Now, or at least since last month, the big giant of cryptocurrency exchanges (Binance) has gained a historic place. Binance is currently registered in France with AMF, which makes it possible to offer its services directly in the euro area. So what will be the impact of this approval on the acceptance of cryptocurrencies in France? All the contours of this concern will be dissected from top to bottom throughout the rest of this article.
Influence of Binance registration on acceptance of Fiat coins in France
All reviews point to the fact that May 4, 2022, indicates the date of registration of Binance as a PSAM (Digital Asset Services Provider), and this approval has been approved by the Autorité des Marchés Financier (AMF) and by the Autorité de prudential supervision and dissolution ( ACPR).
Binance CEO Changpeng Zhao said the following words to this effect “Now the crypto community can trust Binance France as a trusted PSAN registered in France”, which is completely true. So let’s understand that this is very good news for people who are already using this monetary technology in France, greater credibility is finally taking hold. This is valid for non-using cryptocurrencies; let’s say that this is a motivating factor for the adoption of cryptocurrencies for the latter. Basically, France is becoming a country on the rise in this sector.
In addition to the leading position that France now holds, several advantages follow the regulatory approval of Binance by France. Find all this in the statement by the Foreign Minister responsible for the Digital Transition and Electronic Communications, Mr Cédric O: he clearly shows in this to what extent the choice of Binance turned against France to make it its headquarters is a very strong signal for the French Tech dynamics, investments, appropriate regulations and support for innovation in cryptocurrencies as well as in all technology.
On the other hand, the installation of Binance in France will give a boost to the French employment sector. For this installation alone, more than 250 jobs will be created. This is an advantage that comes on top of the fact that France is already a leader in blockchain.
However, France conditions this approval on Binance always focusing on and remaining consistent with the fight against money laundering, fraud and ransom. The CEO also commented on this to reassure the French state.
New prospects for cryptocurrency adoption in France
The regulatory approval of the Binance platform in France has opened up a wealth of possibilities in record time. The world of cryptocurrencies is expanding not only in France but also across the planet. This approval is nothing more than a basis for the development of cryptocurrencies. Binance will thus in a few years be more entrenched in the French and global economy with more than 70% of the world market for cryptocurrency exchanges, a market share (70%) that the platform already has in reality. But it is always important to know that on the other hand, there is a risk when talking about cryptocurrencies.
That’s why Maxim Manturov, Head of Investment Advising at Freedom Finance Europe, says: “On the one hand, cryptocurrencies are becoming more and more deeply integrated into economic relationships across the economy. With their enormous potential, cryptocurrencies are valuable long-term investments. In the short term, however, investing in them is somewhat risky. This year, there have been widespread rate hikes by banks, including the US Federal Reserve. These actions by regulators are always accompanied by a sale of technology companies, including crypto exchanges. “
Predicting the future of cryptocurrencies in France thanks to the latest approval that happened
A major technological revolution is fast approaching in France with the installation of Binance’s headquarters. This approval will therefore increase the settlement of several financial activities, starting with insurance, transport, banking, etc. The increase in many financial financing tools will also be increased (security token, ICO, etc.).
The technology of the platform will continue to evolve and new economic and social paradigms will be born and the current concretizations added. The cryptocurrency, the blockchain, is therefore the promoters of a future that is currently difficult to measure.
By that time, the French economy will be completely digitized in cryptocurrencies, because gradually the euro will be diluted and exchanged from token to token.
All these predictions, with which the National Assembly is aware, lead this institution to the determination of a happy medium. At the very least, this study shows that it was possible to experiment on a regular and flexible basis to give free rein to innovations in blockchain and cryptocurrencies.