France’s Crypto Friendly Regulations Lead To Increased Uptake Of Digital Assets

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France’s Crypto Friendly Regulations Lead To Increased Uptake Of Digital Assets
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Having one of the biggest countries in Europe recognize the maturity achieved by cryptocurrencies will help with their general and widespread adoption across the rest of the continent.

Cryptocurrencies and the ecosystems which support them are becoming more popular by the day and their adoption into the mainstream is more imminent. France has come up with regulations that are designed to offer crypto ecosystems an environment that allows them to mature and the country is encouraging the Europeans Union as a whole to adopt similar measures. Blockchain and cryptocurrencies are being explored on a larger scaled by French companies in comparison to other countries in Europe. The results that have come out of this exploration by French companies have been favorable and regulators in the European country have reported that there is an increase in crypto claims.

Number Of Claims Against Cryptos Increases

France’s Financial Markets Authority (FMA) claims that there has been a significant increase in the number of crypto claims since July 2018. Although the claims themselves may seem like a bad thing for the crypto industry, there is a lot of positives to take from the information. For starters, it shows that there is increased adoption of cryptocurrencies. More people have become educated about cryptocurrencies and have a better understanding about how they work. More claims also mean that crypto companies are being held accountable which gives them incentives to fix their shortfalls.

The increase of claims have also come with a decrease in inquiries received by the FMA about cryptocurrencies. A decrease in inquiries is another sign that more people understand cryptocurrencies and their systems. The FMA also states that more investors have shown interest in crypto investments and binary options among other crypto related products. Between 2016 and 2018, the FMA issued 118 warnings to crypto related entities. The total number of warnings issued by the body is 154.

Bitcoin in particular has matured over the years and the ecosystem is now more controlled and regulated. The evolution of Bitcoin is a reflection of how cryptocurrencies as a whole have come a long way to become a solid industry. The evolution itself is not like any other that industry has gone through globally. Bitcoin has gotten to a point where it has proven that with the right measures and support put in place, it can become a viable alternative currency globally.

About Ali Raza

A journalist, with experience in web journalism and marketing. Ali holds a master degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.