Despite the recent downfall in crypto-currency markets, blockchain initiatives continue to thrive. Entrepreneurs are just starting to leverage on the potential of that game-changing technology. La French Tech, which already boasts champions like Ledger or Coinhouse, intends to attract more talent from abroad with a view to become the global hub for crypto-assets. Here are five reasons to believe it can.
You can request an optional label for your initial coin offering (ICO) that is granted by AMF, the national securities and markets authority, within 20 days. Although this label isn’t mandatory, it provides extra visibility to your project and it makes it easier for you to open a bank account, among other things. As a crypto entrepreneur, you also benefit from a dedicated track when you deal with supervisory authorities. No red tape nightmare!
A tailor-made tax regime has been created for issuers and investors of crypto-assets. Transactions between two digital assets – for instance bitcoins and ethers – are not subject to taxation. Capital gains are taxed by 30% only when your digital assets are converted into traditional currencies like euros or when you use them to buy goods and services. Fair, isn’t it?
Once you have settled in France, you can tap into a strong talent pool in computer sciences and mathematics supported by top-tier engineering schools and research institutes. Funding opportunities are there, too. The government has launched a €800m ($904m) Deep Tech plan that complements private funding. The French blockchain ecosystem may well give birth to unicorns. Ledger, for instance, raised $75m last year for its crypto-wallet technology.
French corporates love blockchain! Insurer Axa leverages on it to automatically compensate flight delays; video game company Ubisoft to develop in-game items; retailers Carrefour, Auchan and Casino to track their food products’ processing chain; etc. French administration is also going for it. A dozen public bodies including the Ministry of Army and the French Institute for industrial property are currently exploring the use of blockchain as a tool to redesign their policies. So many relevant prospects for B2B crypto entrepreneurs.
“We want to have the most international blockchain scene worldwide”, says Kat Borlongan, the director of the French Tech mission. The new French Tech visa makes it easier than ever for you to hire talent, whatever country they come from. If you are backed by a French VC or are part of a cohort of a partner accelerator/incubator, you are guaranteed to access work visas. Simple comme bonjour!