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Llew Claasen, executive director, The Bitcoin foundation : « It's important that french lawmakers slow down and better understand the impact of what they are proposing »

Tech&droit - Blockchain
27/09/2018
In a article released on the 26th of september, Les Echos revealed a letter from The Bitcoin foundation, adressed to a French MP, asking him to withdraw the draft regulation which aims to establish a framework for intermediaries in the cryptoassets’ market.
Actualités du droit : Do you confirm this letter ?
Llew Claasen : Yes, however the amendement (amendement n° 2492) in question involves all tokens and all operators, not just ICO-based entities.
 
ADD : Why are you trying to interfere in the French legislative process ?
L. C. : Our members include French citizens and other citizens of the EU. The process followed for proposing the amendment has been opaque and rushed and will have a negative impact on the growth of the cryptocurrency and blockchain industry in France.
 
It's important that lawmakers slow down and better understand the impact of what they are proposing, especially how this has impacted other territories from which they have taken their lead, in this case, from New York state and the BitLicense.
 
ADD : What are you afraid of with the implementation of this visa ?
L. C. : We don't believe that French legislators have enough information at their disposal to understand the impact on this vital and innovative new industry if they implement a regulatory regime similar to thew New York BitLicense.
 
The BitLicense is not the "middle of the road" regulation it is suggested to be in the Landau report.
 
ADD : What are, for you, the differences between the french proposal and the BitLicence ?
L. C. : The French proposal is based on the BitLicense and appears to be identical at this time.
  
ADD : Do you fear other European countries will do the same ?
L. C. : Any ill-considered regulatory precedent in France is harmful to the rest of the EU as well.
 
ADD : Are you against any kind of regulation on ICO ?
L. C. : No. We believe that a combination of flexibility with existing regulations, and practice notes from the regulator can go a long way towards getting the right kinds of behavior in the market.
 
There is no need for new regulations at this time - the market and the technology are too immature and the desired end state too uncertain. Regulation doesn't enable innovation, right now we need space to responsibly experiment in.
 
 
 Propos recueillis par Gaëlle Marraud des Grottes
Source : Actualités du droit