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Summary
The global crypto-currency market has seen continued growth, with its value reaching $4.67 billion in 2022, with a compound annual growth rate of 12.5% forecast through to 2030. Bitcoin remained in the lead with a market capitalization of over 785 billion euros, testifying to its dominance and popularity.
Despite a challenging environment, characterized by high volatility and regulatory campaigns - such as China, which has almost entirely ceased its cryptocurrency mining, leading to the USA becoming the largest bitcoin mining nation with a 37.4% share of activity in January 2022 - the industry has held its own.
Notably, the French crypto market is forecasting a doubling in job creation by 2023 and, importantly, the industry is also moving towards environmentally-friendly practices, with bitcoin mining in France using 60% renewable energy from 2022. Investors around the world have been keeping a close eye on bitcoin's halving event in 2024, signalling the potential impacts on the market and reflecting the enduring appeal of crypto-currencies and their important role in modern digital finance.
The rise of crypto-currency adoption in France
In recent years, France has distinguished itself as a dynamic center for crypto-currency activity. Fascination with digital currencies such as Bitcoin, Ethereum and Tether has transcended the boundaries of niche interest, permeating public consciousness. In 2022, a study revealed that around 9-10% of French citizens were crypto-currency decrypto-currency holders, up from 8% the previous year, and a significant leap from the modest 3% reported in 2020.
This upward trajectory continues despite market volatility and high-profile industry setbacks, testifying to solid, sustainable demand. French players in the sector, from start-ups to mature unicorns like Ledger and Sorare, contribute to a dynamic ecosystem that is both innovative and valued. Collectively, these companies employ over a thousand people and have raised over €1.2 billion in capital.
The job market is expected to continue to grow, with the sector's projected workforce set to increase by 120% over the years 2022 and 2023. This booming job market underlines France's commitment to consolidating its place at the forefront of digital finance. On the regulatory front, France has not hesitated to establish clear parameters for crypto-currency transactions and investments. With initiatives such as the PACTE law, the government aims to strike a harmonious balance between promoting innovation and providing a secure framework for users. The country's proactive approach to regulation is evident in tax policies tailored to crypto-currency transactions and mining. For example, the sale of crypto-currencies by individuals is subject to a flat-rate withholding tax of 30% if total sales exceed 305 euros.
On the other hand, proceeds from mining activities are considered non-commercial profit and taxed accordingly, with the initial valuation of mined crypto-currencies set at zero for tax purposes. From a broader perspective, the French crypto-currency landscape is a microcosm of the global digital finance revolution.
With a market comprising over 10,000 crypto-currencies, global market capitalization reached a staggering $4.67 billion in 2022, with Bitcoin taking the cake with over 36% of global revenues. Fluctuations in the value of these digital currencies are notable, with Bitcoin, Ethereum and Tether experiencing peaks and troughs over the period from 2020 to 2023. The promise of this growing market goes beyond mere speculation, with crypto-currencies increasingly playing a role in everyday financial transactions and as a communications tool.
Pioneering platforms and innovators in the crypto-currency landscape
In the vast and constantly evolving crypto-currency landscape, some market players have emerged as vanguards, paving the way for secure trading, storage and management in the digital asset economy. This chapter introduces some of the key companies that have become synonymous with crypto-currency transactions, user empowerment and robust security measures. Each company makes a unique contribution to the thriving blockchain and crypto-currency ecosystem.
- Binance - Revolutionizing crypto-currency exchanges: Binance is one of the world's most influential and largest crypto-currency exchange platforms. Conceived in 2017 by Changpeng Zhao, it has rapidly established itself in the crypto sphere. Binance seduces users with a plethora of crypto options, competitive fees and sophisticated offerings such as margin and futures trading. Its remarkable commitment to user education via the Binance Academy has played a key role in demystifying the complexities of blockchain and crypto-currencies for the masses.
- Coinbase - Gateway to crypto-currency trading: Founded in 2012 by Brian Armstrong and Fred Ehrsam, Coinbase represents a cornerstone of crypto-currency trading platforms, renowned for its user-friendly interface perfect for novice traders. Adhering to rigorous regulatory frameworks, Coinbase has earned a reputation as a secure portal for trading and investing in digital currencies, further enhanced by its insightful educational resources.
- Kraken - Navigating the depths of crypto-currency trading: Kraken, launched into the financial waters by Jesse Powell in 2011, is renowned for its fortress-like security and multi-faceted trading features. Aimed at more experienced traders, Kraken offers a range of crypto-currencies and trading pairs, combined with educational resources that guide users through the intricacies of the crypto-currency market.
- Bitfinex- Designed for crypto-currency connoisseurs: Hong Kong-based Bitfinex was launched in 2012, catering to experienced traders with its deep liquidity pools and complex trading instruments. The platform has seen its share of turbulence but remains a leading figure in the crypto-currency trading community, especially for those who have outgrown beginner status.
- Huobi - A global force in crypto-currency exchange: Huobi Global is making a name for itself in the field of virtual asset exchange, offering a wide range of crypto-currencies to trade. Founded in 2013 and operating from the Seychelles, the platform is suited to intermediate and advanced traders, offering a robust suite of features, including staking, margin trading and crypto-currency lending.
- Bittrex - Safety first in crypto is their first line of business.
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- Number of pages : 30 pages
- Format : Digital and PDF versions
- Last update : 21/12/2023
Summary and extracts
1 Market overview
1.1 Market definition and scope
Cryptocurrencies are cryptographically-secured digital currencies that operate on a distributed ledger technology called blockchain. They enable peer-to-peer transactions without the intermediation of banks or governments.
Globally, the market is booming, estimated at $4.67 billion in 2022. It is expected to grow at a CAGR of 12.5% until 2030. Bitcoin remains the most valued and popular cryptocurrency, followed byEther and Tether.
With a thriving and dynamic crypto scene, France has positioned itself as a leading player in the global market for digital assets. From the earliest days of Bitcoin andEthereum, French entrepreneurs, investors and regulators have scrutinized with interest the revolutionary potential of this new asset class. The French industrial fabric has thus emerged as a prolific ecosystem of startups and well-established companies, some of which have achieved unicorn status, such as Ledger and Sorare, valued at several billion euros, testifying to the maturity and innovation of the sector.
This interest in virtual currencies is not confined to business circles alone; it is also winning over the general public, with 9.4% of French people owning cryptocurrencies in 2022. Cryptocurrencies have aroused growing curiosity among the French, with adoption extending beyond simple investments to embrace everyday payments and exchanges. The government's commitment to a clear regulatory framework has encouraged this adoption, seeking to balance innovation and security for users.legislative initiatives, such as the PACTE Law, demonstrate France's commitment to creating an environment conducive to cryptocurrency development and innovation, while ensuring investor protection and the fight against money laundering.
French companies in the sector are not only growing, but also in constant search of talent, with forecasts of significant increases in their workforce. The already substantial French crypto industry is on track to account for an even greater number of jobs in the coming years.this rapid development underlines the growing importance of cryptocurrency in the digital economy, and positions France as a forerunner in the adoption of this technology. With a mix of technological innovation and thoughtful regulation, the French cryptocurrency market is well placed to navigate the future of digital finance and European digital sovereignty.
1.2 The global cryptocurrency market dominated by Bitcoin
The global cryptocurrency market was valued at $*.** billion in **** and is expected to grow at a CAGR of **.*% through ****.
Estimated evolution of the size of the global cryptocurrency market World, **** - ****, in $ billions Source: ****
In ****, the global cryptocurrency market was characterized by several notable developments. Blockchain-based applications, particularly in the field ...
1.3 A growing French cryptocurrency market
According to a study by Ipsos and KPMG for the Association for the Development of Digital Assets (***), despite a slight slowdown and major collapses such as that of crypto Terra in May and the FTX platform in November, interest in cryptocurrencies in France continues to grow. Data shows that *.*% of French ...
2 Demand analysis
2.1 French interest in cryptocurrencies
French consumers' familiarity with digital assets is intensifying, with **% of those surveyed acknowledging knowledge of crypto-currencies, registering a notable *% increase compared to ****. In the European context, familiarity with crypto-assets shows similar levels to those observed in France, where **% of respondents indicate knowledge of crypto-currencies. Familiarity percentages in the selected countries of ...
2.2 The typical profile of cryptocurrency holders
We can see that men are more represented than women among those who have invested, and even among those who are considering investing.
Breakdown of investors and interested parties by gender France, ****, % of total Source: ****
The adoption of crypto-assets in France reveals a significant inclination towards younger people: **% of cryptocurrency holders ...
2.3 How the French invest
We're seeing a degree of caution among French investors with regard to cryptocurrencies. Indeed, the volumes and proportions reserved for these investments remain low.
Breakdown of investors according to the proportion of their investment portfolio dedicated to cryptocurrencies France, ****, in Source: ****
In fact, an overwhelming majority of investors (***) invest less than ...
2.4 Investment strategies and preferred platforms
The financial interest in acquiring crypto-assets is clearly established, reinforcing the idea that the purchase of crypto-assets is primarily motivated by investment objectives rather than ideological convictions or a need for immediate use, a situation often observed in crisis economies or countries in conflict.among crypto-asset holders, investment is primarily motivated ...
3 Market structure
3.1 Explanatory diagram of cryptocurrency transactions
To explain how a transaction involving cryptocurrencies works, let's take Bitcoin as an example.
Source: ****
The cryptocurrency market is driven by several types of key players:
end users: they carry out transactions, buying or selling, and store their cryptocurrencies in wallets, which can be digital (***) ; miners: these players support the network ...
3.2 Crypto-asset mining
Crypto-asset mining is the process by which transactions are verified and added to the blockchain by solving complex cryptographic problems using specialized hardware. This activity, which is often rewarded by the creation of new units of mined currency, relies on a mechanism known as proof of work.miners, in competition with ...
3.3 Other players in the cryptocurrency industry
Leading cryptocurrency exchange platforms offer buying, selling and trading services for a variety of digital currencies. Here are some of the most widely recognized:
Binance :
Binance, founded in **** by Changpeng Zhao, is one of the world's largest cryptocurrency exchange platforms. It boasts a wide selection of cryptocurrencies, competitive transaction fees, and ...
3.4 Cryptocurrency wallet providers
Cryptocurrency wallet providers play a crucial role in the digital asset ecosystem. They offer secure storage solutions for cryptocurrencies, enabling users to manage and secure their private keys, which are essential for accessing and transacting with their digital assets. These wallets can take different forms:
software wallets: they can be cloud-based, ...
4 Offer analysis
4.1 Cryptocurrencies at all prices
Numerous platforms provide us with information on the prices and variations of the various cryptocurrencies. For this section, we use the Bitpanda site to gather the information.
We can see that the different cryptocurrencies have very different prices, with Bitcoin having a price of over €**,***, while a Doge is worth €*.**. Prices ...
4.2 Cryptocurrencies subject to wide fluctuations
The prices of the most popular cryptocurrencies fluctuate enormously, and their trends vary greatly depending on the crypto-asset. In this section, we've grouped together the prices of the three most popular cryptocurrencies: Bitcoin,Ethereum and Tether.
Bitcoin price:
Bitcoin price World, **-**** - **-****, in $ thousands Source: ****
As far as Bitcoin ...
4.3 Cryptocurrency wallet offerings
Cryptocurrency wallet platform prices vary depending on the type of wallet you choose. In general, there are two main categories of wallets: software (***) wallets . Here's a general overview of the costs associated with each:
Software (***) portfolios:
Most software portfolios are free. They can take the form of mobile applications, desktop programs ...
5 Regulations
5.1 Taxation of capital gains on the sale of cryptocurrencies
When it comes to cryptocurrency taxation in France, the rules are distinct depending on the frequency of transactions. If transfers of cryptocurrencies such as Bitcoin are common, they are taxed as industrial and commercial profits (***).
According to Article *** VH bis of the French General Tax Code, annual capital gains are taxable ...
5.2 Taxation of cryptocurrency mining activity
In France, cryptocurrency mining is classified for tax purposes as non-commercial profit (***) in its section BOI-BNC-CHAMP-**-**-**-**, which deals with various profit-making activities and their tax treatment.
Paragraph **** of this section, dedicated specifically to digital assets, provides details on the taxation of mining. According to this directive, the taxable ...
6 Positioning the players
6. Segmentation
- Revolut
- Exodus Wallet
- MetaMask
- Ledger
- Trezor
- N26
- Fortuneo
- Hello Bank !
- Bforbank
- Lydia
- Binance
- Coinbase
- Kraken
- eToro
- Flowdesk
List of charts
- Estimating the evolution of the size of the global cryptocurrency market
- Market capitalization shares of the various cryptocurrencies
- Cryptocurrency holders
- Bitcoin price
- Ethereum prices
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Latest news
Revolut: the coming of age of a British success story - 18/01/2024
- The company was founded in 2015.
- In 2018, Revolut obtained its first banking license in Lithuania.
- 25% to 30% of their business comes from the UK.
- The company was valued at £33 billion at a fundraising in July 2021.
- Revolut expects profits in excess of 300 million euros in 2023.
- The company currently has 35 million customers, a figure it plans to increase tenfold over the next 5-6 years.
- In Ireland, Revolut's adoption rate exceeds 50%.
- Nearly 9 million customers were acquired by Revolut in the space of a year.
- Currently, Revolut has almost 8 million customers in the UK, representing 12% of the population.
Revolut neobank plans to double sales in 2023 - 26/12/2023
- Revolut reported net profit after tax of €6.7 million in 2022.
- Revolut, founded in 2015, is now present in 38 countries.
- By 2022, Revolut had gained nearly 10 million customers worldwide.
- Sales increased by 45% in 2022, exceeding one billion euros.
- Revolut should have 37 million customers in 2023, including 2.5 million in France.
- Revolut's revenues should almost double compared to 2022, approaching two billion euros.
- Revolut employs 8,000 people.
Revolut to almost double sales by 2023 - 22/12/2023
- Revolut posted a net profit of £5.8 million in 2022
- The fintech's net profit in 2021 was £26 million.
- Revolut has over 35 million customers in 38 countries.
- The fintech belongs to the club of companies with sales in excess of one billion euros.
- Its revenues in 2022 reached £919 million, up 45% on 2021. Revenues are expected to almost double in 2023, with a forecast of £1.7 billion.
- The fintech has begun offering consumer loans in France ranging from €1,000 to €50,000 for a term of 7 years.
- Revolut has 2.5 million customers in France. Revolut intends to focus on organic growth rather than acquisitions.
N26 relaunches its conquest of France - 06/07/2023
- N26 aims to double the number of customers in France by 2025, from 2.5 million to 5 million.
- Boursorama, Société Générale's online banking subsidiary, has around 5 million customers.
- N26 expects to become profitable in 2024.
- N26 hopes to double or triple the amount deposited by its French customers through more active account use.
- N26 plans to offer a term account by the end of the year, with an interest rate of 2.26% in Spain.
- British fintech Revolut has launched a consumer credit offer of up to 50,000 euros for its French customers.
Revolut loses its CFO - 13/05/2023
- Revolut was founded in June 2014.
- Application for UK banking license in January 2021.
- Growth plan for 2025 announced, targeting 100 million customers (up from 30 million currently).
- Revolut aims to become the leading bank in terms of number of users in the 31 European countries where it operates
- Revenue of £850 million in 2022, up 34% on 2021.
Revolut targets 100 million customers by 2025, three times today's figure - 13/05/2023
- Payments fintech Revolut aims to triple its customer base to 100 million by 2025.
- Revolut has a banking license in the European Union, but not yet in the UK.
- In July 2021, the company raised $800 million, valuing the group at around $33 billion
- The fintech is present in 31 European countries and plans to expand into New Zealand and India.
- Consumer credit will be available in France from May 30.
- Revolut employs 7,000 people, including 200 in France.
- Revolut's revenue in 2022 is £850 million (€980 million), up 34% on 2021.
- In 2021, Revolut made a profit of £26.3 million, after a loss of £224 million a year earlier.
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