Original author: Beosin Donny, Eaton, Dorit
Original source: Beosin
Around 1920, Hemingway lived in Paris as a resident journalist. The book "A Moveable Feast" records the author's everyday life at that time.
However, the writing of this book took place nearly forty years later, in other words, the "scene" of the feast had long disappeared. Both the author and the reader are only reliving that past era in their memories, and whether it is the author or the reader, these memories have been out of focus and distorted through the lens of time.
All memories of Paris are mixed into a common historical memory of Paris.
In this semi-realistic and semi-fictional work, the customs and sketches of the Parisian literary circle of the 1920s unfold gradually, and those figures who wielded great influence in the world literary and art scenes are vividly outlined, forever intertwined with this city and this book.
And now, 100 years later, Paris is embarking on a brand new feast - the Web3 encryption feast.
Ethereum Community Conference (EthCC), a moveable encryption feast
Recently, the most lively event in Paris is the Ethereum Community Conference (The Ethereum Community Conference) held from July 17th to 20th in Paris, France. EthCC is organized by the non-profit organization Ethereum France and has been held in Paris, France since 2018, aiming to provide more communication opportunities for startups and investors.
At the 2020 conference, Jerome de Tychey, the founder and chairman of Ethereum France, said, "In the next decade, we will continue to revitalize the industry and establish meaningful connections within the community. One point we want to emphasize is that we welcome the global French-speaking community to join the Ethereum ecosystem."
The EthCC of this year will be held from July 17th to 20th local time. Since last month, tickets for EthCC have been in high demand, and the conference has been extended from three days to four. Whether for Ethereum developers or the entire cryptocurrency community, it is the most anticipated event after EDCON Montenegro this year.
In Paris, another event worth paying attention to is the DeFi Security Summit on July 15th. Following the successful first DeFi Security Summit held at Stanford, the second summit will take place in Paris, France.
During the two-day event, attendees will listen to world-leading DeFi security researchers, auditors, and hackers sharing their unique approaches to work. As a global blockchain security company, Beosin will not miss this opportunity to learn about the latest industry trends, and Beosin's security experts will be present to exchange ideas with everyone.
In the past year, new DeFi hacks have been happening frequently. According to Beosin's semi-annual security report, the loss amount in the first half of this year alone reached 600 million USD. Preventing and addressing these attacks is crucial not only for protecting existing users but also for the development of the entire DeFi market. We look forward to DeFi Security Summit bringing more inspiration and innovation to the global DeFi market.
DeFi Security Summit live
Can fashion-conscious Paris blend perfectly with the Web3 world?
Vogue Business In a report in March, Vogue Business mentioned how Paris has become the best fusion ground for the fashion industry and the Web3 world. Just a few days before the opening of Paris Fashion Week in March this year, the NFT industry conference NFT Paris still attracted a global audience to discuss the future of fashion.The juxtaposition of NFT Paris and Paris Fashion Week suggests the city's ability to attract the integration of Web3 and fashion. Paris has developed a unique position in bridging the gap between the luxury fashion industry and the technology industry, offering early interpretations of industry sentiment even in the cryptocurrency bear market.
At the NFT Paris conference, venture capital firm A16Z held a dinner for industry leaders in the luxury goods, NFT, and investment sectors, with executives from companies such as Balmain, Shopify, and Chanel joining Web3 founders such as Rtfkt's Pagotto and Leanne Elliott-Young in attendance. Fashion brands, which have shown a growing interest in virtual art forms in recent years, remained the focus of the conference. For example, Balmain collaborated with Space Runners to launch the latest Phygital sports shoe NFT collection, while RTFKT, a crypto fashion brand affiliated with Nike, announced a capsule collection with crypto hardware wallet manufacturer Ledger, including a custom Ledger Nano S Plus and Nano X in all white, both of which will be released in virtual form and can be redeemed for physical items.
The hot hosting of numerous exhibitions demonstrates the support of Paris and its government for the cryptocurrency and blockchain industry. In fact, Paris has attracted many well-known cryptocurrency companies and organizations such as ConsenSys and Ledger. With the continued development of cryptocurrency and blockchain technology, we have reason to believe that Paris will continue to play an important role in this field.
Web3 Cryptographic Institutions "Growing" in Paris
After conducting research, Beosin found that Paris is very friendly to the crypto ecosystem, focusing on innovation. Several leading Web3 companies have chosen Paris as their headquarters:
1. Ledger Hardware Wallet
In 2014, Ledger started with manufacturing hardware wallets and launched a series of products such as Ledger Nano. It also introduced the Ledger Live app, which provides services like buying, selling, transferring, and lending for users. In 2021, Ledger completed a Series C financing round with an estimated valuation of $1.4 billion and raised an additional $385 million in this round. The investment came from 10T, Cathay Innovation, DCG, and other institutions.
2. Flowdesk
Founded in 2020, Flowdesk is registered with the French Financial Markets Authority (AMF) and the Prudential Supervision and Resolution Authority (ACPR). It primarily offers market-making services to cryptocurrency exchanges and DeFi projects, serving over 85 exchanges. In addition, Flowdesk provides digital asset management, brokerage, and custody services. Flowdesk completed a $30 million Series A financing round in 2022, with participation from Coinbase, Ledger, Eurazeo, Aglaé Ventures, ISAI, Speedinvest, Fabric.vc, and other institutions and angel investors.
3. Kaiko
Kaiko was founded in 2014 as an institutional company providing market data, portfolio solutions, interest rates and indices, pricing services, DeFi data, and research on digital assets covering over 95% of global trading volume. Its clients and partners include Deutsche Boerse, ICE Global Network, Messari, and Paxos. In 2021, Kaiko completed a $24 million Series A funding round led by Anthemis and Underscore. In June 2022, Kaiko completed a $53 million Series B funding round led by Eight Roads, with participation from French venture capital firms Revaia, Alven, Point Nine, Anthemis, and Underscore.
4. ACINQ
ACINQ was founded in 2014 and focuses on Eclair Lightning Network deployment and mobile wallet applications. It develops Lightning Network payment API services for merchants. In 2015, ACINQ began researching the Bitcoin Lightning Network and in 2017, implemented its own Lightning Network protocol, Eclair, and launched the corresponding Lightning Network wallet. In 2019, ACINQ completed an $8 million Series A funding round led by Idinvest Partners, with participation from venture capital firms Serena and French national investment bank Bpifrance. ACINQ then launched its second-generation self-custodial Lightning Network wallet, Phoenix, to make it easier for users to make payments using the Lightning Network.
In addition to the companies mentioned above, there are also Web3 project teams in Paris, such as Morpho Labs, Aleph.im, Pianity, and ParaSwap.
Regulatory Policies and the Future of Paris
A crypto-friendly city can be defined as one that actively creates a legal framework for the flourishing of cryptocurrencies, while enhancing consumer confidence and reducing fraud risks. While many countries are striving to better adapt to the rapidly evolving decentralized financial world, France has been an early leader.
In April 2019, the French National Assembly passed a law called PACTE (Action Plan for Business Growth and Transformation) aimed at boosting the French economy. The law included a chapter on digital assets, establishing a legal framework for cryptocurrency service providers and initial token offerings. The key aspects of this framework include:
1. The French Financial Markets Authority (AMF) exercising regulatory oversight over crypto assets.
2. If the initiator of the ICO project meets certain conditions, they can apply to the AMF for issuance approval.
3. Regulated issuers, trading platforms, custodians, and investors of crypto assets must pay taxes on the profits they obtain from crypto assets.
4. Two types of funds can invest in digital assets: professional crypto asset investment funds and professional private equity investment funds.
Clearer regulatory policies provide a legal basis, which will help the thriving crypto asset industry and economic employment in France. The introduction of this regulatory framework demonstrates the French government's relatively open attitude towards the blockchain and crypto asset industry.
In May of this year, the European Union issued the Markets in Crypto-assets Regulation (MiCA) and published it in the Official Journal of the European Union (OJEU) on June 9th. This will create a unified virtual asset market covering 500 million consumers and 27 EU member states. MiCA will be officially implemented on December 30, 2024, after an 18-month transition period.
MiCA is part of the European Union's macro-level Digital Finance Strategy and will unify the following rules of EU member states: transparency, disclosure requirements for the issuance and trading access of crypto assets; authorization and supervision of crypto asset service providers and issuers; operation, organization, and governance rules of asset-referenced tokens, electronic money tokens, and other crypto asset service providers; consumer protection rules for crypto assets; measures to prevent market abuse and ensure integrity of crypto asset markets. In summary, MiCA mainly regulates:
(1) Various types of crypto assets, including e-money tokens, asset-referenced tokens, and other tokens; (2) Various types of crypto asset services and service providers, including wallet custody services, deposit and withdrawal services, exchange services, asset management services, investment advisory services, etc.
As one of the few countries in Europe to regulate cryptocurrencies before the EU MiCA regulation, France has stated that it will provide a fast track for cryptocurrency companies registered in France to comply with stricter MiCA rules, including stricter governance, consumer protection, and financial stability rules. According to MiCA regulations, companies already registered in France will have an additional 18 months to comply with stricter MiCA rules.
While actively promoting the development of virtual asset businesses, France has always insisted on strict regulation of related activities to ensure consumer and market safety.
Recently, the Paris Prosecutor's Office has confirmed that Binance's French subsidiary is under investigation by local authorities for allegedly providing "illegal" digital asset services and engaging in "serious money laundering activities." However, Binance founder and CEO Changpeng Zhao (CZ) stated on Twitter, "In France, sudden on-site visits to regulated companies are normal. Binance France is fully cooperating with the investigation. Binance is not the only cryptocurrency company being inspected. This is also happening to other well-known cryptocurrency companies in Paris."
Clearly, while the French government supports investment and trading activities in cryptocurrencies, regulations for the virtual asset market remain very strict.
Final Thoughts
Among countless fictional and non-fictional works about Paris throughout history, "A Moveable Feast" is one of the most famous. The dedication on its title page - "If you are lucky enough to have lived in Paris as a young man, then wherever you go for the rest of your life, it stays with you, for Paris is a moveable feast" - has become a "cultural emblem" of Paris, widely acclaimed.
And now, as cryptocurrency becomes a new "label" for Paris, what kind of transformations and innovations will this city undergo? Let us wait and see.
