2023-11-08 11:24:38
Brian O’Hagan was there when the crypto hype just started in France. “2015 was the year when everyone said Bitcoin is stupid, Bitcoin is drug money,” remembers the French-Irishman, who has since held various positions in the industry and currently works as growth manager for the start-up Sorare. “But it was also the year that The Economist came out with its front page saying that blockchain technology could change the world.” At the time, “La Maison du Bitcoin” had just opened its doors in the center of Paris. As the first Bitcoin center in Europe, the physical meeting place was a space primarily for young software engineers to discuss cryptocurrencies and come together for joint development events, so-called hackathons.
The number of participants was still manageable in 2015. “It was a very exciting time because there were very few people interested in this topic,” says O’Hagan. Little by little there were more. Company representatives attended seminars at “La Maison du Bitcoin” about the systematics and advantages of decentralized, digital databases (blockchains), and when the Bitcoin price broke the $10,000 mark for the first time at the end of 2017, journalists rushed to the place says O’Hagan. Suddenly he was receiving 30 calls a day. But the joy of the interest was one thing. At the same time, it dawned on everyone involved that the lack of a regulatory framework was also attracting black sheep and thus threatening to bring the industry into disrepute.
Today, France is considered a pioneer in Europe when it comes to crypto regulation. A few have become many who are interested in the new technology. Politics got to work earlier than in other countries. Emmanuel Macron became President in 2017, and work on the “loi pacte” growth law began shortly afterwards. The young president’s ranks were open to the crypto scene, and they also did their best to promote start-ups in general.
Pierre Person, a member of parliament and now deputy chairman of Macron’s party, a close confidant of the president, sought early dialogue with companies, banks and regulators. He was instrumental in bringing about the Loi Pacte legislative package passed in 2019 and creating a widely welcomed framework for the crypto economy. The fact that a flat tax rate of 30 percent was introduced for the annual profit from the sale of digital assets should further encourage investments.
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