France Emerges as Leading Hub of Web3 Development with Favorable Funding Environment and Dynamic Community

The introduction of the MiCA regulation has brought clarity to the previously uncertain European crypto industry. The regulations are expected to be fully implemented by the end of 2024 and will impact the relationships between governments, communities, and projects for the next 18 months. France is becoming a central hub of Web3 development due to its supportive regulatory environment, active community, and favorable funding opportunities.

The country's success can also be attributed to the migration of talent to crypto-friendly jurisdictions and its wider tech scene, which includes 32 unicorns. Despite a slowdown in venture funding in Q1 2023, France has raised at least €1.3 billion for blockchain projects since 2017 and remains an essential part of a thriving European crypto ecosystem.

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