French Lawmaker Releases New Report to Push for Crypto Legislation
Pierre Person, a lawmaker from France’s ruling La République En Marche! (LREM) party, has unveiled a new report which introduces a number of legislative proposals related to crypto and digital assets, pushing for the adoption of crypto legislation in the French parliament.
In his report, the MP refers to the cryptosphere by saying that “the decentralized and totally innovative nature of this ecosystem requires a fresh look at regulatory approaches in order to adapt the rules in force.”
Some of Person’s proposals include:
- banning cryptoasset mining with the use of carbon-based energy and adapting French regulations on pollution rights to apply them to miners, allocating carbon credits to miners involved in financing new renewable energy sources;
- amending France’s regulations on intellectual property to cover non-fungible tokens (NFTs);
- issuing a French wholesale central bank digital currency (CBDC);
- at the European level, issuing a digital euro available to individuals and entities;
- amending France’s regulations applicable to decentralized finance (DeFi) to develop a regulatory sandbox under the supervision of the country’s regulators;
- allowing decentralized autonomous organizations (DAOs) to become legal persons in France, allowing such organizations to enter into contractual relationships.
Person has a track record of pro-crypto activities. In 2020, when French Finance Minister Bruno Le Maire unveiled a regulation that was meant to enable the state to combat the anonymity of crypto transactions, the politician accused his ministry of potentially hampering the sector’s development.
“It is regrettable that France is still distinguished within the EU by additional constraints. Why not instead put forward efforts made to simplify KYC [Know Your Customer standards] whose bureaucratic rules date back to the Paleolithic and are benefiting the existing banking [institutions],” Person tweeted back in December.
Pointing to the close ties between Person and French President Emmanuel Macron, in 2017, Le Monde newspaper called the MP one of Macron’s “snipers” in the French parliament.