Crypto giants, including Circle and Ripple, sought regulatory clarity in Paris but left with a reality check – DL News

The Paris Blockchain Week wrapped up last week with a mix of relief and uncertainty as the crypto regime takes shape in Europe. The European Securities and Markets Authority’s executive director, Verena Ross, delivered a reality check to attendees, stating that the EU may not be as crypto-friendly as many had hoped.

Despite this, the conference saw 10,000 developers, investors, media personalities, and C-level executives gather to discuss the future of the industry. Key figures such as Binance CEO Richard Teng, Ripple head Brad Garlinghouse, and Circle CEO Jeremy Allaire shared their insights on the market and the challenges of operating in a regulated environment.

France, in particular, has positioned itself as a welcoming environment for crypto ventures, offering tax breaks and investment incentives. Circle, the issuer of the $32 billion USDC stablecoin, has set up its European base in Paris and is betting big on the country’s regulatory clarity.

With the Markets in Crypto Assets regulation set to come into force by the end of the year, national regulators in the EU are working on complementary regulations to protect investors and ensure compliance. Circle, for example, is looking to “passport” its services across the bloc from its base in France.

Despite regulatory challenges, the mood at the conference was optimistic, with attendees focusing on the potential growth of stablecoins and the role they will play in the future of digital cash. The SEC’s move on Uniswap, a decentralized exchange, was a topic of discussion, but it did not dampen the overall positive atmosphere.

As the industry continues to evolve, Paris remains a key hub for crypto innovation and investment. With the potential for an IPO bid from Circle later this year, the future looks bright for crypto ventures in France and beyond.