Hello

I hope you had a good and relaxing summer.

At the end of our summer break, Adan is ready and in great shape to get back to work and take on the many projects that lie ahead, and to meet the challenges that this autumn poses for the sector.

In Europe, the European banking and financial supervisory authorities are consulting on their proposals for technical standards for the operational implementation of MiCA, which are crucial for preparing the players subject to MiCA for its entry into force.

As I explained on BFM Business at the beginning of September, the return to work of the regulatory institutions will not spare any Web 3 professionals. PSAN, crypto conglomerates, stablecoins, NFT, DeFi, metavers, gaming… All subjects are on the spotlights of public decision-makers, regulatory authorities, European institutions and international organisations. Adan and the industry must be ready to follow these many debates in order to provide the necessary technical expertise and useful recommendations for the development of appropriate and proportionate policies and regulations.

So, as it does every year, Adan is holding its traditional back-to-work meeting in mid-September. The aim: to define its strategic roadmap, its priorities and its vision for the period September 2023 – July 2024. These meetings with our members, while enjoyable, are above all very important for identifying the needs and interests of the growing number and diversity of Web 3 players, and putting in place a relevant and effective action plan.

In conclusion: a busy, but decisive autumn for the sector. And we’re extremely excited about it.

In the middle of August, despite the holidays, three new members have given us the pleasure and honour of joining us. Welcome to them!

We look forward to seeing you all back at work!

Faustine

 

 

September Announcements

 

Adan is taking part in a discussion on the future of payment in France in 2030.

 

The Payment Association and Mastercard are organising an online event on 12 September on the theme of payments in France in 2030.

Our President Faustine Fleuret will be taking part to the French-speaking round table: “Blockchain, towards a tokenised world?” dedicated to blockchain, tokenisation and their impact on the payments industry, both for merchants and consumers.

Faustine will be joined by Bastien Lafon (Deputy Head of the Banking and Payment Services Office at the French Treasury), Catherine Philippe (Partner at KPMG) and Valérie Nowak (Director of Innovation at Mastercard).

This discussion will be available on Zoom, from 3pm to 4pm.

 

Adan is a partner of the FD Day organised by France Digitale.

 

FD Day, the must-attend family reunion of France’s tech community, is back on 20 September 2023 at the Musée des Arts Forains in Paris.

This year, FD Day will bring together over 5,000 founders, investors and innovation leaders for one day (and one night!)

After an anniversary edition and to open a new decade, France Digitale and FD Day have been selected by the CTA to host CES Tech Trends 2024, the first European stage of CES in 2023.

 

 

 

Publications

 

Adan publishes its annual report.

 

Institutionalisation, regulation, market upheavals…  2022 was a special year for  Web 3… And for Adan.

During this period, the Association was constantly engaged alongside its members and the entire sector, in a context influenced by the presidential and legislative elections in France, as well as by the finalisation of the first major regulations (MiCA and TFR) applied to crypto markets in Europe.

Our field of intervention has diversified and our representativeness in the industry has grown significantly, symbolised by the fact that we have passed the 200-member mark.

🔎 Find out more about Adan’s highlights and major achievements in 2022 in this third activity report :

➡️Download our annual report

 

Works

 

In France 🇫🇷

From the start of the new academic year, Adan and its members are mobilising to speak out for Web 3 in France and Europe.

After an initial vote in the Senate, discussions on the regulatory framework applicable to JONUMs are intensifying in the National Assembly. Passed by the Senate last July, the bill to secure and regulate the digital environment will be debated by the National Assembly in October. Following the drafting of a definition of JONUMs in article 15 of the bill, the National Assembly will be primarily responsible for defining the regulatory framework that will apply to players in the gaming industry. In particular, this regulatory framework will determine the powers of the ANJ, its power to impose sanctions, and the obligations applicable to JONUM companies in terms of the fight against money laundering and the financing of terrorism, etc.
In order to ensure the competitiveness of players in the gaming sector, Adan continues to convey the position of its members specialising in Web 3 gaming to all its contacts.

Against a backdrop of debt reduction and ecological transition, Adan will speak out in favour of Web 3 for the 2024 Budget Bill. This year, the challenges of the Finance Bill for 2024 (PLF 2024) lie in the need to restore financial stability after a period of high public spending and inflation. The government is seeking to limit the increase in local authority operating expenditure, without resorting to sanctions. The PLF also provides for budget savings and the setting aside of funds to strengthen the financial resilience of local authorities in the event of a crisis. It also addresses the distribution of VAT receipts and the impact on the taxation of network companies. Finally, the Green Fund, the key to the ecological transition, will be renewed and increased to support local investment. Against this backdrop, Adan will be putting forward six proposals aimed at improving the taxation of crypto-assets and will be meeting members of Parliament and the administration to make the case for Web 3 players throughout September.
The Finance Bill, dubbed “the green debt reduction budget” by Bercy, will be debated in Parliament from October and voted on by 31 December at the latest.

The AMF (Autorité des marchés financiers) shares its thoughts on the regulatory challenges of DeFi. As the European Commission prepares to publish a report on how to regulate project promoters specialising in decentralised finance, the AMF intends to contribute to these developments by commenting on the main challenges to be met in regulating these new financial practices. The document published by the AMF, which is out for consultation until 30 September, describes the major trends emerging in the market before addressing the types of risk identified, including liquidity, valuation, price manipulation, value drift and leverage. After publishing a report on the subject for the European Commission and responding to the ACPR’s consultation on the subject, the Association – along with its DeFi and Legal committees – will be taking part in these discussions.

 

En Europe 🇪🇺

ESMA is consulting the public on a series of MiCA-related technical standards that will be published sequentially until the first quarter of 2024. In July, ESMA launched a public consultation on the implementation of RTS under the Regulation, focusing on disclosure, transparency, conflict of interest and governance requirements for CASPs. These standards should make the text easier to understand for all stakeholders. In all, ESMA plans to launch 3 consultations, the second of which should be held in October and the third in early 2024. Adan, together with its legal and PSAN committees, is preparing a response for 20 September.

The European institutions are paving the way for the issue of a digital euro and updating the regulations applicable to payment services. On 28 June, the European Commission published legislative proposals for a new open financial framework and a digital euro. This new package opens the legislative way for a digital euro – assuming that the ECB Governing Council approves the issue of an e-euro within the Eurosystem. In its draft regulation, the Commission proposes to place the digital euro on the same legal footing as other euros by giving it legal tender status for retail payments in particular. At this stage, work on the text has begun in the Council (which is not the case in the Parliament, where the first technical discussions are expected in October).
An initial meeting on the package as a whole was held in August, during which the Commission presented the proposals to the Member States, who generally welcomed the legislative proposal.

 

A l’International 🌎

Adan responds to IOSCO’s consultation on its international recommendations for crypto-assets.
The International Organisation of Securities Commissions published a consultation this summer that highlights the growing importance of crypto-assets and crypto-asset service providers (CASPs) in the financial sector. It also highlights the need to regulate these activities to ensure investor confidence. In order to facilitate the harmonisation of rules applicable to crypto-asset markets at international level, IOSCO has submitted 18 recommendations to the competent national authorities responsible for regulating market operators in the crypto-asset sector. These recommendations cover several key aspects, such as governance, transparency, protection of client assets, prevention of abusive behaviour and supervision of CASPs. The Association has responded to this consultation.

 

Interventions

 

  • At Surfin Bitcoin, the Web 3 industry made its comeback in the presence of many members of the association who came either to attend the debates or to take part in them. Our President Faustine Fleuret was the guest on two Surfin Bitcoin panels.

 

  • Interviewed on BFM Crypto on 5 September, our President Faustine Fleuret gave an overview of the concerns of decision-makers and regulators at the start of the 2023 academic year. A busy agenda for the whole year, with major consequences at every level of the industry.

 

 

Members news

 

  • Atlendis Labs :  Atlendis Flow is registered as a PSAN with the AMF.
    More informations
  • Bitstack :We have developed an enhanced version of Dollar-Cost Averaging (DCA) that adjusts bitcoin purchases according to market conditions. This feature uses bitcoin’s 60-day moving average to automatically optimise investments.
    More informations
  • Blockchain for Good :We are delighted to announce that the Impact Blockchain Conference, organised by Blockchain for Good and Decentralized Desires on 20 July in Paris, brought together 40 international speakers and 500 people! The videos of the Agriculture, Climate, Environment, Finance and Identity conferences will be released at the end of September.
    More informations
  • Capsule Corp. Labs : We are delighted to announce that the Bpi has granted us €800,000 in financial support to ensure our growth. We are honoured that our partners have shown such confidence in us.
    More informations
  • Coinhouse :We have published the first interactive white paper on crypto-asset taxation in partnership with ORWL. A comprehensive and definitive approach to crypto-asset taxation that will enable individuals and professionals to grasp the art of crypto taxation from every angle.
    More informations
  • Cube3 :We’re opening the doors of our Web3 incubator and accelerator on 9 October, with the arrival of 20 companies for this first session.
    More informations
  • Fireblocks :Our research teams have discovered Bitforge – a series of vulnerabilities in 15 wallet providers.
    More informations
  • Galeon : We met with the Minister Delegate, Agnès Firmin Le Bodo, to discuss the Electronic Patient File, incorporating AI and Blockchain.
    More informations
  • Halt Avocats :Our partner Marina Carrier will be taking part in la Mêlée Numérique (the key event dedicated to digital law in the Occitanie region), at a round table discussion on blockchain on 28 September, alongside Delubac & Cie, Starting Blocks and Toulouse Aerospace. The event will also see the announcement of the launch of the Occitanie Blockchain Commission in partnership with la Mêlée (500 members including Airbus, Google, Microsoft, Total, etc.), with Halt Avocats acting as vice-chair.
    More informations
  • HODL Consulting :We’re proud to have sponsored a number of events in Biarritz, including NFT Biarritz, Crypto Endless Summer and Surfin Bitcoin, and had the pleasure of taking part in Legal Date.
  • iExec : We have announced our integration into the Intel Partner Alliance. This announcement is part of the iExec and Intel collaboration that began in 2018: iExec combines blockchain with Intel SGX enclaves for confidential data processing.
    More informations
  • Kaiko : We are delighted to present our latest data guide for financial institutions in the digital asset sector. In the “Sell-Side Handbook for Digital Asset Data”, we explore all the major sell-side use cases and the crypto data products that enable them, focusing on research and trading, reporting and compliance, structured products.
    More informations
  • Kriptown :We are launching Kassis, a new loyalty and employee rewards offering based on digital assets.
    More informations
  • Obside : We will be at the Salon du Trading in Paris to present a revolutionary tool in the world of investment.
    More informations
  • Regsharp : We are pleased to announce the creation of RegSharp Expertise & Consulting, an accounting firm dedicated to fintechs and crypto players, with three key focuses: responsiveness in responding to the supervisory authorities, the organisational rigour required by the accounting principles of a regulated institution and essential sector-specific expertise derived from RegSharp’s experience in compliance.
    More informations
  • Trakx :We are launching two loyalty programmes in September: 10 USDC for opening an account and the equivalent of 10% (APR) of the amounts invested in CTIs on the Trakx platform, subject to the conditions set out in the offers.
    More informations
  • Wagmi Studio :Wagmi Studio has joined forces to launch a Web3 communications agency: Hopium Agency.
    More informations

 

Ils nous ont rejoints

 

  • BilanCrypto : Together with our partners, we are experts in crypto accounting and taxation. We are here to support you in all your endeavours.
  • Fiat Republic : We are a EMI-regulated crypto-focused banking & compliance-as-a-service hybrid platform backed by Speedinvest, Seedcamp, Credo, Softbank and industry business angels.
  • Finegan Advisory : We are an independent French consultancy that supports its customers in their strategic and operational transformation.
  • Fox Audit : We are an audit and accounting firm with a Web3 and Crypto speciality since 2016. We have three offices in France. In Paris, Nantes and Nice.