month of various European actions, including:

  • We were interviewed by the European Central Bank on the digital euro.
  • We have been mandated by the Member of Parliament Eric Bothorel in the framework of the parliamentary mission on the European framework of cryptoassets.
  • We participated in the Franco-German round table on the project of a European pilot scheme for security tokens.
  • We participated in the discussions on the constitution of a European fiscal framework for cryptoassets with the Taxation and Customs Union Directorate (TAXUD) of the European Commission.
  • Tendermint became a contributor to the EUCI.
  • Participation in the constitution of a European tax framework with the European Commission’s Taxation and Customs Union Directorate (TAXUD).
  • We also met this month with:
    • The Belgian representatives in the European Parliament;
    • MEP Stéphanie Yon-Courtin;
    • The Progressive Alliance of Socialists and Democrats in the Parliament and MEP Eero Heinäluoma;
    • Technical Advisor to the European Parliament Stanislaw Kogut, the European Commission and the Slovak Ministry of Finance.

Speaking opportunities

During the month of March, Adan took part in several events:

  • Simon’s talk dealing with the NFT trend on the B Smart TV channel. ➡️  Watch the replay
  • Faustine’s opinion piece “Crymosomes X ⚢: crypto agrees in gender and number” in the 21 Millions Newsletter. ➡️  Read the article
  • The Conference “Blockchain Technology & Value Chain Simon’s speech at the Institute of Actuaries’ “Cryptocurrencies” Seminar. ➡️  Watch the replay

News from members

  • Arianee: Arianee raises €8M in the first hybrid equity/token investment round led by ISAI and BPI France. Read more
  • Blockchain Partner: Blockchain Partner joins KPMG’s teams to form the market leader in blockchain and cryptocurrency consulting and technical development. Read more
  • Chainalysis: Chainalysis announced that it has raised $100 million in Series D funding, doubling its valuation to over $2 billion. Read more
  • Coinhouse: Coinhouse and Lugh launch “EUR-L”, the first French stablecoin backed by the Euro. Available exclusively to Coinhouse customers, EUR-L is developed in a trustworthy environment: Lugh reserves as many euros as EUR-L are in circulation. This reserve is stored in an account hosted by Société Générale and audited monthly. Read more
  • COQONUT: With BRUZZO DUBUCQ, we have sent a tax rescript to the administration to clarify the grey areas of the taxation of cryptos. Read more
  • Feel Mining: Direct sale of Bitcoin and ETH via our platform. Read more
  • Just Mining: Just Mining becomes a validator of the Aleph network, a young French blockchain project. Opening of our Elrond staking pool: more than 225,000 EGLDs have been deposited in less than 24 hours.
  • Nomadic Labs: Birth of Lugh (EUR-L), the first French digital asset backed by the Euro on the Tezos blockchain. Read more
  • Scorechain: Scorechain has officially launched Scorechain Academy, a programme that helps professionals develop and certify their AML/CFT knowledge and skills in the cryptocurrency sector with the Scorechain solution. Read more
  • SheeldMarket: SheeldMarket becomes the official prime broker of the European Hedge Fund ARK36. Read more
  • Smartchain: Smartchain takes a stake in Fidly, which is a marketing platform for creating loyalty programs for retailers, franchises and connected cities on (public) blockchain. Read more
  • Waltio: Practical webinar on how to use Waltio for your crypto tax return! Read more
  • We fundia: The B2B lending solutions in Security Tokens (primary market with We fundia and secondary market with Re fundia) have been labelled on 18/03/2021 by the “Banking” commission of the Pôle Finance Innovation. Read more
  • Woorton: Woorton is recruiting 3 people in 2021 to accelerate its growth on the French and European markets. Read more
  • YOUSEEME: Youseeme launches the registration and hosting of .Crypto, .IO and .ZIL domain names, as well as the sales and publication of NFT. Read more

New members

Since the beginning of March, we have welcomed 5 new members, welcome to them!

  • Cryptio: Provides an accounting solution for businesses holding cryptoassets.
  • CryptoSimple: Creates a robo-advisor for cryptoassets.
  • Gide, Loyrette, Nouel: International business law firm, based in Paris, with a team dedicated to FinTech and innovation (Gide 255).
  • Lyncas: Specialising in operational strategy consulting, risk management consulting and regulatory, approval, internal control consulting.
  • Trendex : Develops a local currency operating on the Corsican territory.

We welcome Hugo to Adan

The Adan team is pleased to introduce Hugo Bordet, the association’s new Policy Officer.

His missions are mainly aimed at reinforcing the educational mission and supporting Adan’s strategic action (preparation of consultation responses, survey reports, writing articles and other position papers).

At the same time, Hugo is completing his training in Master 2 Banking and FinTech Law. He will continue his studies next year by doing a thesis on the regulation of digital assets.