Hi HODLers,
Interestingly, since the UK left the European Union, we have seen a lot of financial companies having to move some of their staff/operations in the European Union. They overwhelmingly chose 3 locations:
- Dublin: English speaking country and a lot of multinationals have their HQ over there (for tax reasons)
- Francfort: European Central Bank Headquarter. Therefore a lot of banks are intending to set their operations there to continue lobying on many front. This is also a well-connected city to the rest of Europe
- Paris: A lot of market participant (traders, investment managers...) wanted to be in an exciting city and therefore Paris and to a lesser extent Amsterdam where on the top of their list. Also, France has a sizeable banking/financial industry.
But more recently, we have seen a few Crypto companies set up their HQ in France. There is also a lot of startups in crypto/tech based in France. Tezos, Sorare (Soccer fantasy NFT game) and a ton of other ones...
The main reason seems to be a government that is actually quite pro-crypto compared to most countries in the world including in Europe.
Cypto.com announced that they will invest $150mn in France.
“continuing to engage with stakeholders across sectors to help facilitate the new digital economy in France and providing customers a best-in-class crypto experience.”
I think it is overall positive but I truly hope Crypto.com won't turn out to be a rugpull/scammy company... As you know if you read me, I believe this is one of the most shady Top10 CEX...
Earlier, Binance chose France because of its “pro-business” stance: CZ praised:
“pro-crypto regulations” back in April, saying the country was “very uniquely positioned to be the leader of this industry in Europe.”
He even added that the government was extremeley knowledgeable about cryptocurrencies.
Interesting, I wonder if France can manage to become a crypto powerhouse before the next bullrun!
Until then, stay safe out there!
Source: Crypto.com Follows Binance Into France, Invests $145M in Paris HQ, Decrypt