France Adapts to Decentralized Finance by Granting Approval for Cryptocurrency-Related Services
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French financial institution Groupe BPCE has reportedly secured regulatory approval to offer cryptocurrency-related services, marking a significant milestone in the country’s stance towards digital assets.
The news comes amidst concerns surrounding the platform’s potential impact on gambling and money laundering regulations. Despite these concerns, the move highlights France’s willingness to adapt to the growing demand for decentralized finance (DeFi) and blockchain-based solutions.
Groupe BPCE, one of the largest banking groups in Europe, will now be able to provide crypto-related services to its customers. This decision is a testament to the regulatory body’s efforts to balance innovation with safety and security concerns.
In related news, a high-profile case involving an estimated $30 million international crypto fraud from 2018 has gone to trial in France. The criminals allegedly impersonated agents to con professional football clubs, resulting in €60,000 redirected salaries being deposited into their own accounts.
Meanwhile, Cathie Wood, CEO of Ark Invest, has predicted that Bitcoin’s value will surpass $1 million by the end of the decade. Wood attributed this potential increase to the cryptocurrency’s scarcity and growing institutional interest.
In a contrasting development, Bitcoin and Ethereum have taken a hit following a significant amount of crypto being liquidated, resulting in over $1.2 billion in losses across the market.
El Salvador has defied international pressure by increasing its Bitcoin reserves, purchasing an additional $1 million worth of the cryptocurrency. This move is seen as a bold step towards decentralization and financial empowerment for the nation’s citizens.
On a more positive note, 21shares has registered a Polkadot trust in Delaware, paving the way for the creation of a potential DOT-indexed ETF.
The recent surge in blockchain-based innovation and adoption has not been without controversy. Despite the appeal of decentralized systems, concerns surrounding gambling and money laundering have raised eyebrows among regulatory bodies and investors alike.
As Groupe BPCE moves forward with its crypto-related services, it remains to be seen whether France will continue down a similar path or reevaluate their stance in light of these concerns.
Source: cryptoslate.com
