Binance CEO Richard Teng stated that the French government's regulation and support of technological innovation have benefited the crypto industry. Teng shared his statement on an episode of the Bankless podcast on June 17.
"President Macron's government has been very supportive of technological innovation, creating a favorable environment for fintech and blockchain technologies," said Teng. "Stable regulatory support is essential for continued innovation and adoption of crypto technologies. We appreciate the French government's efforts in this area."
France implemented a regulatory framework for digital assets in 2019 through the PACTE law, establishing its financial regulator, the Autorité des marchés financiers (AMF), as the supervisory authority of virtual tokens and digital asset service providers (DASP), according to Adan.
French Minister Bruno Le Maire has spoken about the importance of crypto in the global economy since 2018, Yahoo Finance reported. Le Maire said during the 2018 G20 summit in Argentina that he "firmly believes this technology is very positive for every country." He emphasized that regulations are key for the crypto industry and added, "Europe will lead the process" of implementing crypto regulations.
Speaking at the recent Paris Blockchain Week conference, Marina Ferrari, France's Minister of State for Digital Affairs, called on traditional financial institutions and partners in the regulatory and investing space to collaborate with Web3 companies to help France maintain its leadership position in innovation in the financial sector, Talos reported. "I'm calling on you to join forces so that we don't lose our lead in financial innovation," Ferrari said. During another panel discussion at the conference, participants from both the private and public sectors agreed on the need for greater collaboration, particularly as the EU's Markets in Crypto-Assets Regulation (MiCA) is implemented.
Ken Timsit, managing director of blockchain company Cronos Labs, wrote in an opinion piece for CoinDesk that Macron’s efforts to make his country a leader in Web3 are paying off. Major companies including Circle, Crypto.com, and Binance have selected Paris as their European headquarters. France has hosted industry-leading events such as NFT Paris, Paris Blockchain Week, and EthCC. Macron has also implemented policies like tax cuts for crypto profits.
Before joining Binance in August 2021, Teng served as CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM), chief regulatory officer of the Singapore Exchange (SGX), and director of corporate finance at the Monetary Authority of Singapore, according to Binance’s website. Teng became CEO of Binance in November.