French President Macron Supports Blockchain Innovations but Vows for Regulations

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French President Macron Supports Blockchain Innovations but Vows for Regulations
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The French president is known for making the country a “startup nation” that is friendly to new technologies and attracts talent and capital. Running for a second presidential run, Emmanuel Macron has voiced his approval of Web 3.0 and the Metaverse, while insisting that regulation led by public authorities is necessary to ensure the industry’s long-term success.

Macron is proud of French-made crypto unicorns like Ledger and Sorare, aiming to strengthen Europe’s competitiveness in the metaverse and gain technological independence from American and Chinese giants. Furthermore, he vowed that France would welcome the idea of ​​”a dematerialised museum of French history through digital historiography”.

Web 3: An opportunity not to be missed

In a recent interview, the presidential candidate saw Web 3 as an opportunity for Europe to regain its technological leadership.

Macron said that France has always been a strong player in the field of digital games and has many talents working in the field of Metaverse and blockchain technology. Macron advocated an ideal called “European Metaverse”. By building the technological infrastructure necessary for the next generation of the Internet, Europe can become a core player in the metaverse.

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The president pointed to the potential social downsides of rapid adoption of new digital technologies. He said that while France has the assets and talent of Metaverse, the accelerated pace of technology has been the “major centrifugal force” between those who hold the code of digital technology and all those left out. Additionally, he asked public authorities to develop NFT-focused policies for regulators.

“The metaverse has enormous potential for culture and leisure due to its applications in music, concerts, art exhibitions, etc. Without this revolution, we cannot think about our cultural policies. I hope our major cultural institutions Develop NFT policies, such as by promoting, disseminating and protecting digital twins or variants of their physical collections.”

Emmanuel Macron. Source: AANews

encryption regulations

As the European Parliament has shown a hawkish tendency to tighten regulation of digital assets by introducing MiCA legislation (markets in crypto assets), Macron supported the move, saying he does not believe the crypto industry should not “protect itself.” regulated. “

“This is neither sustainable nor democratic… We must now ensure the uniformity of rules on European territory to create a single market. Given this situation, I am in favour of rapid progress on MiCA regulations.”

MiCA legislation aims to regulate all digital currencies not covered by existing regulations. Robert Ophèle, chairman of the Autorité des Marchés Financiers (AMF), the French financial regulator, has previously proposed to the EU a pilot regime tailored to the crypto industry. The head of the AMF said that the heavily restrictive policy regime will drive crypto-based businesses out of the EU – a position echoed by the French president.

Featured Image Courtesy of DW

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