The founder of Binance, Changpeng Zhao otherwise known as CZ, spoke highly of France’s recent regulations on Wednesday at the Paris Blockchain Week Summit. "France has some very pro-business, pro-crypto regulations and also just (the) government's attitude towards this industry ... has been phenomenal." Despite recent regulatory decisions taking place in the EU regarding Bitcoin and crypto anonymity, Binance's interest in France may be a stepping stone for independent European states to make policy that fits their needs.
The Binance CEO went on to discuss plans to set up Station F in Paris.
Station F, "the world's largest startup campus," is part of Binance’s Objective Moon program that was first announced in November 2021. With an investment of 100 million euros, CZ hopes to make France the center of the European crypto community.
Furthermore, CZ is currently working with French regulators to register Binance as a DASP, or digital asset service provider. Binance is hoping to show the world that they support regulation after suffering scrutiny from regulators in Germany, Italy, and Britain who suggested the company was operating without proper licensing. Additional regulators have restricted Binance from operating in their jurisdictions, which has led the company on a search for areas that are open to accommodations.
The company is looking to raise its standards within the cryptocurrency arena to prove to regulators that it accepts regulations and does not look to withhold information from officials. The increased regulation within Binance is in response to the EU's anti-money laundering against crypto transactions. Crypto companies are starting to work with regulators as well as some Bitcoin companies, such as Wasabi blacklisting CoinJoin from certain wallets. France has begun regulation through the French Financial Market Authority, but as Bitcoin related companies stress privacy it will be something to watch to see if France becomes a Bitcoin hub or a crypto hot spot.
The Binance leader discussed the company’s motivation for Station F saying, “We love France. And this opening is a proof of engagement. We are committed to build and support a strong ecosystem around blockchain, Web3 and metaverse. Starting in France as a launchpad for Europe, we aim at using this space as our creative and innovative base.” Through France's partnerships it seems France is focused on Web3 and developing the metaverse opposed to Bitcoin specific innovation.
Partners and Affiliates
Station F will be partnering with major companies such as Facebook, Google, and Microsoft, and it will also select startup businesses that will be able to utilize its resources. Currently, the station is set up to accommodate over 1,000 startup businesses.
The project aims to provide additional funding and support for blockchain startups and projects, bringing more innovation and attention to the cryptocurrency industry.