France offers invitation to crypto firms seeking to leave U.S.’ loose crypto ecosystem

The US financial system as a whole, including the crypto market, is currently experiencing a chaotic period.

The US, which is going through a difficult financial phase right now, may be causing cryptocurrency companies to escape to foreign markets. While everything is going on, France appears to be using the challenging circumstances in the US as an opportunity to strengthen its own crypto and Web3 ecosystem. The nation has urged cryptocurrency business owners wishing to locate outside of the US to do so in France. The change occurs just one day after the European Union (EU) gave its final approval to a thorough set of rules that have been crafted to consistently regulate the digital assets sector across all of the EU regions.

“If American players want to benefit, in the very short term, from the French regime, and from the start of 2025 from European arrangements, clearly, they are welcome. In France, we are proud to be pioneers,” Benoît de Juvigny, the Secretary General of the Autorité des marchés financiers (AMF), quoted in a CoinDesk report. In essence, France’s financial markets regulator is the AMF.


In the US, both the cryptocurrency market and the entire financial sector are currently experiencing a chaotic period. Additionally, the US Federal Reserve’s (Fed) repeated interest rate increases have increased pressure on the financial market, including the cryptocurrency sector.

According to a JP Morgan insight, the nominal wide dollar index fell by roughly 7% between November 2022 and January 2023.

According to Circle Pay CEO Jeremy Allaire, the global phenomenon of devaluation is intensifying as a result of the US economy’s lengthy financial crisis.

De-dollarization is the process by which other nations in the world begin relying less on the US dollar as a reserve currency or a means of exchange. The US dollar has dominated the world economy for many years. To protect their fiat currencies against depreciation, numerous overseas central banks have increased their interest rates in response to repeated interest rate increases in the US.

Investors and the general public became concerned last month when three traditional banks in the US that supported cryptocurrencies crashed inside just one week.

In a recent report, the Federal Reserve Bank of Chicago (FRBC) attributed the ongoing banking crisis in the US as being the result of the failure of cryptocurrency businesses like Terra and FTX last year.