Major Crypto Firm Chooses Paris For HQ: Is There A Crypto War Between Italy And France?

Last month it was announced that a major cryptocurrency platform will be setting up its European regional headquarters in Paris. 

Having previously received regulatory approval in the United Kingdom and Italy, it appears that Paris is the chosen location to boost the company’s presence in Europe and continue to build as the digitised world heads steadily into Web3.

What Does This Mean For Italy?

While this isn’t exactly a negative decision for Italy, there may be some disappointment considering its recent stance on blockchain-based projects in the region. 

Historically, the Italian government has had a bit of a problem introducing and regulating cryptocurrency, with CONSOB even warning against the dangers of investing in volatile digital assets over traditional stock markets. 

That being said, crypto has proved to be a hard thing to shake off. As the price of Bitcoin and other cryptocurrencies has risen, so too has the interest in people looking to invest not only in the currency but the metaverse itself. Italy has seen an acceleration of blockchain-based innovations, especially when it comes to renowned companies such as Gucci and AS Roma, both of whom have been creating their own NFTs – non-fungible tokens which exist on blockchain - to grow their audience and integrate sufficiently into the metaverse. 

These innovations have seemingly opened Italy’s eyes to the potential of blockchain and cryptocurrency in general, with a recent move to offer $46 million in subsidies to blockchain-based projects in the country.

Is There A Crypto War Between Italy And France?

With Italy offering $46 million to blockchain-based projects, they are not only attempting to regulate the rising metaverse but also trying to get ahead and put themselves forward as a legitimate crypto-hub in the near future. 

It is becoming more understood by governments across the world that there is a sufficient appetite for blockchain innovations, even going beyond cryptocurrency, and unless changes are made, and companies are nurtured, these countries are likely to fall behind when the metaverse becomes more widely integrated into everyday life.

That being said, there is not exactly a “crypto war” going on between Italy and France, nor the UK, for that matter. Each one is staking their claim in some way, with the UK PM Rishi Sunak recently expressing his endorsement of cryptocurrency and the hope to make the UK a global hub for crypto-asset technology – but there is a lot more to be done before any claims can be substantiated. 

Crypto itself will have to become efficiently regulated – with the sole purpose of nurturing and supporting decentralised technology – before any of the countries can take the position of a “hub”.  This goes beyond a well-established company choosing specific headquarters or pumping finance into start-up projects but is done by actively setting sights on a decentralised financial future rather than a push and tug between centralised banks and digital innovations. 

Until then, each country is on their own track, but there should be comfort in knowing that it is, so far, the right one. 

FAQ’s

Where Does Italy Go From Here?

Italy will simply continue to nurture blockchain-based projects as it considers how the country will integrate with a new digitalised world. It is an exciting time for Italian crypto users, but there is still a lot of work to be done before cryptocurrency is properly infused into the country’s make-up.

Is Italy Now A Crypto Loving Country?

It’s easy to get ahead of ourselves, but Italy has certainly taken steps in the right direction when it comes to cryptocurrency. The subsidies alone are a telling gesture that infers it is not pushing against cryptocurrency as a concept but is instead attempting to embrace the digitised token and allow blockchain technology to thrive.

Will France Become A Crypto Hub?

France has its own issues when it comes to crypto regulation and taxation, but there is a reason why such a major crypto firm has chosen Paris as its headquarters. European countries such as France, the UK and Italy are all growing into the metaverse, and it has every chance of being a hub if more innovations are made and appropriate regulations put into place.

How Do I Get Invested In Crypto?

If you are excited about the future of the metaverse and want to get involved in cryptocurrency, then it is easy to do it. All you need is the appropriate crypto exchange and some knowledge of the market, ensuring that you are well-placed to choose the right coin and trade effectively and safely.

Is It A Good Time To Trade Crypto?

Although cryptocurrency is currently going through its second winter, it can be seen as a good time to get on board. Experts are still predicting that prices will soar over the coming years  – the price of Ethereum, in particular, could reach even higher than its counterpart Bitcoin now that it has completed the merge – and this means you can buy the tokens when they are low and make a considerable return in the future. Nothing is certain, however, and there should be a considerable amount of research done before you choose to get involved.