Crypto regulation took center stage at Paris Blockchain Week

It was an action-packed week in Paris. From the piles of rubbish on the streets in the middle ongoing protest against President Macron raising the French retirement ageto the extravagant celebrations happening across the city, Paris Blockchain Week (PBW) was an event that will be etched in people’s memories for years to come.

Amidst the glitz and glamor often associated with crypto and blockchain events, the true essence of business took center stage at the Carrousel du Louvre on March 22 and 23, 2023. The panels were a gold mine of knowledge, providing a wealth of insight and discussion. on the industry’s future.

From thought-provoking talks on regulations and NFT branding to the limitless potential of the metaverse, PBW attendees were treated to an enriching experience that promised to shape the future of the blockchain ecosystem.

Regulations are a must

The winds of regulation are blowing through the crypto world, with Europe and the Middle East at the forefront of the movement. This was a theme that resonated throughout the conversations at PBW.

While the US is still struggling with how to classify digital assets and their corresponding regulations, Dubai is paving the way with an open dialogue on the topic.

As the industry continues to mature, the need for clear policies and guidelines to ensure a safe and stable environment for investors and innovators alike is becoming increasingly apparent.

Break down MiCA

One of the first panels at the conference started with a bang, diving straight into the hotly debated topic Market in Crypto-Assets (MiCA). This discussion – aptly titled “MiCA: How does the EU regulate crypto?” – was expertly moderated by Sabine Van Haecke-Lepic from Sciences Po and featured an all-star lineup of industry experts including Gundars Ostrovskis from the European Commission, Nadia Filali from Caisse des Dépôts/INATBA, Hubert de Vauplane from Kramer Levin Naftalis & Frankel LLP , Janet Ho from Chainalysis as well as Vytautas Karalevicius from Bankera.

The panelists did not shy away from the tough questions, and addressed directly how the development of MiCA will disrupt and benefit the industry as a whole. They examined how these regulations will provide much-needed security and credibility, ultimately driving innovation and encouraging further growth.

Although not without its faults, the MiCA legislation is expected to be a game-changer for the European regulatory landscape. Janet Ho from Chainalysis provided some valuable insights into the need for future changes to the legislation to ensure it remains relevant and effective.

Overall, the panel was an informative and engaging showcase of how far European nations are going in their approach to regulating the crypto industry. With heavyweights like these leading the industry, the future of crypto regulation looks brighter than ever.

A balancing act

Another riveting panel – entitled “How to get CeFi right – the balance between TradFi and DeFi?” – was moderated by Emma Joyce from GBBC Digital Finance. The panelists – including BitGo’s Joaquin Sastre, Shift Market’s Ian McAfee, Woorton’s Charlie Meraud, Messari’s Eric Turner and Finoa’s Henrik Gebbing – are all experts in the field and provided insightful perspectives on the risks and benefits of traditional finance (TradFi) and decentralized finance. (DeFi).

The discussion highlighted the differences between the credit risk of TradFi and the technology risk of DeFi. Despite the early adoption of crypto as an asset class in CeFi, the panel agreed that regulation is necessary to provide a safety net – especially after the FTX fallout that left a lasting impression on the Web3 industry as a whole.

The panelists also emphasized that the industry must find a balance between the benefits of innovation and the need for regulation – and that cooperation between regulators and industry players is key.

Dubai is ready

In one of the week’s final panels – titled “Dubai: Developing a Silicon Valley for Web3” – Marwan Al Zarouni, strategic advisor for Digital Dubai, shared insights on the regulatory landscape with moderator Herve Larren, CEO of Airvey.io.

Al Zarouni highlighted Dubai’s unique approach to fostering innovation and growth by operating as a business, providing unique access to investors, embracing enabling technologies and also being an early adopter of digital assets.

What sets Dubai apart is its willingness to engage in long, progressive conversations with industry players and regulators who understand and speak the language of innovation. As Al Zarouni put it, Dubai is a land of opportunity with a supportive ecosystem in place.

The message was clear: Dubai is determined to become the Silicon Valley of Web3 – and they are actively laying the foundations for a bright future in the industry.

As the curtains close on PBW 2023, a new stage is being built for the future. Now more than ever, it is clear that industry growth and innovation are intertwined with the regulatory landscape. Despite the challenges, there is palpable optimism that a more coherent and globally adapted framework will emerge.

The discussions served as a reminder of the importance of staying informed and engaged in the conversation, especially as the crypto and blockchain space continues to evolve at lightning speed.

The future is bright and the potential for this asset class is unlimited. With the right regulations in place to protect investors, it is only a matter of time before we see widespread adoption and transformative change.