Let them eat crypto? France cooks up a plan.

By Lionel Laurent

31 Mar 2023 · 3 min read

Editor's Note

The U.S. has been cracking down on virtual-currency firms, but it's a different story in France, where tech bros are "doubling down" on Europe, according to this Bloomberg report.

Virtual-currency entrepreneurs are feeling the heat in the U.S. after the spectacular collapse of FTX, the closure of several crypto-friendly banks and now a top regulator's case against Binance that threatens to engulf numerous trading firms. But it's a different vibe in Europe, especially France, where tech bros are more likely to get the red-carpet treatment.

Jeremy Allaire, co-founder of stablecoin issuer Circle, is one of them. Speaking on the sidelines of the Paris Blockchain Week junket in the luxury surroundings of the Pavillon Vendome, he described the global shifts in crypto oversight as "a regulatory Game of Thrones" - where you win or you die. His company, which played a starring role in the Silicon Valley Bank crisis when it tried to withdraw a whopping $3.3 billion, is "doubling down" on Europe with applications for multiple licenses in France - an "innovation-forward" country, Allaire says, sporting a regulator-friendly suit and tie.

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