Minute Crypto Regulation # 6: France, UK and US

On the occasion of this monthly article, we will provide an overview of regulatory projects or new regulatory trends related to Bitcoin and cryptocurrencies. In this sixth part of the Crypto Regulation Minute, we travel to France, the United Kingdom, and then the United States.

France: The first public auction of NFT

As expected law project to amend Article L. 320-1, para. 1 of the Trade Act to include public auction sales of “certain intangible movable assets”, in particular NFTs, has been finally adopted. That has actually been the law published to Official Journall af March 1, 2022. The implementing decrees should be published before the end of the year …

However, the FauveParis auction house, which is known for breaking the codes of the trade, has decided to ignore these decrees. On March 10, 2022, FauveParis organized first public auction compared to NFTs in France. It is not surprising when we know that FauveParis had tried to arrange an NFT auction, which was to be held on February 24, 2022, that is, before the law was published. The sale was rejected by the sales council (sectoral regulator) and the sale was finally canceled.

NFTs are sold at public auction thanks to FauveParis
Tweet from FauveParis about the first public NFT auction in France – Source: Twitter

During this sale, 47 NFTs from various artists was auctioned off. Among these artists was the American Beeple who has the record amount for an NFT sale with his work “ Everyday: The first 5,000 » which is sold for over $ 69 million. This sale had the expected success, some people bid from the street, where giant screens made it possible to follow the sale live.

In addition, the president of FauveParis launched this auction in a reassuring tone for the most skeptical:

“This is a cry from the heart: there is no need to understand NFTs, you just have to feel!”

In short, this is what any kind of art should inspire: A comfortable and familiar feeling.

>> No auctions or NFTs .. but cryptocurrencies on reference to FTX exchanges (linked link) <

UK: Legal action against crypto companies follows one another

In the United Kingdom, the regulator is the UK financial sector Financial Conduct Authority (FCA)said it opened more than 300 files on companies involved in digital assets between 1 April 2021 and 30 September 2021. As a reminder, the FCA is a regulatory authority independent of the British Government. She must take care of the good application of stock market law in power.

In addition, between April and September 2021, the watchdog received thousands of complaints about hypothetical crypto-scams:

“Between April and September last year, the FCA received 16,400 inquiries about possible fraud, an increase of nearly a third compared to the same period in 2020.”

According to FCA data, during this period it would have prevented every fourth company to enter the stock market.

Separately, the FCA said it had 50 studies in progress, including criminal investigations, of crypto companies not registered with its services. Only from March 2, 2022 33 crypto companies was registered with the FCA, and 22 has received approval fromtemporary recording.

USA: Towards coordination of crypto rules

US President Joe Biden has proven to be not fundamentally opposed to cryptocurrencies. The night between March 9 and 10, the President of the United States arrived signed the decree Executive Order entitled “Executive Order on ensuring the responsible development of digital assets”.

This decree aims to solve a whole lot of problems that arise in the crypto space: consumer protection, that illegal financing, that “responsible development” as welleconomic inclusion.

Moreover, this text does not in itself introduce new rules, but instructs the federal agencies to choose one coordination of their actions. Thus, the Federal Trade Commission, the Securities and Exchange Commission (SEC) and the CFTC are called upon to coordinate their efforts with regard to the supervision of the crypto industry. In addition, the Ministry of Finance will “publish a report on the future of currency and payment systems.”

Thus, President Biden’s executive order is divided into 10 sections :

  • Politics
  • Goal
  • Coordination
  • Central Bank’s digital currencies (MNBC)
  • Consumer protection
  • Financial stability
  • Actions to combat the illegal financing of digital assets
  • International cooperation
  • Definitions
  • General provisions

Finallyclimate impact of the crypto industry is not omitted by the US President despite the fact that the Executive Order does not devote a specific section to it. In fact, prior to the publication of this decree, Joe Biden asked several environmental authorities, such asThe Danish Environmental Protection Agency to submit a report to him. This report should examine “the the potential of these technologies [telle que la blockchain], to prevent or promote efforts to combat climate change. »

Have a great week at Journal Du Coin!

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