France: steps in crypto and metaverse innovation

BIT4YOU.io
3 min readApr 26, 2023

The French government is striving to establish itself as a leading innovator in the metaverse industry. To achieve technological independence, they have initiated public consultations, inviting citizens, researchers, and entrepreneurs to participate. Read more about the metaverse in France.

Technological independence: public consultations

In October 2022, the French government published a research paper containing 10 proposals for developing the metaverse in France, reflecting the President’s keen interest in digital assets and blockchain technologies. Subsequently, the General Directorate of Enterprises, an agency under Bruno Le Maire’s ministry, announced public consultations on the topic. The goal of these consultations is to foster communication between the government and various stakeholders in the metaverse industry, ensuring that France doesn’t miss out on this digital transformation.

The ongoing public consultation takes the form of a questionnaire which will be accessible until May 2, 2023.

The French government intends to incorporate the results of this questionnaire, as well as data from research conducted by the Ministry of Culture, into their future development policy dedicated to metaverses.

What about regulation?

We see that regulation of the metaverse becomes a hot topic worldwide. Countries are seeking to ensure the safety of users and the legal operation of platforms due to the metaverse’s growth. Many jurisdictions have already established rules and regulatory frameworks for crypto assets. However, the emergence and growth of the metaverse present a new case that needs to be carefully considered.

For example, China has already implemented strict regulations on cryptocurrencies and metaverse activities. In contrast, the United States is still in the process of developing a regulatory framework for the metaverse.

The EU is also taking steps to regulate the metaverse. Previously in 2021, the European Commission published a report on the opportunities and challenges of the virtual world. The report highlighted the need for a balanced regulatory framework that protects consumers and fosters innovation.

However, currently, the sector of the metaverse is being targeted by EU regulators. Indeed, Margrethe Vestager, the head of the EU antitrust agency, stated that the metaverse might be the next target for policymakers.

The official highlighted her concern about Meta Corporation’s dominance in this space. She also mentioned that the political discussion on the metaverse segment has already begun, but that European countries are moving at various rates on this topic.

Metaverse Academy in France

In 2022, Meta and Simplon jointly announced the launch of a metaverse academy in France. The initiative aims to qualify professionals for developing new advanced technologies and technical support teams for metaverse creation.

According to the plan, the first year of operation focused on training around 100 students without any tuition fees. As you may know, the development of the metaverse involves merging virtual and real worlds using technical means, which poses a challenge due to the shortage of competent specialists capable of working on such complex projects.

Back to the initiative, the training will cover full-time projects related to 3D worlds and interaction in virtual universes. It will be conducted in Paris and other cities, including Lyon, Marseille, and Nice. Each year, 20 specialists will be trained in each city. According to a representative from Simplon, this initiative is an opportunity to develop the necessary skills for participating in the metaverse project.

However, these efforts suggest that France sees the metaverse as a potential area for economic growth and innovation. If the country is successful in creating a favorable regulatory environment and supporting the development of skilled specialists, it could become a leader in this rapidly-evolving space.

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