The head of the world's largest crypto exchange called France one of the most advanced countries in terms of cryptocurrency legislation and the goals set by regulatory authorities.
Binance CEO Changpeng Zhao called France a "strategic center of the blockchain community" because the country has a large talent pool with major specialists in engineering and mathematics. Therefore, the crypto exchange is aimed at long-term cooperation with local authorities.
According to the businessman, about 150 Binance employees are currently working in Paris, and in the future the company plans to hire several hundred more. The head of the crypto exchange claims that the French government and regulatory authorities clearly understand how they want to regulate the crypto industry, establish KYC ("Know Your Customer") rules and fight money laundering.
Now the largest Binance office in Europe is located in France – from there the exchange manages most operations in the eurozone. Now the company is promoting an initiative to train 10,000 people from low-income French families:
"The regulatory authorities in France work very strictly, but at the same time fairly. They are much more advanced and clearly imagine the end result of regulation."
French Minister for the Transition to Digital Technologies Jean-Noël Barrot said that the government will focus on decentralized finance (DeFi), Web3 and other related areas. In May, the French Financial Markets Authority registered Binance as a digital asset service provider.