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Paris is always a good idea. Few final thoughts after meeting clients and policymakers at this year's Paris Blockchain Week: 1️⃣ MiCA I: With two months left on the MiCA clock, market entries and exits are clearer. France expects to see about half of its crypto intermediaries exit. It stands to issue double the amount of MiCA licenses it has issued to date (of which half are issued to TradFi institutions). Global players like OKX and Bybit made an effort to show Europe they have arrived. 2️⃣ MiCA II: The European Commission will soon consult on MiCA II. A lot of debates will be on extending it to DeFi. So far, I have formulated two views - first, make MiCA II about removing grey areas and unintended reading of requirements in MiCA I. I am 100% certain each firm on the market can identify at least a few. Second, start the conversation on DeFi from understanding recent exploits and the risk mitigants they could have benefited from. Not from the "what is DeFi" thorny question Ivan Keller Peter Kerstens Mattias Levin 🇩🇪 🇱🇺 🇫🇷 Tokenization: I left Paris disheartened with the takeaway that tokenization will remain a national-level effort in the EU in the next few years, as the review of the EU DLT Pilot Regime remains wrapped in the bigger MISP Package. Here, I want to acknowledge the efforts by European Securities and Markets Authority (ESMA) and Direction générale du Trésor Julien Nivot 🏦 TradFi: Yes, the advent of institutional capital was even more obvious than the last time we all wrote it was obvious. Top signal: Societe Generale - FORGE integration with Morpho to deliver DeFi Lending, and the celebration of Morpho as France's first DeFi Unicorn Faustine Fleuret
