L’Adan publie son manifeste à l'attention des candidats à la présidentielle Télécharger ⬇️

Dear all,

On 6 May 2021, the Adan members elected me President of the Association, to my great joy and pride.

Today, on 6 May 2022, I am blowing out my first candle and taking stock of this first year. First edition of the Crypto Finance Forum (July 19, 2021), first amendments adopted for the taxation of crypto-assets to the Finance Bill, first manifesto to the attention of the Presidential candidates carried by a “crypto” association, first meeting between the sector and the Secretary of State in charge of Digital and Telecommunications, first study on the French industry (Crypto in France: Structuring of the sector and adoption by the general public) thanks to KPMG and our 8 sponsors, restituted at Bercy, and even the first morning show on BFM Business… Achievements we can collectively be proud of, as they perfectly illustrate the continuous structuring and the rise of an industry whose incredible dynamics and energy never cease to amaze us, to motivate us.

However, this first year has not been a long quiet river. The barriers to the development of the sector are far from being removed. The regulatory debates in Europe are giving us cold sweats (some news below). Education is still and more than ever necessary, at all levels (public and private). The anti-crypto movement is a fashionable political niche, which needs to be given measured attention. The union of the sector is not perfect.

Too bad, because this year Adan has big ambitions again: another – even bigger ! – of our Crypto Finance Forum (unveiled in this newsletter), the first “tour de France” of the ecosystem and of the elected representatives of our territories, a presence in Brussels… And ten more employees in our wildest dreams !

So, one year on: thank you again to the members who entrusted me with the reins of the Association for your confidence, thank you to the many who have joined us since then, thank you every day to this exceptional team without whom Adan would not be Adan (in order of appearance in the credits : Jules, Hugo, Mélodie, Benoît), and thank you to all of you for your faithful and precious support.

See you next year ?

Faustine

Announcement

 
The second edition of the Crypto Finance Forum will take place on July 18th at the Maison de la Mutualité in Paris. The ticketing service has just opened, reserve your place now by clicking on the following link (Early Bird rate in limited quantity !)

Publications

MiCA trilogue and European ambitions: last chance for our digital sovereignty

In the final stretch towards the finalisation of the Markets in Crypto-assets (MiCA) regulation, Adan alarms stakeholders in the ongoing debates about some undesirable prospects for the crypto-asset industry. Inapplicable framework for decentralised finance, inappropriate capture of use cases carried by non-fungible tokens (NFTs), confiscation of stablecoins from new players, lack of proportionality and incomprehensible measures from the point of view of the competitiveness of European digital asset service providers… The pitfalls are multiple and serious.

However, the trialogue is speeding up to the detriment of understanding the impacts for the sector and the stakes for the European Union : the room for manoeuvre is shrinking in order to find the necessary balance between investor protection and development of innovation.

Read the position

NB : This political position is accompanied by a technical analysis and concrete alternative proposals, not made public by Adan at this stage. The Association is available for discussion.

TFR Recast trialogue: effective fight against financial crime requires preserving innovation

Following the first political trialogue on the revision of the Fund Transfer Regulation (FTR), Adan continues to alert the European institutions on the need to put in place an adapted and proportionate regulation, respecting the right balance – often complex to achieve – between the fight against money laundering and terrorist financing (AML/CFT) and the protection of the competitiveness of the European crypto-asset industry.

The harmonisation of the AML/CFT framework at European level is a necessity and good news for the French PSAN profession. However, in order to achieve its objectives in terms of financial security and confidence in the crypto-asset markets, TFR must imperatively take the industry on board with it. However, certain inappropriate or even excessive measures – for example, the extension of the scope to transactions involving an unhosted wallet, or the obligation for players to report to the competent authority any transaction over €1,000 involving an unhosted wallet – threaten both the competitiveness of European companies and the objectives sought. Read the position

The harmonisation of the AML/CFT framework at European level is a necessity and good news for the French PSAN profession. However, in order to achieve its objectives in terms of financial security and confidence in the crypto-asset markets, TFR must imperatively take the industry on board with it. However, certain inappropriate or even excessive measures – for example, the extension of the scope to transactions involving an unhosted wallet, or the obligation for players to report to the competent authority any transaction over €1,000 involving an unhosted wallet – threaten both the competitiveness of European companies and the objectives sought.

NB : This political position is accompanied by a technical analysis and concrete alternative proposals, not made public by Adan at this stage. The Association is available for discussion.

European regulation as seen by the crypto sector [Adan x Cryptoast] – Episode 1 The DeFi

In partnership with the media Cryptoast, Adan launches “European regulation as seen by the crypto sector”, a series of 7 videos that give voice to companies impacted by the upcoming MiCA and TFR regulations, and share recommendations to re-establish appropriate and proportionate rules.

Click here for the 1st video on the treatment of decentralised finance (DeFi) in MiCA (with English subtitles)

Don’t miss the episode about TFR consequences for DASP released on the Cryptoast channe this afternoon !

Works

As the debates on MiCA and TFR – which recently entered trilogues – accelerate between the different European institutions, Adan continues to actively and urgently bring the voice of its members to contribute to the adaptation of the construction of the European framework.

The first political trialogue on the MiCA Regulation was held at the end of April. The Association continues to make proposals on the text in order to obtain improvements in the final text. Many grey areas remain on the treatment of DeFi, the inclusion of NFTs, the stablecoin regime and the framework applicable to CASPs (crypto-asset service providers). Adan works daily to ensure that the Regulation is strictly limited to the supervision of centralised players, without the latter being subject to obligations that they would not be able to meet.

What next ? The next political trialogue will be held in May. In the meantime, Adan is sharing its recommendations with the various stakeholders in the ongoing discussions.

With regard to the revision of the Transfer of Funds Regulations 2015 (TFR), following the first political trialogue held on 28 April and the first technical trialogue held on 3 May, it would appear that the removal of the €1,000 exemption for the application of the Travel Rule (i.e. the exchange of information on transactions and their counterparties) has already been agreed. While some countries have much higher thresholds and the FATF, in its recommendations, proposes that Member States implement a €1,000 threshold, European players will probably be the only ones to apply it. But all is not yet lost! The Association does not intend to give up in this last straight line so that certain obligations – e.g. the extension of the scope and the obligation to verify the authenticity of the information collected when the transfer involves an unhosted wallet (i.e. a wallet held directly by a person), the obligation to report to the authorities transfers above €1,000 and involving unhosted individuals, the list of non-compliant providers which, as it stands and if interpreted broadly, could have an unintended and negative impact on DeFi in Europe, etc. – be corrected.

What next? The next technical trialogues will be held in May. In the meantime, like MiCA, Adan is sharing its recommendations with its various stakeholders.

Once again, Adan strongly condemns inappropriate behaviour on social networks which – rather than helping the industry – hinders it in large-scale battles for its development.

Regarding the pilot scheme for DLT market infrastructures, it should be noted that Member States have approved the final agreement of the trialogue, paving the way for the upcoming publication in the Official Journal of the EU (OJEU). This follows the approval of the final agreement by the European Parliament plenary in March.

While European news is hot, French issues are not to be outdone :

    • While President Emmanuel Macron was re-elected on 24 April, his groundbreaking interview with The Big Whale in which he expressed the urgency and importance of “France and Europe leading the future generations of the web” hints at the implementation of a dedicated national strategy, a proposal carried by Adan throughout the campaign through its manifesto.
  • While the European regulation is being built, the French PSAN regime still needs to be clarified on certain points. Thus, the Association is being consulted on a forthcoming amendment to the AMF position paper (DOC 2020-07).
  • The Adan PSAN Committee has reappointed Nicolas Louvet, CEO of Coinhouse and Coinhouse Custody Services, as Chairman of the Committee. Mark Kepeneghian, CEO of Kriptown, was elected Vice-Chair. Congratulations to both of you, and thank you for your commitment !
  • Adan participated in the launch of the fifth class of start-ups incubated at Swave, congratulations to them ! Nice entry of three crypto players : Aleno, Ambrosia and Tilvest.
    • We are pleased with the new partnership with the French Association of Securities Professionals (AFTI) as part of a cross-membership, allowing us to formalise a long-standing close relationship on regulatory issues and for the development of crypto use cases in the financial world. Many thanks to Stéphanie Saint Pé (General Delegate and Secretary of the Board) and Pierre Jond (President) for this new mark of confidence in the vision we carry.
  • Adan was at the Paris Blockchain Week Summit.

Speaking Opportunities

  • Faustine’s speech at the AGEFI Institutional Investors Forum at the Pavillon Dauphine (14 April)
  • Faustine’s ITW on BFM Business live from the PBWS to expose the stakes of the current European debates (14 April)
  • ITW of Faustine on BSmart to present the expectations of the French crypto sector (20 April)
  • Participation of Mélodie in the round table “Web3 : New eldorado or back to the origins of the web ?” at H7 in Lyon (21 April)
  • Participation in the Webinar “NFTs, an unidentified legal object?” organised by Assas Legal Innovation (21 April)
  • Faustine’s ITW for BFM Crypto in reaction to the interview of Aurore Lalucq (25 April)
  • ITW of Faustine on BSmart to talk about European regulation issues, alongside Pierre Person (26 April)
  • Faustine’s intervention at the Time To Decrypt’ conference on the “Regulation” round table (26 April)
  • ITW of Faustine on Grand Angle Crypto to give an update on the European regulatory debates and Adan’s actions (1st May)

New members

In April, we welcomed 12 new members, welcome to them !

Aave Holdings Limited : Software development on blockchain.

ALPHA-7 : Startup offering individuals and professionals a profitable, secure and commitment-free savings product thanks to decentralised finance.

Atlendis Labs : Capital-efficient DeFi lending protocol that enables uncollateralized crypto loans. Institutional borrowers can obtain flexible and competitive loan terms. Lenders earn high returns on actively loaned out capital and have granular control over their investment portfolios.

Avicenne Agency : Development of custom blockchain and web solutions for clients. Smart contracts, tokenization, DeFi etc

Caredda concept : Company promoting French and international contemporary art in the real and digital world

DFi Labs : Quantitative investment manager in digital assets based in Paris.

Interop Ventures : Venture capital fund supporting teams building applications and protocols in the Interchain economy, known as the Cosmos Network.

JSECapital : Advice and support for professionals and individuals to start, progress or specialise in digital assets and blockchain.

MAINBOT SAS : French EdTech & IoT start-up created in 2017, with a mission to develop The WinkyVerse: a global metaverse of educational games where families around the world will be able to learn, create, play and connect together.

Market Pay : An omnichannel payment solution for merchants and retailers in France and Europe. The company is a payment institution, electronic money institution and PISP.

Morpho Labs SAS : Decentralised finance protocol that interfaces with underlying liquidity pools (Aave, Compound) and offers peer-to-peer matching. This improves interest rates, while keeping the same liquidity and market risks of the underlying protocols.

Nomiks : Web3 consulting firm specialising in building tokenomics with a P2E focus. The team also has 3 decentralised investment funds.

Member News

Atlendis Labs : Founded by former ConsenSys employees, Atlendis Labs develops a crypto lending protocol for businesses. We are proud to join ADAN! Read more

Banque Delubac & Cie : The bank becomes the first French bank to obtain a PSAN registration for the launch of a BtoC and BtoB digital asset purchase, sale and custody offer. Read more