The Cryptonomist interviewed Tom Duff Gordon, Coinbase’s Vice President of Worldwide Coverage, who leads Coinbase’s engagement with policymakers throughout the UK, Europe, APAC, LatAm, and the MENA area, shaping discussions on the way forward for digital belongings.
France’s crypto adoption grew from 12% to 18% final 12 months. What do you assume drove this enhance, and the way does Coinbase plan to construct on this momentum?
Crypto is turning into a part of on a regular basis monetary life in France and globally. Persons are in search of extra management, extra transparency, and extra environment friendly options to conventional methods. We’ve seen leaps when it comes to regulatory maturity throughout Europe, and this mixed with rising innovation helps France stand out as one in all Europe’s most forward-looking markets.
At Coinbase, we’re investing for the long run, and in France which means providing customers the total depth of our platform, tailor-made to native wants. From top-tier safety to seamless person expertise, our purpose is to ship essentially the most strong and compliant product available on the market.
What elements make France a beautiful marketplace for crypto corporations? Do you see it turning into a European chief within the digital asset area?
France is in a fantastic place, providing a uncommon mixture of sturdy native expertise, a collaborative web3 group, and a wise regulatory framework. That type of setting attracts critical builders and long-term funding, which is precisely why we see France as a significant focus of our European technique.
What upcoming tendencies do you foresee shaping the French crypto ecosystem within the subsequent 12-24 months?
Over the following 12 to 24 months, we anticipate the French crypto ecosystem to be formed by a shift towards real-world impression. Adoption is being pushed not by hype, however by applied sciences that resolve sensible issues. We’re seeing a surge in stablecoin adoption, with world transaction volumes surpassing $30 trillion final 12 months, and infrastructure breakthroughs like layer 2 networks are delivering near-instant, low-cost funds at scale.
On the identical time, the regulatory panorama is maturing, with clearer guidelines taking form, offering much-needed construction, enhancing shopper safety, and constructing belief throughout the board. That’s what is going to outline the following section of crypto in France, an ecosystem the place innovation and readability go hand in hand, and the place digital belongings turn out to be more and more embedded in on a regular basis monetary life.
Stablecoins generated $30 trillion in quantity final 12 months. How do you see their function evolving in France and Europe, and what challenges or alternatives do they current?
That determine alone indicators their rising significance. In France and throughout Europe, we see stablecoins evolving right into a core a part of the monetary system. As an illustration, Since launching on Base in July 2024, the Euro-backed stablecoin EURC has seen vital progress on Base, with weekly transactions rising from 1800 to over 110,000 weekly transactions in March.
Bringing native currencies onchain creates a worldwide economic system that works for everybody, in every single place. Native stablecoins enable folks to transact onchain utilizing the forex they’re most aware of, which makes this expertise extra accessible to the plenty. The rising adoption of EURC on Base is validation of the utility of native forex stablecoins and the rising function they’ll play within the digital economic system.
With the rising maturity of the crypto sector, what are the important thing regulatory or infrastructure developments that might additional speed up adoption in France?
What’s persevering with to drive this momentum is the folks’s demand for financial freedom. The complete implementation of MiCA has offered the readability wanted to speed up innovation in France’s cryptoeconomy, whereas authorities initiatives are enabling blockchain integration throughout sectors equivalent to provide chains, vitality, and finance. France’s proactive method to regulation, spotlight the nation’s potential as a frontrunner in Europe’s evolving crypto panorama.
Globally, the tide is rising. Within the US, we’re seeing a transparent shift towards pro-innovation coverage, with critical momentum behind stablecoin and market construction reform. That’s good for the ecosystem as an entire, however Europe can’t afford to observe from the sidelines. President Macron has already known as for a transfer away from over-regulation to assist European tech champions thrive.
How has Coinbase been partaking with French regulators, and what are the largest challenges in navigating the regulatory panorama?
Coinbase has been actively partaking with French regulators as a part of our broader mission to construct trusted, regionally grounded operations in key markets. France’s proactive method to crypto regulation aligns with our perception that clear guidelines are important to rising financial freedom and enabling innovation. By staying near the regulatory course of and embedding ourselves in native markets, we’re already addressing key challenges, navigating evolving guidelines, constructing belief, and serving to place France as a frontrunner in the way forward for digital finance.
How does France’s method to crypto regulation examine to different European markets, and what classes may be drawn from it?
France has traditionally taken a proactive and collaborative method to regulating crypto, which is recognised throughout Europe. Whereas MiCA is being carried out EU-wide, France moved early to interact with the trade and set up itself as a hub for accountable innovation.
In the meantime, we’re seeing vital indicators from different elements of the world; Within the US, the current creation of a Strategic Bitcoin Reserve signifies a symbolic and strategic transfer, one which displays rising nationwide curiosity in crypto infrastructure and monetary resilience. The important thing lesson from France, Europe and even globally, is that engagement works. Proactive regulation that gives readability and helps innovation doesn’t simply profit the crypto sector, it positions nations to guide within the subsequent period of world finance.
How does Coinbase tailor its product and progress technique particularly for the French market? Are there any distinctive initiatives deliberate?
We’re dedicated to giving French customers the identical best-in-class expertise we provide globally, beginning with full entry to the Coinbase app, one of the safe and controlled platforms in crypto. As curiosity in areas like DeFi and tokenised finance grows, we’re right here to help customers via schooling, partnerships, and infrastructure, serving to France not simply undertake crypto, however cleared the path.
What function do you see France taking part in in Coinbase’s broader European and world technique?
France is a key and strategic marketplace for Coinbase. With 12 million folks in France already proudly owning crypto, and 40% of them having began their journey previously two years, it’s clear that this can be a nation with critical momentum.
Coinbase advocates for financial freedom via digital belongings. How do you see crypto contributing to higher monetary inclusion and innovation in France?
In France, and world wide, individuals are more and more questioning whether or not the present monetary system can meet their wants. Three-quarters of adults say they need higher financial freedom, and plenty of are involved the following technology will probably be worse off. Crypto affords a significant response, increasing entry to monetary instruments and giving people extra management over their cash.
At Coinbase, we see financial freedom as a driver of each innovation and alternative. By powering a quicker, extra inclusive monetary infrastructure, crypto may help France transfer from adapting to the way forward for finance to actively main it.