Former French legislator calls for more proactive adoption of digital currencies in Europe.

Pierre Person, an outgoing member of France's National Assembly who has long advocated for favourable digital currency regulations, has shared his thoughts on the adoption of digital currencies and blockchain technology.

Pierre attempted to inventory French and European digital currency regulations in the 204-page report titled "Money, banks, and finance: towards a new crypto era." According to the lawmaker, the European Union's digital assets policy direction remains uncertain.

He chastised the EU for "dithering" on digital asset policies rather than seizing market opportunities. He pointed out that the EU's current stance on digital assets is primarily defensive.

"The European Union has not adopted a clear crypto-asset strategy." The European Union is hesitant, groping, and attempting without conviction. "Europe's postures toward new challenges are more defensive than proactive," he said.

He also stated that, while France has come a long way, it still needs to give digital assets more legal recognition. Pierre proposed that France incorporate decentralised autonomous organisations (DAOs) and non-fungible tokens (NFTs) into its legal framework.

He went on to say that banks in the country should embrace DeFi platforms rather than see them as competition. Furthermore, he believed that by prohibiting fossil-based block reward mining, block reward miners should be encouraged to use renewable energy sources.

The lawmaker wrote the report as a personal project. While he has no plans to return to the National Assembly after his current term ends, he hopes the document will serve as a guide for members of the House.

Pierre's involvement with digital currency regulations in France dates back to 2018, when he assisted in the creation of a landmark regulations document that included numerous positive recommendations. The recommendations adopted include easing tax rules for digital assets and providing clarity for ICOs.

France has also made inroads in attracting investments from digital asset firms since then. According to CNBC, France became the first major European country to grant Binance regulatory approval this year.

France has also been an active participant in the EU's efforts to bring digital assets under regulatory control. The Autorité des Marchés Financiers (AMF), France's main financial regulator, has proposed that EU-member countries' digital currency regulations be unified under a single regulatory body.

The AMF's chair even suggested that this body be known as the European Securities and Markets Authority (ESMA).