@FrenchLegalAspect

Joined 27 May 2020 · 81 posts

120 KT

0 KT · $1.67 received · 0 KT · 11¢ given

Posts

@FrenchLegalAspect 3 July 2020

How to earn 3 USD monthly on Publish0x Hey folks, Today I wanted to share with you an other crypto blogging platform that permit you to earn about 3 USD per month. That platform is Publish0x. https://www.publish0x.com?a=y5eVO7JBaE It is a blogging platform as Read.cash is, but the main difference with Read.cash is that tips are freely given and earned because they come from the Publish0x fund. After registering you will be able to do 10 tips a day on articles published on the platform. You can choose to give between 20 and 100 percent of your tip to the author ; it mean you can earn 80 percent of your tip. First and second tip are the most valuable (about 0.04 USD ), the next 8 are lower (about 0.01 USD) and shared between tipper and tipped following your choice (80/20 or 0/100). Tips are given, not in Bitcoin Cash like on Read.cash but in BAT, LRC, DAI and ETH is expected to be added in a near future. There is a minimum withdrawal of 0.50 USD equ. by cryptocurrency. You will be able to make earning, and learn several information about crypto on this platform. You can also write as you can in Read.cash but you have to be approved by Publish0x team first. Writing allow you to earn additional tips than free daily tips from other users, and reach new level of earning. I think Publish0x is a good complement to Read.cash to develop your earnings. If you want to learn more about Publish0x I recommend you to search inside it some tutorial and guide to better understand how it works. You can read and tip me if you like my content on both platform, but my article are firstly published on Read.cash. You can register on Publish0x with this link. https://www.publish0x.com?a=y5eVO7JBaE

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@FrenchLegalAspect 3 July 2020

Publish0x add a Stats Overview page in the Dashboard Hey folks, Just a short post to inform you that Publish0x added to the Dashboard page a new feature : Stats Overview. You can reach that page if you are an Author when you are on your Dashboard page or on the following link. https://www.publish0x.com/dashboard/stats/author/overview?a=y5eVO7JBaE There is also detailed stats for each article published as you can see below. I think it is a really good update which help authors to better know how type of content readers are interested in. Let me know your though on it.

@FrenchLegalAspect 2 July 2020

Why I love drinking Alcohol - Read.cash Freewritting contest Basically, because I am French. There is nothing more to say, French people loves to drink alcohol : we are well-known to be one of the best producer of Wine in the World. French people grows up with alcohol ; I can remember the first time I tried to drink White wine. I was young and I found it quite disgusting. I was really **perplex** about this new thing I discovered, because all people around me loved to drink that. But the taste was weird for my young tongue. By time, I began to like Wine, and learn how to smell it, to look at, and how to recognize a good one. It is much easier for a White one than a Red one. I have also learnt how to choose my Wine regarding meat I would eat. That is the great part, because a good choice make a good meat an incredible one when Wine is well choosen. More of all, drinking wine make me meet lot of people, and many of them are now my very close friend, who **support** me when I need it. That's the **charming** part of drinking, sharing this passion with other and create link between peoples. I love to remember that moment with my friend, drinking some "Pinot Noir", laughing each other when looking to our poor outdoor fire which never started, letting black and fuming **ashes**. We were cold because of that, but Alcohol and friendship warm our hearts. That is why, despite all others bad effects it could have, I love to drink Alcohol. Start time : 12:45 GMT End time :. 12:55 GMT Device used : Laptop Timer : Phone timer

@FrenchLegalAspect 1 July 2020

@FrenchLegalAspect 30 June 2020

What does CPS stand for ? - Read.cash Freewritting contest (practice attempt) I woke up early on that 30th June morning. It was about 6 O'clock when I opened my laptop so see how many BCH I have won the previous day on Read.cash. As latest updates made my earning point heavily grow, I was really excited to see that it was almost 1.30 USD for a day, the best earning from my registration so far. With this unexpected reward, I closed my laptop to go in my kitchen. It was already 7 O'clock and I have not ate and drinked my coffee. I will be late for my work if I don't speed up a little. By the time I spent cooking eggs and drinking some milk, my coffee was ready to be drank. I put it in a big cup to cold it, and go to my desk to finish my morning routine by checking a last time morning time my computer. No new e-mail or interesting article to read, until a post kept my attention : **https://read.cash/@wakeupkitty/join-write-and-win-657a56e0** I was happy, because I though since I have joined Read.cash that contest like that was needed to develop users interaction and community activity. But my happiness was not during at all : I don't know how to free-write. I mean, if i find a subject, it is easy to write on it, because it is part of my work : When a customer ask me a question, I am paid to search, understand, resume and write an answer to him in a more a less long time. But writing on nothing is quite a new experience for me. I understood that, perhaps my work is to write, I won't be able to participate to such a free contest : I needed rules to think. Being aware that I was not creative at all made me laughing out loud while my coffee was still smoking because of it warm. I decided to read with more attention the few rules set by @wakeupkitty to find some stuff to develop. A word made me thinking : CPS But what CPS stand for ? Now, it is about 8 o'clock, and I am already late to my work. But I learnt a lot about me and I know what I will learn afterwork. Here is my pratice article to the very first Read.cash contest, hope you enjoyed the reading. You can tip me below to support me and encourage to post more content like that.

@FrenchLegalAspect 30 June 2020

Alfons Mucha Tribute - Art Nouveau (W.I.P.) Hey folks, Today a new post to share with one of my favorite hobby, drawing. Here, two unfinished projects I wanted to show to you. Pencil work is almost finished, and I have to highlight shade and contouring with black felt pen. May be I will try to color them once this step will be made. I am a big fan of Alphons Mucha, godfather of the Art Nouveau style I really like. This is an attempt to master is drawing style, and a tribute to him. Let me know your thoughs on it. If you enjoyed the reading you can tip me below to encourage me to write more content like that.

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@FrenchLegalAspect 26 June 2020

Read.cash Stats analyzed Hey folks, Today I would share you a different article than usual. I found interesting to add comments on the Read.cash Stats page. It is a very thorough page wich permit to understand most of the parameters which govern Read.cash. Regarding the huge growth number of users and the recent modification in the point system reward, I think it is a good way to make Read.cash users to understand how this platform works and reward you to have a good use of this wonderful tool. **1.Users** This graph show the total number of user on Read.cash, meaning all created accounts. You can see that the increase is exponential, starting from 2000 users in April/May 2020 to 7428 today. **2.New users per day** This graph show how many news users create an account on Read.Cash. You can see the huge growth you can see on the first graph with a pump of more than 300 daily news users one June. **3.The fund** This graph show the evolution of the amount of the found created to reward users in other way than tipping. It was created on April and become more important as @MarcDeMesel give more BCH to the fund. **4.Top donors to the fund** Here is a ranking of the best Read.cash donors to the fund. You can see MarcDeMesel trusting the first position with more than 95,000 USD and the Read.cash team with more than 3,000 USD. It's from that fund and person your reward come from. They literally pay you with the found when you are never tipped and only get points. **5.Funded/ tipped users** This is a graph that show amount and repartition of the users rewards between tipped and funded users. You can see that the fund was created mid-april and started to reward users more than tipping before the end of april and now is the most important origin of the users reward. **6.Average point price** It's the basic average point price, which is mostly between 0.002 and 0.008 USD. You can see a large pump due to the implementation of the random rewarder and the community power. **7.Article per day** It show the number of article per day, correlated to the number of news users. So, you can see that numbers of article in May are nothing about the number of mid-June, when the frontpage of Read.Cash seems totally parasited by spammers wanting points. Abandon of the old point system can be shown as the number of article decrease a lot, spamming doesn't giving point anymore. **8.Comments per day** This graph show the amount of comment per day. As the number of article they were rewarded by point in the previous point system, so number totally increase with non-sens comment everywhere. What a bad day to try to discuss with these guys. **9.Communities created per day** Here is to number of communities created per day. You can see the "featured communties boom", with a big increase in amount when Read.cash announced to only reward article allowed to be in a featured communty. Moderating corruption and spam convince Read.cash to abandon featured communities in a near future, making creation decrease. **10.Upvotes / downvotes per day** The total amount of Upvotes/downvotes per day. Nothing particular to say about this one, highest point is when upvotes were rewarded and refer to the "Upvotes Group Gate" **11.Tippers vs Tipped (during a week)** This one show the amount of people who got tipped versus the amount of people who tip someone. In fact this graph show that there is mostly the same number of person who tip than the amount of people who tip. It's a wonderful natural equilibrium. **12.Total upvotes, USD eq.** This graph show how many USD an upvote gave to the author of the post during time. You wan see a peak in March 2020 it cannot explain. **13.Total Wallets Balance, USD eq.** That show the total amount of BTC in USD equivalent all Read.cash users have in their wallet, so almost 6.000 USD. What a big amount, it mean there is an average amount of 1 USD by user. **14.Dormant Wallets Balance, USD eq.** This graph show one of the most interesting information about Read.cash users. There is almost 2,000 USD of BCH that are on Users wallet who have not reconnected to their account since more than 7 days. Maybe some of these account are totally forgotten by their owners. **15.Boosted clicks** Here the graph show a recent feature Read.cash implemented, the boosted click. You can choose to use your BCH reward to boost your article and be promoted on the frontpage. It is a really good feature for people who want to gain audience with Read.cash found, so potentially freely if come from writting. **16.Points per day** This last graph show the total amount of point given each day. You can see the peak of the Upvote groups and the news users abusing of the old point system, and the large decrease by adding the featured communities change and the Random Reward system. If you read that graph with the n°6, average point price you can calculate how much Read.Cash rewarded per day users. That is the end of this long article which tried, by using Read.cash stats ressources to explain, in an only article how Read.cash rewards users and why users have to be respectful of that work which doesn't give money to their creator. It's writted to be a beginner guide to every new Read.cash users to understand how platform works, that point are not free money and how to use in a good way that free tool. If you enjoyed the reading you can tip me below to encourage me to write more content like that.

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@FrenchLegalAspect 26 June 2020

Why there is no Read.cash Writter's Top ranking them ? Hey folks, I was wondering about why there is no Writter's Top ranking them by number of followers or published articles ? I mean, Read.Cash is a great platform to publish anything, and there are several really usefull and interesting articles on it, but it may be difficult to find them. Development of communities make that research easier and I like the way communities be a more important part of the platform life. I think it should be interesting to implement that kind of feature, and it seems to be possible as @Read.Cash posted : *"According to the random rewarder you are in Top 30 authors (out of 7000+ users), despite the fact that you've been here for only 2 weeks. You're doing everything right. Don't overthink it." :* *https://read.cash/@Jdine/confused-with-the-new-update-ddd1d644* I think it could be good for the platform, a good source of information for users to know if they are doing it right or wrong, and help new users to directly find good content (if we agree together that most followed accounts have good content). In other hand it may be more difficult to new writters to gain followers and readers. But I think the implementation of "first post" and "older post" in the frontpage resolve this issue. It's just a new little suggestion. I am interested to know your opinion on it, especially older users than me who have more experience on using the platform. Feel free to give your opinion or other idea which could improve manners to find easily great content. If you enjoyed the reading you can tip me below to encourage me to write more content like that. P.S. : I would like to thanks @scottcbusiness for becoming my first sponsor on Read.cash. He seem to really get into sponsoring on this platform as I have seen him sponsoring other writters. I hope you found my content interesting ;)

@FrenchLegalAspect 26 June 2020

Coinbase add COMP Governance Token to Coinbase Earn program Hey folks, Just a little post to inform you that Coinbase added COMP governance token to their Coinbase Earn program. As you can see, you have to join the waiting list to be able to follow the curse. By watching and answering to 3 different video which explain what is COMP and how to use it, you will be able to win 9 USD of COMP gouvernance token. This feature is following the recent listing of COMP on Coinbase Pro, and the near implementation of COMP in Coinbase. I also remember you that Coinbase supported COMPOUND protocol by financing it, and be part of the Compound ICO (Coinbase receive COMP for an average value of 12USD by coin). If you enjoyed the reading you can tip me below to encourage me to write more content like that.

@FrenchLegalAspect 25 June 2020

French Crypto Projects Part. 2 Hey folks, New post today trying to etablish an overview of the french crypto-projects. All of them doesn’t have a native crypto-asset but all use blockchain or are related to. I will show 12 projects that seem interesting to me and looks like strong projects. Presentation of these 12 projects will be divided in two posts. I am just introducing theses projects and won’t go in further information because I will post thorough posts about each projects in near future, like I have done it with « **Compound Governance Token (COMP) - Synthesis of Useful Information**». https://read.cash/@FrenchLegalAspect/compound-governance-token-comp-synthesis-of-useful-information-9d6a90aa Here the last 6 projects I wanted to share, after having published **French Crypto Projects Part. 1**. https://read.cash/@FrenchLegalAspect/french-crypto-projects-part-1-b6efcf84 Hope you will discover new projects and found them, at least, interesting. **7. BLOCKCHAIN PARTNER** Biggest corporation about blockchain technology They work with lawyer, do formation to learn about blockchain technology and work to create and help people and company to create blockchain projects. **8. FRENCH ICO** French Company helping start-up to leverage fund by using ICO. I am not really supporter of that kind of financing mechanisms because most of ICO during 2018 were fake, scam or overvalued. But it seem to develop and improve alternative financing mechanisms. It’s quite a strong project because they obtain the VISA from the AMF (Autorité des Marchés Financiers or FMA : Financial Market Authority) N°ICO.19–576 delivered on 17/12/2019. **9. LGO - THE DIGITAL CAPITAL MARKETS PLATFORM** LGO is the leading digital asset exchange for institutions. With a boutique approach we provide a suite of fully customizable services, best in class technology, and deep liquidity. **10. NAPOLEONX - A FULLY-AUTOMATED CRYPTO TRADING POWERED BY AI** First french company to have developed a trading bot. I have never use dit personnaly but I have heard many good feedback about people who use it. It’s not dedicated to news users because it’s quite tecnical, but nobody can say it’s not the future of trading. The fact that company is French is also an other example that French people are really going in-depth blockchain technology. **11. KRYLL – FRENCH TRADING BOT** Almost the same that NAPOELONX, never use it personaly too, but still thinking trading bot are amazing **12. REQUEST – HELPING COMPANY TO CREATE THEIR OWN PEER-TO-PEER ELECTRONIC CASH SYSTEM** From simple peer-to-peer payment requests to full business invoices. Request helps you to get paid in crypto while providing full control over your financial data. REQUEST provide to company a full payment system for business. It’s basically a peer to peer electronic cash system as Satoshi NAKAMOTO created Bitcoin. But, fact is that no company can really use Bitcoin as a payment system. Instead of using stable-coin, REQUEST create his own solution to customers, and I think it’s future og blockchain : democratizing case of maintream use in IRL market.

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@FrenchLegalAspect 23 June 2020

Suggestion about Read.cash communities - Same subject Communities merging Hey folks, I just wanted to share some thoughs and suggestion about communities. They are becoming an important part of Read.Cash life. I think these update are really cool and really improve users experience, on quality of the content and reward a normal user can gain. Also, I would like to share a suggestion that I think it could be implemented. There are many communities that have the same name and the same object. By exemple, there are more or less 3 communities about Photography : Photography (65bc) https://read.cash/c/photography-65bc Photography (1bd0) https://read.cash/c/photography-1bd0 Photography (a7a0) https://read.cash/c/photography-a7a0 Both are featured, and content are almost the same. I am moderating (a7a0) and quite sad about the submission of communities. Each post is low quality, just life blogging or plagiarism. https://read.cash/c/photography-a7a0 I thought moderating a Photography community could develop it and improve quality of article, as "how to take good picture"," what devices do you use" "how setting up focals" etc... I also tried so post my own article to show what is intended in the community, but nobody follow these rules. So my suggestion, what is also a question, is : is it possible to fusion same communities subject like my example, by merging moderators too. If it is not possible, should we see only one subject community be featured and the others no ? Otherwise I think I will abandon my community. There are other on the same subject and there is a lack a real photographers on Read.Cash. Morever, I don't want to see Read.Cash as a bad instagram. @Read.Cash Thanks for answering my question and explain me how to abandon a community despite it is featured. P.S. : same problem with Crypto-news communities, numerous exist, none are featured but I think it could be a relevant community on Read.Cash (if there are good authors like we can see on Publish0x).

@FrenchLegalAspect 23 June 2020

French Crypto Projects Part. 1 Hey folks, New post today trying to etablish an overview of the french crypto-projects. All of them doesn’t have a native crypto-asset but all use blockchain or are related to. I will show 12 projects that seem interesting to me and looks like strong projects. Presentation of these 12 projects will be divided in two posts. I am just introducing theses projects and won’t go in further information because I will post thorough posts about each projects in near future. Here the first 6 projects I wanted to share. Hope you will discover new projects and found it interesting. **1. TALAO - The first Decentralized Protocol for the Future of Work.** **Abstract :** « TALAO aim to « "to offer a service without intermediaries and without commission, where companies and talents enter into a direct business relationship, allow talents to regain their professional reputation, certify their skills on the blockchain and store the certificates in a digital safe accessible thanks to the Talao token, and give talents the keys to the governance of the platform, in a transparent and fair way, thanks to a voting system based on reputation," explains the company. » With this ambition of transparency and the elimination of commissions, Talao wants to distance itself from certain excesses of the platforms on the income of self-employed workers. » **Get the most of Professional Digital Identity of talent** Professional Digital Identity gathers all information that showcases talent real value and employability: experiences, skills, diploma, assessments, and the associated evidence. It is managed by talent themselves in their own Blockchain workspace, where they can store and encrypt their data and certificates for on-demand access and instant verification. **2018 ICO :** To prepare the launch of the site, Talao initiated March 2018 a fund raising in cryptomoney (ICO: Initial coin offering). Objective: to raise 60 million dollars (approximately 52 million euros). The startup announced on August 6 on its Medium page that it had raised 7300 Ethereum, the equivalent of 2.6 million euros. Despite potential of the project there are no big news since October 2019. **2. BTU PROTOCOL** **Abstract :** Our mission is to create an open source standardized decentralized booking protocol along with reference implementations that can be leveraged by participants in industries such as hospitality, travel, finance, healthcare, retail, automotive and more. The Booking Token Unit (BTU) protocol is a building block for any decentralized application (dApp) or web site willing to implement booking features for their end-users. This standard also brings interoperability among decentralized applications that incorporate it. The BTU protocol is being standardized as ERC-808 and requires the use of the Ethereum-based BTU token. The purpose of the BTU Token is to incentivize proper behaviors such as rewarding successful bookings and enforcing late cancellation and no-shows policies. All applications implementing the BTU protocol would benefit from a hybrid approach that combines an on-chain smart contract and off-chain software components, providing more scalability. Finally, a transparent and public inventory enabled by an open-source protocol would considerably lower the entry barriers into the online booking markets. Since 2018, the crypto-active BTU frees companies and their customers from the monopoly of Internet platforms. Professionals buy and distribute BTUs in order to encourage new digital uses. **Products :** BTU GROUP developed three different products : BTU Direct BTU Earn BTU Hotel Products works with BTU (Booking Token Unit), wich permit decentralized governance to improves purchasing power of customers. **3. PROTOKOL and ARK** **Abstract :** PROTOKOL : Aim to improve efficiency of Company with Blockchain with main idea : **«** From enhanced data security and settlement automation to increased transparency and collaboration, here’s how blockchain can improve business efficiency. Efficiency is a major challenge for businesses in all industries across the globe. And since a company’s efficiency directly impacts its bottom line, that’s a serious problem. Continuous improvement, processes review, and an element of automation are all essential factors for becoming more efficient. But how do you reduce downtime and ensure that your company functions like a well-oiled machine? Blockchain can help improve business efficiency and solve systemic problems before they become barriers to growth or earnings potential. » Main features : Automating Settlements Enhanced Data Security Improved Collaboration With External Partners Increased Transparency Leveraging Blockchain Technology With Protokol Same team developed ARK - A Truly Adaptable Blockchain Platform At the core of Protokol's enterprise blockchain technology is the ARK Core platform. An industry-leading blockchain development platform that enables the creation of bespoke blockchain solutions. Solutions that adapt to, and seamlessly integrate with, complex enterprise systems, networks and infrastructure. **4. IEXEC - Decentralized Cloud Computing** **Abstract :** iExec is a decentralized network giving applications access to trusted off-chain computation and data. **Products :** iExec developed 4 mains products Scaling blockchain applications with open-source software and protocols. iExec Marketplace iExec introduces a new paradigm for cloud computing. Cloud resources can now be traded on a global market, just like any other commodity. Instant access to a large capacity of computing power from the provider offering the best rate. iExec SDK iExec offers CLI and JS libraries for developers. Execute ‘off-chain’ computations through the iExec decentralized cloud and overcome Ethereum scalability issues. Dapp Store Decentralized applications powered by iExec are featured on the Dapp Store. Developers can monetize their dapps and increase their visibility, while users can execute these applications thanks to the marketplace. Data Wallet Data providers can monetize their valuable datasets or AI models datasets with the highest level of security. **The iExec Token (RLC) :** iExec work with is native token : The iExec Token (RLC) RLC is the native token of the iExec cloud platform. In exchange for RLC tokens, users can utilize the network to rent servers, data and applications. **5. KLEROS – The dispute resolution block layer. Fast, transparent and affordable justice for all.** **Abstract :** Kleros is an open-source online dispute resolution protocol, which uses blockchain and crowdsourcing to settle disputes fairly. Efforts to develop the protocol are coordinated by the Kleros Cooperative, a Société Coopérative d'Intérêt Collectif (SCIC) incorporated in France. All of our research and code development is open-source and free to all. **Team :** Team is an interdisciplinary and international team with a passion for the blockchain and its potential to transform law and governance. Kleros' vision is to build open technology enabling the courts of the future. You can use KLEROS as Jury or partner who integrate Protocol in their marketplace. Tokens used, both for reward and payment are ETHEREUM (ETH) and PINAKION (PNK). Governance is decentralized and security permit by PNK distribued to each jury using Protocol. **6. DOMRAIDER** **Abstract :** DomRaider is an independent French company whose technological innovation is our spearhead. We believe in technology and its possibilities. Confident in our capabilities, we use our enthusiasm as a generator of ideas and solutions. We aim to open up new perspectives and uses by developing new digital solutions and by maintaining our pioneering attitude. **Products :** Auctionity : Decentralized real-time auction network on the blockchain Youdot : Retrieve the best expired domain names to boost your SEO. **Team :** **DRT TOKEN :** DOOMRAIDER developed a token, the DRT that permit to use Auctionity Protocol.

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@FrenchLegalAspect 22 June 2020

Compound Governance Token (COMP) - Synthesis of Useful Information Summary of useful information on the Compound Governance Token (COMP) 1. What is Compound ? 2. How Compound Protocol works ? 3. Who is behind Compound (Compound Lab) ? 4. What is COMP ? 5. What is COMP Distribution purpose ? 6. How can you obtain COMP ? **1. What is Compound ?** Compound is an autonomous algorithmic interest rate protocol designed for developers to unlock a universe of open financial applications. The protocol allows anyone to supply or borrow Ethereum tokens through a decentralized market. Suppliers earn interest on the crypto they supply to the protocol and borrowers pay interest to borrow it. 8 assets are available at the writing moment : DAI ;ETH ;USDC ;USDT ;BAT ;ZRX ;REP ;WBTC. To see interest rate models and all informations in each market : https://compound.finance/markets **2. How it works ?** Each user can lock Crypto-assets in Compound in exchange of Ctoken. It allow you to claim your crypto-back without risk of borrowers. There are some parameters in the protocol as collateral and reserve factor that made each borrowing position to be backed on other crypto with an automatised liquidation process. To learn more about Ctokens : https://compound.finance/ctokens **3. Who is behind Compound (Compound Lab) ?** Compound Lab. and a big community on Github and their Discord. Here some you can see on : https://compound.finance/about **4. What is COMP ?** Compound (COMP) is an ERC-20 asset that strengthens community governance of the Compound protocol; Holders of COMP tokens and their debates, propose, and vote on any changes to the protocol. By placing COMP directly in the hands of users and applications, an increasingly large ecosystem will be able to upgrade the protocol and be encouraged to collectively manage the protocol in the future with good governance. To learn more about COMP : https://compound.finance/governance/comp **5. What is COMP Distribution purpose ?** You can vote on any proposal submitted by users with more than 100.000 COMP or delegated vote. Each COMP represent 1 vote you can delegate or be delegated to you. Users allowed can set all possible proposal to modify protocol ; I am pretty confident that there will be a proposal to distribute yearly reserves of protocol to COMP Holders, like a share-holder. It's a governance token, so it's quite similar to an action in a corporation. Sharing that power is making the Protocol really decentralized (Compound lab and fondators still remain half of final COMP), and a really enjoying project of DeFi. **6. How can you obtain COMP ?** *1. Exchange* COMP is available on numerous exchange like Uniswap, Poloniex or IDEX. Coinbase Pro and Coinbase also announced they will support COMP in a near future. *2. Protocol User distribution* COMPOUND started distribution of COMP Token governance to all users on the 15th June. All interest earned and paid in the protocol each ETH block (15 seconds) allow to users 0.5 COMP, so 2,880 a day, and split in half to borrowers and suppliers. Distribution will end the 15th June of 2024 to reach the maximum amount of 10,000,000 COMP. You can see in real time how distribution work, and a COMP distribution page was added (https://compound.finance/governance/comp).

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@FrenchLegalAspect 22 June 2020

About new featured communities Hello, just a short post to ask a question if anybody have the answer. How percent featured communities have is calculated (ratio from rejection/submission, lenght of article...)? As moderator it is a good indicator to see if moderation fill with that Read.cash expect moderation to be. I accept only original content which pass the OC test and still reject mostly of the submission, and communities I moderate have about 50 percent of "featured", that seem quite high than other communities, but just a half of what is wanted by Read.cash team. Moderators can also participate by commenting how they feel about news featured communities, how they deal with it and if they agree with me that less content with more relevant value of point is better for the quality of content and the work done. Thanks for answering my question if it could be public and relevant for other moderators. @Read.Cash thanks for keeping that good work that make Read.cash relevant for real users.

@FrenchLegalAspect 22 June 2020

A bout featured community Hello, just a short post to ask a question if anybody have the answer. How percent featured communities have is calculated ? As moderator it is a good indicator to see if moderation fit with that Read.cash expect moderation to be. I accept only original content which pass the OC test and still reject mostly of the submission, and communities I moderate have about 50 percent of "featured", that seem quite high than other communities. Thanks for answering my question if it could be public and relevant for other moderators. Please keep that good work that make Read.cash relevant for real users.

@FrenchLegalAspect 19 June 2020

Compound Governance Token (COMP) reach new high-time level in less than 3 days Hey folks, A new short post to inform you that Compound Governance Token (COMP) reached new high-time level in less than 3 days after it public release to all Protocol Users. After falling to almost 60 USD yesterday, COMP reached on this 19th June 170 USD and still maintain at 165 USD. With this development, COMP became a top 30 Capitalization market with 431 276 038 $US and a daily volume up to 8 015 376 $US. It also the best DeFi app application in market capitalization, ahead Maker (MKR). To remember, COMP is an Ethereum token that governs the Compound protocol. The protocol allows anyone to supply or borrow Ethereum tokens through a decentralized market. Suppliers earn interest on the crypto they supply to the protocol and borrowers pay interest to borrow it. Since distribution begun, Crypto locked in the COMPOUND Protocol reached a new high-time level : almost on half billion USD. It's quite a rapid growth and need to be confirmed in a near future, but I am also quite confident in the strenght and the team behind COMPOUND. COMP is available on numerous exchange like Uniswap, Poloniex or IDEX. Coinbase Pro and Coinbase also announced they will support COMP in a near future.

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@FrenchLegalAspect 16 June 2020

Compound started distribution of COMP Token to all Users Hey, folks, Just a little post to inform you that COMPOUND started distribution of COMP Token governance to all users on the 15th June. After being tested on Kovan Testnet, the proposal to begin the distribution to all users was set. After being adopted 13th June, compound protocol add the feature after 2 days. So distribution started on the 15th June, and all users started to earn COMP token as Robert Leshner explained it on that link (https://medium.com/compound-finance/expanding-compound-governance-ce13fcd4fe36). You can see in real time how distribution work, and a COMP distribution page was added. I have started to earn some COMP (about 0,0024 in a day), but collecting is expensive at that moment (almost 0,05 ETH to collect...) I think it's a really important development and it will inspire some others DAO creators. Let me know your thoughs about it, and I will add some development about COMPOUND Protocol in a near future. To conclude, it appears that Coinbase is on starting block to add the COMP Token to the exchange. Stay tuned

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@FrenchLegalAspect 12 June 2020

I have shared my University Legal Researches about Crypto on Read.Cash By publishing my last article **French Legal Analysis of Payment in Crypto – Regulation of Actors Providing Exchange and Wallet 2/2****,** I finished to publish my university research dissertation on crypto-assets. https://read.cash/@FrenchLegalAspect/french-legal-analysis-of-payment-in-crypto-regulation-of-actors-providing-exchange-and-wallet-22-27202d32 I think I am the first to do this in the Read.cash History and I am proud of have been doing this. I may thanks all readers who were interested about the subject and hope it will stimulate improving quality and diversity of the subject like it's going on. I have ended my work few years ago (about end 2018) and I publish it these days because it fill with what I have learnt by researching about crypto : it's decentralized and autonomous, so, it will become what people do with. Could be value (BTC), applications (ETH and Dapp), etc... Concept of Read.cash and other crypto-blog rewarding user is very interesting and I have to make some comments : Numerous authors speak about crypto and only crypto, and I am in. But, I think there are more and more content speaking about that in a different way than the usual : "will the value drop or fall ?" "Here that superb [any new application] (affiliate link everywhere)" I have tried to speak about crypto in legal view, as other do with funny thoughs, A and Q, blogging, developing etc... The best thing of Read.cash is there is freedom : any content is published, and there is no really difficult to start (no fees, no KYC, no minimal withdraw value, etc...). This is a great innovation, mostly because information is still hard to find freely on internet, especially about legal things that are really expensive with usual editor and not really develop in usual blogging because not rewarding authors, that cannot be published with usual editor. And developing access to Law is a necessary duty, especially in these pandemic days as free and high-quality information (ressources is still recommended, also on internet I think). To conclude this introduction to the main subject, and as you have understood now, I published, both in French and English "French Legal Aspects of Cryptocurrencies - Nature and function of a decentralized Asset". It's a big work about 100 pages, which may need to be red in a specific order, so : **French Legal Aspects of Cryptocurrencies - Nature and function of a decentralized Asset - Table of Contents** **Introduction** **French Legal Aspects of Cryptocurrencies - Introduction 1/2** https://read.cash/@FrenchLegalAspect/french-legal-aspects-of-cryptocurrencies-introduction-12-3d0f4563 **French Legal Aspects of Cryptocurrencies - Introduction 2/2** https://read.cash/@FrenchLegalAspect/french-legal-aspects-of-cryptocurrencies-introduction-22-f2b94f89 **I. Nature of crypto-assets** A. The Impossible Monetary Recognition of Crypto-assets in French Law **Crypto-assets in French Law - The Example of Complementary Local Currencies (CLC) 1/2** https://read.cash/@FrenchLegalAspect/crypto-assets-in-french-law-the-example-of-complementary-local-currencies-clc-12-202667d2 **Crypto-assets in French Law - The Example of Complementary Local Currencies (CLC) 2/2** https://read.cash/@FrenchLegalAspect/crypto-assets-in-french-law-the-example-of-complementary-local-currencies-clc-22-7ee3d5df B. The French Legal Recognition of the BlockChain **The French Legal Recognition of the BlockChain - A Method of Issuing Dematerialized Securities 1/2** https://read.cash/@FrenchLegalAspect/the-french-legal-recognition-of-the-blockchain-a-method-of-issuing-dematerialized-securities-12-f526ca56 **The French Legal Recognition of the BlockChain - A Method of Issuing Dematerialized Securities 2/2** https://read.cash/@FrenchLegalAspect/the-french-legal-recognition-of-the-blockchain-a-method-of-issuing-dematerialized-securities-22-d3e0ca6d **II. Fonctions of crypto-assets** A. Analysis of Crypto-payment *1. – An Useful Alternative Method of Payment* **French Legal Analysis of Crypto-payment – An Usefull Alternative Method of Payment 1/2** https://read.cash/@FrenchLegalAspect/french-legal-analysis-of-payment-in-crypto-currencies-an-usefull-alternative-method-of-payment-12-dfc140e0 **French Legal Analysis of Crypto-payment – An Usefull Alternative Method of Payment 2/2** https://read.cash/@FrenchLegalAspect/french-legal-analysis-of-payment-in-crypto-currencies-an-usefull-alternative-method-of-payment-22-cda3cd58 *2. Regulation of Actors Providing Crypto-payment Services* **French Legal Analysis of Payment in Crypto – Regulation of Actors Providing exchange and wallet 1/2** https://read.cash/@FrenchLegalAspect/french-legal-analysis-of-payment-in-crypto-regulation-of-actors-providing-exchange-and-wallet-12-52f629db **French Legal Analysis of Payment in Crypto – Regulation of Actors Providing Exchange and Wallet 2/2** https://read.cash/@FrenchLegalAspect/french-legal-analysis-of-payment-in-crypto-regulation-of-actors-providing-exchange-and-wallet-22-27202d32 B. Analysis of Crypto-assets Financing Mechanisms **French Legal Regulation of DeFi - The ICOs (Initial Coin Offering)** https://read.cash/@FrenchLegalAspect/french-legal-regulation-of-defi-the-icos-initial-coin-offering-7a51d8da **French Legal Regulation of DeFi - Lending and Borrowing** https://read.cash/@FrenchLegalAspect/french-legal-regulation-of-defi-lending-and-borrowing-d6a13745 I hope you will learn some and enjoyed that long reading. If you want to support that kind of publication, feel free to leave a comment or like my article. You also can follow me to be informed of the last content published. You can see my other crypto-related articles that are not part of this university research dissertation with link below : **Public Blockchain Application - How Blockchain is changing Notarys Work in France** https://read.cash/@FrenchLegalAspect/public-blockchain-application-how-blockchain-is-changing-notarys-work-in-france-60bbf153 **Why and How Banque de France successfully tested a stablecoin indexed to Euro** https://read.cash/@FrenchLegalAspect/why-and-how-banque-de-france-successfully-tested-a-stablecoin-indexed-to-euro-19c1ea93

@FrenchLegalAspect 11 June 2020

Public Blockchain Application - How Blockchain is changing Notarys Work in France Blockchain is changing Law market in France and in all other sector. That kind of sentence need to be develop to be understood. I won't explain on this post what is Blockchain and how it work : I have already done this in that article The French Legal Recognition of the BlockChain - A Method of Issuing Dematerialized Securities 1/2. https://www.publish0x.com/fla/the-french-legal-recognition-of-the-blockchain-a-method-of-i-xgddzwl I explained by the prism of french law what is Blockchain ; basically a new technology which permit to any user to use distribued register. It look like a minor evolution, but when you understand that all others registers and technologies are centralized, it's a big improve. Blockchain integrated Legal framework as a method of registering. By register you think in first about personal data on internet or other wireless technology. But in fact, all system of Law in the world are founded by register. Any Legal systems works by classification ; a legal object is something and is not all the other (binary system as primal code in informatic). Law is not only about that, and some legal situation are harder to classifiate : a context and provided facts could make the situation more complicated : it is and it also could be or the inverse. For that further technology, it's more to the side of Artificial Intelligence that progress have to be made (quantic computer is clearly linked, calculating by using all decimal between 0 and 1 instead of binary code will make that possible). My though exposed, I want to share with you some Notary's Projects using Blockchain or kindalike to change Law market. It is an old market with lot of habitus. I won't explain anything more on French Notary's market excepting some projects I have heard about, with no commenting on how it work because I personally don't try it, but only my view on potential of the application and why it's interesting or not. The Paris Chamber of Notaries has set up a private Blockchain to secure and trace the documents managed by the offices. And it is already working on new uses, notably for the management of the directory of unlisted companies. Different applications by or for Notary have been created and are still in progress. **1. The "Espace notarial"** It is an application service enabling notaries to manage their files and store all related documents privately and securely in Blockchain register. Each file is thus administered within an "electronic dataroom". This first application of the Blockchain thus guarantees, for the different parties, the traceability of documents and their integrity via a follow-up of all the actions carried out on the files. Because the fingerprint is not the only information recorded on the Blockchain. Other elements are added: date of recording of the print, name of the user, identity of the office and the application used. This application is today the Espace notarial. **2. A Blockchain register of non-listed companies** The Paris Chamber of Notaries is also planning to integrate the directory of unlisted companies into its private or licensed Blockchain, based on Hyperledger Fabric. It will cause, I hope, less cost of modification on corporation, more accessibility and improve speed of changing. **3. A cunsumer website allow you to access to official register** But the functionalities designed around the blockchain are not only for notaries. A website (blockchain-notariale.fr) will soon be launched. It will enable the public to test the documents received by their notary and to check whether or not they belong to the blockchain-notariale. Poof that Notary follow the right way : looks little innovation but mean a lot to all practitioners. **4. Large file transfer service project to be integrated** The Chambre des notaires is also developing the integration of its large file transfer service into the Blockchain. **Is it really Blockchain and good application for Law market ?** A Notary duty is to make authentic any important act to be enforceable, like selling a house. It's basically a centralized competence, so Blockchain could fear that profession. But, by using it and making this technology their, they using it with pertinency. These applications can't be totally decentralized, so this private blockchain operates thanks to 12 miners equipped with a dedicated mining server. This number may be increased to twenty in a first stage. All the miners are connected to the technical infrastructure of the blockchain via a private network. The project managers specify that the mining station is "in no way visible from the user stations within the study. Neither can these users join the private network dedicated to the blockchain. » The addition of an additional minor is done through a secure enrolment process. The notary must then physically go to Paris Notaire Services where he signs a commitment charter. Through this charter, he undertakes in particular to ensure the connectivity of the node to the blockchain. I think it's a good way to use distribued register where everybody can check informations without be part of the system, if blockchain is public and be checked. I will speak about other Legal professions in future post, especially Lawyer ; there are many changing and news tools using more or less Blockchain technology and AI, like a new tool created by Doctrine, The Document Analyzer. It detects the legal sources cited in a legal document and makes them instantly clickable to view the content. In the context of litigation, the legal reasoning of the opposing party becomes easily accessible and allows instant verification of the applicability and interpretation of the cited sources. All my posts are linked each other, so if you don't understand everything or you want to learn more about crypto-currencies in France please check the links on Publish0x below : French Legal Aspects of Cryptocurrencies - Introduction 1/2 ; https://www.publish0x.com/fla/french-legal-aspects-of-cryptocurrencies-introduction-12-xnlllnl The Impossible Monetary Recognition of Crypto-assets in French Law - The Example of Complementary Local Currencies (CLC) 1/2 ; https://www.publish0x.com/fla/the-impossible-monetary-recognition-of-crypto-assets-in-fren-xrooyqq The BlockChain, A Method of Issuing Dematerialized Securities 1/2; https://www.publish0x.com/fla/the-blockchain-a-method-of-issuing-dematerialized-securities-xgddzwl French Legal Regulation of Crypto-assets Financing Mechanisms (or DeFi) - The ICOs (Initial Coin Offering); https://www.publish0x.com/fla/french-legal-regulation-of-crypto-assets-financing-mechanism-xkkyydw French Legal Regulation of Crypto-assets Financing Mechanisms (or DeFi) - Lending and Borrowing; https://www.publish0x.com/fla/french-legal-regulation-of-crypto-assets-financing-mechanism-xwnqqln Public Crypto Currency - Why and How Banque de France successfully tested a stablecoin indexed to Euro; https://www.publish0x.com/fla/public-crypto-currency-why-and-how-banque-de-france-successf-xdrndnv French Legal Analysis of Crypto-payment – An Usefull Alternative Method of Payment 1/2. https://www.publish0x.com/fla/french-legal-analysis-of-crypto-payment-an-usefull-alternati-xmdkqeq

@FrenchLegalAspect 11 June 2020

France - Beautiful Old City Doors (Lyon) Part. 2 Hey folks, Just a little post to share with you some photographies I have been able to shoot during my daylife in France. Here the second part of **France - Beautiful Old City Doors (Lyon)****,** a new blog I am creating about French daylife photographies. https://read.cash/@FrenchLegalAspect/france-beautiful-old-city-doors-lyon-8e8c566b *"Lyon is a French commune located in the south-east of France, at the confluence of the Rhône and the Saône rivers. Seat of the Lyon Metropolitan Council, it is the capital of the district of Lyon, of the Rhône departmental district and of the Auvergne-Rhône-Alpes region. Its inhabitants are called the Lyonnais.* *Lyon is located at the geographical crossroads of the country, north of the natural corridor of the Rhône Valley (which runs from Lyon to Marseille). Situated between the Massif Central to the west and the Alpine massif to the east, the city of Lyon occupies a strategic position in the north-south traffic in Europe. Former capital of the Gauls at the time of the Roman Empire, Lyon is the seat of an archbishopric whose holder bears the title of Primate of the Gauls. Lyon became a highly commercial city and a first-rate financial centre during the Renaissance. Its economic prosperity was driven successively by silk, then by the appearance of industries including textiles, chemicals, and more recently by the image industry."* Ressources : https://fr.wikipedia.org/wiki/Lyon I really love old city doors you can find in Lyon, so there is more I met. **Big Church door** **Discreet little blue door** **Peaceful green portal** **Cute school door** **Classic big brown city door** Feel free to submit your thoughs or share your own pictures on **Photography (a7a0)** https://read.cash/c/photography-a7a0

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@FrenchLegalAspect 10 June 2020

France - Beautiful Old City Doors (Lyon) Part. 1 Hey folks, Just a little post to share with you some photographies I have been able to shoot during my daylife in France. As you could see I am a big fan of photography and I especially like to shoot common or daylife things. I think most of everyday object are beautiful but we forget that as we see them every day. It's the case of the old city doors you pass when you live in Lyon. Let me show you I find this really well-looking. Feel free to submit your thoughs or share your own pictures on **Photography (a7a0)** https://read.cash/c/photography-a7a0

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@FrenchLegalAspect 10 June 2020

French Nature - Canoe Trip around Lac du Bourget from Chanaz Hey folks, Just a little post to share with you some photographies I have been able to shoot during a usual week in France. Chanaz is a well-known location in France where you can rent a canoe and go through the canals to reach the Lac du Bourget. *"Lac du Bourget is a lake located in France in the west of the department of Savoie in the Auvergne-Rhône-Alpes region."* *"A post-glacial lake of the Jura massif, Lac du Bourget was formed after the last Würm glaciation, about 19,000 years ago, by the retreat of the great alpine glacier of the Quaternary. It is the largest natural lake of glacial origin located entirely in France, with most of Lake Geneva in Switzerland."* *"Its current name, linked to the municipality bordering its southern part, was only used from the 13th century. Artistically, the lake is particularly linked to the presence of the poet Alphonse de Lamartine, who wrote poems there, including Le Lac dedicated to the woman he loved, Julie Charles, during his stay in October 1816."* *"As far as tourism is concerned, the lake has many beaches along its shores, leisure centres and numerous tourist sites, the most famous being the royal abbey of Hautecombe where many sovereigns of the House of Savoy rest. The most important lakeside town in terms of population is Aix-les-Bains, one of the most famous French spa towns, with just under 30,000 inhabitants and which hosts a pop-rock festival, Musilac, near the shores of the lake."* Ressources : https://fr.wikipedia.org/wiki/Lac_du_Bourget [sponsors] Feel free to submit your thoughs or share your own pictures on **Photography (a7a0)** https://read.cash/c/photography-a7a0

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@FrenchLegalAspect 10 June 2020

French Nature - Some common Insects Hey folks, Just a little post to share with you some photographies I have been able to shoot during a usual week in France. There are common insects you can find everywhere in some variation. Below, three I have met recently. Little one looking like a bee Curious beetle Scaring Ant Feel free to submit your thoughs or share your own pictures on **Photography (a7a0)** https://read.cash/c/photography-a7a0 [sponsors]

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@FrenchLegalAspect 10 June 2020

French Nature - Some Strange Flowers (Anemone, purple Oxalys and other) Hey folks, Just a little post to share with you some photographies I have been able to shoot during a usual week in France. This time, 3 flowers I like : Anemone *"Anemones (genus Anemone L.) are flowering plants of the family Renoncululaceae that grow in temperate zones of both hemispheres. The florist's anemone (Anemone coronaria) is appreciated and selected by horticulturists for its brightly coloured flowers, notably under the name of Caen anemone and its agronomically improved form, tetranemone.* *Anemone comes from the Greek ἀνεμώνη, often interpreted as a derivative of ἄνεμος (anemos = wind current), which would mean "daughter of the wind", because the wind carries its feathery seeds over great distances. This is probably just a popular etymology."* Ressources : https://fr.wikipedia.org/wiki/An%C3%A9mone Oxalys *"Oxalis triangularis, the triangular oxalis is a plant of the genus Oxalis of the Oxalidaceae family. Native to South America, it is known elsewhere in the world for its cultivars with purple leaves; it is then called purple oxalis.* *The species was first described by Saint Hilary in Flora Brasiliae meridionalis in 1825".* Ressources : https://fr.wikipedia.org/wiki/Oxalis_triangularis Other I forgotted the name Hope you enjoyed. Feel free to submit your thoughs or share your own pictures on **Photography (a7a0)** https://read.cash/c/photography-a7a0 [sponsors]

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@FrenchLegalAspect 10 June 2020

French Nature - Brown Slug Hey folks, Just a little post to share with you some photographies I have been able to shoot during a usual week in France. This is basically a slug. Slug is an ambiguous vernacular name designating in French certain gastropods without external shells belonging to the infra-order of stylommatophores. Slugs measure from 1 to 30 cm. Like other stylommatophora, they have four tentacles, two of which have eyes. The others are used to capture odours and are sensitive to taste. They can be phytophagous or carnivorous. The largest slugs are also called loches. There are aquatic animals that are similar in appearance, called sea slugs and sea hares. Ressources : https://fr.wikipedia.org/wiki/Limace Not the most impressive thing you could see in France. But brown one are everywhere when it cloud. With big zoom it's interesting to see how this common animal looks like really, really near. Feel free to submit your thoughs or share your own pictures on **Photography (a7a0)** https://read.cash/c/photography-a7a0 [sponsors]

@FrenchLegalAspect 10 June 2020

French Nature - Little spider (Salticus scenicus) Hey folks, Just a little post to share with you some photographies I have been able to shoot during a usual week in France. I am starting that kind of share with this little spider i met last week. Salticus scenicus, the seasoned salticus1, is a species of araneomorphic spiders of the family Salticidae2. Males measure 4 to 7 mm and females measure 5.5 to 7.5 mm3. Unlike many other spiders, salticans do not weave a web but have excellent eyesight, which allows them, among other things, to distinguish colours and detect movement at two metres. Moreover, thanks to their two large frontal eyes and their six lateral eyes, they are able to see 360°. This allows them to spot their prey from a distance and then approach it silently before pouncing on it. This behaviour has earned them the nickname jumping spiders. Their jumps can reach a length of more than thirty times their size. Before jumping, the saltic spider anchors a silk thread on its support to ensure a rise in the event of a fall. Individuals are generally brown with white marks on their abdomen and cephalothorax, and feed on insects and other arachnids that are sometimes larger than themselves. This spider is found in homes and sunny environments. Ressources : https://fr.wikipedia.org/wiki/Saltique_chevronn%C3%A9e I also met it the next day, with more sun and contrast. Hope you enjoyed. Feel free to submit your thoughs or share your own pictures on **Photography (a7a0)** https://read.cash/c/photography-a7a0 [sponsors]

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@FrenchLegalAspect 8 June 2020

French Legal Analysis of Payment in Crypto – Regulation of Actors Providing Exchange and Wallet 2/2 Second part of **French Legal Analysis of Payment in Crypto-currencies – Regulation of Actors Providing Crypto-payment Services (exchange and wallet) 1/2**. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq **II. OBLIGATIONS OF CRYPTO-PAYMENT OPERATORS** Cryptopay operators are the platforms offering exchange services and crypto-assets transfer services. They must logically be subject to the obligations relating to payment service providers (A.), but also to those relating to the protection of personal data (B.). A. REGULATION OF PAYMENT SERVICE PROVIDERS Payment service providers are subject to numerous rules due to the handling and issuing of payment instruments, a right previously limited to banks. In addition to the regulations on institutions offering services based on money, these providers offer payment services that are familiar to them under monetary and financial law, which delimits their operation and the rights and prerogatives of each of the parties very precisely. **The obligation to combat money laundering and terrorist financing -** The Banque de France has decided to apply the AML/CFT Directive to institutions providing crypto-assets[1]. Article L561-2 of the Monetary and Financial Code has been amended[2] to make "any person who, as a regular occupation, either acts as a counterparty itself or as an intermediary, with a view to the acquisition or sale of any instrument containing units of non-monetary value in numerical form that may be kept or transferred for the purpose of acquiring a good or service, but which does not represent a claim on the issuer" subject to the obligations prescribed by the AML/CFT regulations. As a result of this extensive wording, the Monetary and Financial Code regulates virtual currency exchange platforms. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftn1 https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftn2 **Execution of payment orders -** As payment service providers, platforms offering crypto-asset accounts must comply with the rules on payment transactions. Thus, the execution of such a transaction requires the consent of the holder, "the originator". The date of a payment order is the date of its receipt by the payment service provider and the amount is credited to the payee's account by the end of the first working day following that date at the latest[3]. While the timing does not require any particular questioning, since it is well known to banking institutions, the value requires more. Under the terms of Article L133-14 of the Monetary and Financial Code, the value date of an amount credited to the beneficiary's account may not be later than the business day on which the amount is credited to the account of the beneficiary's payment service provider. Since the price of crypto-assets is relatively stable, this element is important since, in the event of a rapid fall or rise in the price, operators may be responsible for delays in processing payment orders because they did not make it possible to sell an asset whose value is falling in time. Moreover, this provision would seem to be of public order, since "any provision to the contrary shall be deemed unwritten"[4]. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftn3 https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftn4 **Non-execution of the payment order -** Despite this principle, a payment order is not immutable: the order can, in certain cases, be revoked and, if it cannot be revoked, the user has a right to object to certain transactions. Indeed, if the order for immediate execution, once received by the payer, can no longer be revoked, this is not the case when the transaction is to be carried out on a given date[5]. Thus, in the case of a direct debit, the account holder must in principle be able to revoke this order at the latest at the end of the business day preceding the day agreed for debiting the funds, without prejudice to the right to reimbursement mentioned in Article L133-25[6]. Thus, if a crypto-asset transfer order is transmitted for future execution, the holder of the crypto-asset account must be able to cancel his order under these conditions. In the same vein, which is more difficult to transpose to crypto-assets, the service user has a right of opposition when he is aware of the loss, theft, misappropriation or unauthorised use of the payment instrument or the data linked to it. Once informed, the service provider shall be obliged to prevent any use of the payment instrument. If the payment instrument has been used before the issuer has been informed, the payer shall bear the resulting loss up to a maximum limit[7], except in cases of fraudulent conduct by the payer or where the payer has failed to fulfil his obligations (including the obligation to ensure the security of the payment instrument) either intentionally or through gross negligence[8]. However, the holder shall not be liable if the unauthorised payment transaction was carried out without using the holder's secret codes or if the payment transaction was carried out by misappropriating the payment instrument or the data linked to it without the payer's knowledge[9]. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftn5 https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftn6 https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftn7 https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftn8 https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftn9 **Incorrect execution of the order -** In the event of incorrect execution of the payment order received, the service provider may be held liable. Conversely, an order executed in accordance with the identifier provided by the Service User is deemed to be duly executed by the Provider, who cannot be held liable if the information transmitted is inaccurate. It must only endeavour to recover the funds committed. Where the payment order is given by the payer, his payment service provider shall be liable to the payer for the proper execution of the transaction until the amount of the transaction is received by the payee's payment service provider. Thereafter, the payee's payment service provider shall be liable to the payee for the correct execution of the payment transaction vis-à-vis the payee[10]. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftn10 **The obligation to ensure the security of the instrument issued -** The provider is obliged to ensure the security of the payment instrument issued[11] by means of security features, including identification, so that the instrument is not accessible to persons other than the authorised user. The service provider bears the risk of sending a payment instrument or any personalised security features of a payment instrument to the payer. The service user[12] must take "all reasonable steps to maintain the security of his personalised security features and use the payment instrument in accordance with the conditions governing its issue and use"[13]. In the case of remote payment or any other type of payment method that could be used for fraudulent purposes, the service provider is required to apply strong customer authentication based on the use of two or more elements belonging to different categories[14]. The main foreign exchange platforms already seem to use this method of identification. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftn11 https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftn12 https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftn13 https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftn14 **The provider's prerogatives over the instrument -** If the deposit account agreement or the framework payment services contract so provides, the provider may reserve the right to block the payment instrument for objectively justified reasons relating either to the security of the payment instrument or to the risk of the payer being unable to fulfil his payment obligation. While the first hypothesis is the corollary of the security obligation, the second will be rarer in practice due to the nature of crypto-assets. Indeed, there can be no risk that the payer will be unable to fulfil his payment obligation since this verification is integrated into the functioning of the crypto-assets[15]. However, nothing being impossible, encryto-asset current accounts seem to exist: in this case, the service provider should in principle inform the payer of the blocking and the reasons for it[16]. If, in the case of crypto-assets, it is impossible to block the instrument itself, the account made available by the service provider may be blocked, making the full application of these provisions possible and necessary. In this respect, the charging of costs to the user as a result of a payment incident is exceptionally permitted, but must be agreed between the service provider and the user of the service[17]. The amount must be in relation to the costs actually incurred and is capped (except for cheque rejections) by decree[18]. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftn15 https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftn16 https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftn17 https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftn18 **Information to the service user -** The Payment Service Provider must provide any information relating to a payment transaction, whether in the case of correct execution, incorrect execution or refusal of execution. Indeed, he is obliged to provide the user with all information relating to such execution[19]. The user may then report an unauthorised or incorrectly executed payment transaction to his Payment Service Provider at the latest within thirteen months of the debit date, failing which he shall be liable to foreclosure. In the event of refusal, the payment service provider must notify his decision and the reasons for it within a period which may not exceed that required for crediting the payee's account, i.e. by the end of the first working day following receipt of the order[20]. Article L133-26 of the Monetary and Financial Code excludes any remuneration for the fulfilment by the service provider of its information obligations and for the execution of corrective or preventive measures. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftn19 https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftn20 B. PROTECTION OF PERSONAL DATA **Difficulties in applying to the "blockchain" -** Some particularities of the "blockchain" may complicate the implementation of the mandatory rules of the DPMR. For example, notification of a personal data breach may be difficult when participants in a public "blockchain" are anonymous[21]. The right to data portability may face the difficulty of extracting data from the "blockchain"[22]. Such an operation seems technically less complicated than the erasure of data under the right to oblivion[23], one of the characteristics of the "blockchain" being "to prevent such erasure in order to preserve the durability of the system"[24]. It follows that the "blockchain", on this point, "constitutes ... an instrument incompatible with the Directive but pursuing the same purpose[25]. The problem is the same for tokens issued at ICOs, but since the identity of the originator of the ICO has been determined, the AMF suggests applying certain provisions, particularly those allowing the persons concerned "to require the originator to facilitate access to their personal data or to erase them under the right to oblivion"[26]. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftn21 https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftn22 https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftn23 https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftn24 https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftn25 https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftn26 **Difficulty in repairing the damage -** Furthermore, the right to seek compensation for the damage suffered as a result of the violation of the rules of the GDR may be impacted by the difficulty in identifying those responsible for the damage, particularly in the case of anonymity of the participants in the "blockchain"[33]. The introduction of the concept of joint controller[34] and the reinforcement of the obligations of processors (data security[35], register of data processing[36] and prior consent of the controller in case of recourse to another processor[37]) are all difficulties that will have to be overcome to define the scope of responsibilities of each party involved. As the "blockchain" is a form of decentralised automated data processing system, operators in the crypto-asset market could be seen as processors of personal data, or joint controllers, which would expose them to the penalties applicable in the event of failure to comply with security and information obligations. The mechanism of joint and several liability of the controller and the processor will make it more complex to determine the liability of each of the participants in the block chain, which will require a precise case-by-case analysis of the role of each of them[38]. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftn33 https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftn34 https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftn35 https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftn36 https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftn37 https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftn38 All my posts are linked each other, so if you don't understand everything or you want to learn more about crypto-currencies in France please check the links below : French Legal Aspects of Cryptocurrencies - Introduction 1/2 ; https://www.publish0x.com/fla/french-legal-aspects-of-cryptocurrencies-introduction-12-xnlllnl The Impossible Monetary Recognition of Crypto-assets in French Law - The Example of Complementary Local Currencies (CLC) 1/2 ; https://www.publish0x.com/fla/the-impossible-monetary-recognition-of-crypto-assets-in-fren-xrooyqq The BlockChain, A Method of Issuing Dematerialized Securities 1/2; https://www.publish0x.com/fla/the-blockchain-a-method-of-issuing-dematerialized-securities-xgddzwl French Legal Regulation of Crypto-assets Financing Mechanisms (or DeFi) - The ICOs (Initial Coin Offering); https://www.publish0x.com/fla/french-legal-regulation-of-crypto-assets-financing-mechanism-xkkyydw French Legal Regulation of Crypto-assets Financing Mechanisms (or DeFi) - Lending and Borrowing; https://www.publish0x.com/fla/french-legal-regulation-of-crypto-assets-financing-mechanism-xwnqqln Public Crypto Currency - Why and How Banque de France successfully tested a stablecoin indexed to Euro; https://www.publish0x.com/fla/public-crypto-currency-why-and-how-banque-de-france-successf-xdrndnv French Legal Analysis of Crypto-payment – An Usefull Alternative Method of Payment 1/2. https://www.publish0x.com/fla/french-legal-analysis-of-crypto-payment-an-usefull-alternati-xmdkqeq [1] Banque de France, *« L’émergence du bitcoin et autres crypto-actifs : enjeux, risques et perspective »*, Focus n°16, 5 mars 2018, p. 5. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftnref1 [2] Art. 10, Ord. n°2017-1107, 22 June 2017, relating to markets in financial instruments and the separation of the legal regime of portfolio management companies from that of investment firms, JORF n° 0149, 27 June 2017. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftnref2 [3] Art. L133-13, C. mon. fin. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftnref3 [4] J-F. Riffard, *« Synthèse 40. Services bancaire »,* Jurisclasseur Banque Crédit Bourse (Maj, 9 sept. 2017), par. 63. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftnref4 [5] Art. L133-6, C. mon. fin. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftnref5 [6] J-F. Riffard, *« Synthèse 40. Services bancaire »,* Jurisclasseur Banque Crédit Bourse (Maj, 9 sept. 2017), par. 60. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftnref6 [7] Initially set at 150 euros, the amount was reduced to 50 by Order no. 2017-1252 of 9 August 2017. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftnref7 [8] Art. L133-19, C. mon. fin. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftnref8 [9] J-F. Riffard, *« Synthèse 40. Services bancaire »,* Jurisclasseur Banque Crédit Bourse (Maj, 9 sept. 2017), par. 67-68. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftnref9 [10] Art. L133-22, I, C. mon. fin. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftnref10 [11] Art. L133-15 à L133-17, C. mon. fin. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftnref11 [12] Art. L133-4, C. mon. fin. créé par ord. n°2017-1252, 9 août 2017. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftnref12 [13] J-F. Riffard, *« Synthèse 40. Services bancaire »,* Jurisclasseur Banque Crédit Bourse (Maj, 9 sept. 2017), par. 66. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftnref13 [14] At least three that fall into the following categories: "knowledge", which is something that only the user knows, "possession", which is something that only the user has, and "inherence", which is something that the user is. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftnref14 [15] Voir infra. 111. Mécanisme de validation de bloc. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftnref15 [16] J-F. Riffard, *« Synthèse 40. Services bancaire »,* Jurisclasseur Banque Crédit Bourse (Maj, 9 sept. 2017), par. 61. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftnref16 [17] Art L133-26, C. mon. fin. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftnref17 [18] Art. D133-5 et D133-6, C. mon. fin. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftnref18 [19] J-F. Riffard, *« Synthèse 40. Services bancaire »,* Jurisclasseur Banque Crédit Bourse (Maj, 9 sept. 2017), par. 65. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftnref19 [20] Idem, par. 69. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftnref20 [21] Art. 33, Reg. No. 2016-679, 27 Apr. 2016, on the protection of individuals with regard to the processing of personal data and on the free movement of such data. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftnref21 [22] Art. 20, Règl. UE n° 2016-679, 27 avr. 2016. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftnref22 [23] Art. 17, Règl. UE n° 2016-679, 27 avr. 2016. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftnref23 [24] Etude par le Cabinet d'avocats Simmons & Simmons LLP*, « Le droit et la technologie blockchain : une approche sectorielle* », Contrats Concurrence Consommation n° 10, oct. 2017, étude 10, par. 9. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftnref24 [25] J. Deroulez, *« Blockchain et données personnelles - Quelle protection de la vie privée ? »,* La Semaine Juridique Edition Générale n° 38, 18 sept. 2017, 973, par. 18-20. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftnref25 [26] AMF, *« Synthèse des réponses à la consultation publique portant sur les Initial Coin Offering (ICO) et point d’étape sur le programme « UNICORN » »,* 22 févr. 2018*,* p. 12*.* https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftnref26 [27] Art. 24, Règl. UE n° 2016-679, 27 avr. 2016. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftnref27 [28] Art. 26. Règl. UE n° 2016-679, 27 avr. 2016. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftnref28 [29] Art. 32, Règl. UE n° 2016-679, 27 avr. 2016. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftnref29 [30] Art. 30, Règl. UE n° 2016-679, 27 avr. 2016. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftnref30 [31] Art. 27 à 28, Règl. UE n° 2016-679, 27 avr. 2016. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftnref31 [32] Etude par le Cabinet d'avocats Simmons & Simmons LLP, *« Le droit et la technologie blockchain : une approche sectorielle* », Contrats Concurrence Consommation n° 10, oct. 2017, étude 10, par. 9. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftnref32 [33] Art. 24, Règl. UE n° 2016-679, 27 avr. 2016. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftnref33 [34] Art. 26. Règl. UE n° 2016-679, 27 avr. 2016. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftnref34 [35] Art. 32, Règl. UE n° 2016-679, 27 avr. 2016. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftnref35 [36] Art. 30, Règl. UE n° 2016-679, 27 avr. 2016. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftnref36 [37] Art. 27 à 28, Règl. UE n° 2016-679, 27 avr. 2016. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftnref37 [38] Etude par le Cabinet d'avocats Simmons & Simmons LLP, *« Le droit et la technologie blockchain : une approche sectorielle* », Contrats Concurrence Consommation n° 10, oct. 2017, étude 10, par. 9. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvymmr#_ftnref38

@FrenchLegalAspect 5 June 2020

French Legal Analysis of Payment in Crypto – Regulation of Actors Providing exchange and wallet 1/2 More than the payment itself, it is the companies providing the crypto-assets that are targeted by the legislator. They are not the issuers but act as intermediaries between the decentralised system and the people using the crypto-assets. By holding accounts and data of their users, they must therefore be subject to a special status (I.), attesting to the need to comply with existing obligations (II.). **I. THE STATUS OF THE EXCHANGE PLATFORMS IN CRYPTO-ASSET** To enable payment, platforms provide crypto-asset accounts and the possibility to exchange them for legal currency, stored in an account provided by the company in order to perform the transaction. Once on the dedicated account, the crypto-asset unit can be transferred to any account, with the platform simply retrieving the data to carry out the operation on the instruction of the account holder. These structures are, by the nature of their services, payment service providers (A.), but due to the digital nature of the activity, also personal data processors (B.). A. A PAYMENT SERVICE PROVIDER **Payment Service Provider status -** Payment Service Provider status is of European origin[1]. Transposed into French law[2], a new set of rules relating to payment transactions carried out by means of non-banking payment instruments has been established, reflecting the change in the nature of payment services, which until now has been essentially contractual[3]. A new version of the Directive[4] has been adopted in order to adapt to the new ways in which payment services operate. It thus takes into account the need to open up the EU payments market to companies that offer payment services to consumers or businesses based on access to payment account data, i.e. "payment initiation service providers"[5] and "account information service providers"[6]. Platforms that make accounts available in encrypted form are covered by the directive[7], which has already been transposed into national law[8]. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftn1 https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftn2 https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftn3 https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftn4 https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftn5 https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftn6 https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftn7 https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftn8 **A status outside the banking monopoly -** The Payment Service Provider is outside the scope of the banking monopoly. Banking transactions are defined by Article L311-1 of the CMF as the receipt of funds reimbursable to the public, credit transactions and payment banking services[9]. Payment services are removed from the banking monopoly to be offered by both credit institutions and payment institutions. Payment institutions are "legal persons, other than credit institutions, electronic money institutions, ... which provide payment services as a regular occupation"[10]. Payment services are listed[11] and consist mainly of the act of making a payment transaction for another person, defined as any "act of paying, transferring or withdrawing funds, irrespective of any underlying obligation, ordered by the payer on his behalf, or by the payee"***[12]***. This excludes, in particular, payment transactions between payment service providers for their own account[13]. This means that the payment service provider has no right to dispose of the funds provided unless payment is ordered[14]. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftn9 https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftn10 https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftn11 https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftn12 https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftn13 https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftn14 **The supply of payment services** **-** As the CJUE has recently held that Bitcoin is not a good subject to VAT[15], the ACPR has taken a similar position stating that "in the context of a transaction for the purchase/sale of Bitcoin against legal tender, the intermediation activity of receiving funds from the buyer of Bitcoin and transferring them to the seller is a supply of payment services"***[16]***. Thus, if the platforms intermediated for the execution of crypto-asset transactions have the status of Payment Service Providers[17]. However, they are not subject to the obligation to respect the right to the account. This position is more consistent[18] than that of the Banque de France[19], which considers that the classification as a means of payment cannot be retained, even though it considers that the activity of exchanging/converting crypto-currency into legal tender falls within the scope of banking regulations[20]. In the absence of monetary recognition, institutions providing only accounts without the possibility of carrying out foreign exchange transactions in legal tender seem to be outside the status of payment service providers, whereas it is clear that minimum regulation is required. It seems then that no distinction is made between a foreign exchange institution and a payment institution, whereas the latter does not necessarily receive funds in legal tender when it only provides accounts in crypto-asset[21]. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftn15 https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftn16 https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftn17 https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftn18 https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftn19 https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftn20 https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftn21 **The existence of a contractual relationship -** Regardless of whether the institution offers foreign exchange services, it is a payment service provider since crypto-assets are means of payment. The relationship between the institution and the user is necessarily contractual[22]. It may be a payment account agreement or a deposit account agreement between the user and the credit institution, a specific instrument, or a framework contract for payment services[23]. The latter shall be mandatory where the payment service offered is linked either to an account not subject to a deposit account agreement or to a specific payment instrument[24].. The contract shall specify, in particular, the conditions for the use of the payment service, charges, interest and exchange rates, safeguards and remedies and, finally, the rules for amending and terminating the framework contract[25]. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftn22 https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftn23 https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftn24 https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftn25 **Obtaining prior approval -** An intermediary, managing a crypto-asset exchange website and carrying out on behalf of its customers purchase/sale operations against a legal tender currency, performs "a payment service on behalf of third parties"[26]. Consequently, this company provides a service that can be analysed as a payment service within the meaning of Article L314-1 of the Monetary and Financial Code and a financial intermediary activity governed by Article L511-5 of the Monetary and Financial Code and by Article L519-2 of the Monetary and Financial Code, "requiring, in France, approval from the Autorité de Contrôle Prudentiel"[27], similar to the framework established in the United States[28]. The AMF notes that some ICO originators may also be subject to these regulations[29], but points out that in some cases they may be exempted from authorisation as payment institutions or electronic money institutions[30]. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftn26 https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftn27 https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftn28 https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftn29 https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftn30 B. A PERSONAL DATA CONTROLLER **A crypto-asset: personal data -** Personal data is data relating to an identified or identifiable person. Any data exchanged on the "blockchain" relating to an identified or identifiable person (identification thanks to unique cryptographic keys), the data collected must be considered as personal data[31]. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftn31 **The status of personal data controller -** As crypto-assets are personal data, they therefore fall within the scope of the law on data processing, files[32] and freedoms and the regulation on the protection of individuals with regard to the processing of personal data and the free movement of such data[33]. Thus, all stored crypto-assets will have to be subject to these obligations, whether they are monetary or commercial "tokens" or financial securities transposed into a "blockchain". This is what emerges from the analysis of respondents to the AMF's consultation on ICOs, which states that the DPMR "could apply when personal data is processed in the course of an ICO operation"***[34]***. Since it is necessary to identify subscribers and originators of ICOs, there is no doubt that the data collected will be of a personal nature, implying that they will be protected. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftn32 https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftn33 https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftn34 All my posts are linked each other, so if you don't understand everything or you want to learn more about crypto-currencies in France please check the links below : French Legal Aspects of Cryptocurrencies - Introduction 1/2 ; https://www.publish0x.com/fla/french-legal-aspects-of-cryptocurrencies-introduction-12-xnlllnl The Impossible Monetary Recognition of Crypto-assets in French Law - The Example of Complementary Local Currencies (CLC) 1/2 ; https://www.publish0x.com/fla/the-impossible-monetary-recognition-of-crypto-assets-in-fren-xrooyqq The BlockChain, A Method of Issuing Dematerialized Securities 1/2; https://www.publish0x.com/fla/the-blockchain-a-method-of-issuing-dematerialized-securities-xgddzwl French Legal Regulation of Crypto-assets Financing Mechanisms (or DeFi) - The ICOs (Initial Coin Offering); https://www.publish0x.com/fla/french-legal-regulation-of-crypto-assets-financing-mechanism-xkkyydw French Legal Regulation of Crypto-assets Financing Mechanisms (or DeFi) - Lending and Borrowing; https://www.publish0x.com/fla/french-legal-regulation-of-crypto-assets-financing-mechanism-xwnqqln Public Crypto Currency - Why and How Banque de France successfully tested a stablecoin indexed to Euro; https://www.publish0x.com/fla/public-crypto-currency-why-and-how-banque-de-france-successf-xdrndnv French Legal Analysis of Crypto-payment – An Usefull Alternative Method of Payment 1/2. https://www.publish0x.com/fla/french-legal-analysis-of-crypto-payment-an-usefull-alternati-xmdkqeq [1] EU Directive 2007/64/EC of 13 November 2007 on payment services in the internal market, amending Directives 97/7/EC, 2002/65/EC, 2005/60/EC and 2006/48/EC and repealing Directive 97/5/EC, OJEU L319/1, 5 December 2007, known as "PSD 1". https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftnref1 [2] Ord. n° 2009-866 of 15 July 2009 relating to the conditions governing the provision of payment services and setting up payment institutions, JORF no. 0162, 16 July 2009, supplemented Decree 2009-934 of 29 July 2009 implementing Order 2009-866 of 15 July 2009 relating to the conditions governing the provision of payment services and setting up payment institutions, JORF no. 0175, 31 July 2009 and two orders of 29 July and 29 October 2009. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftnref2 [3] J-F. Riffard, *« Synthèse 40. Services bancaire »,* JurisClasseur Banque Crédit Bourse (Maj, 9 sept. 2017), par. 52-53. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftnref3 [4] Dir. UE n°2015/2366, 25 nov. 2015, concernant les services de paiement dans le marché intérieur, modifiant les dir. 2002/65/CE, 2009/110/CE et 2013/36/UE et le règl. (UE) n°1093/2010, et abrogeant la dir. 2007/64/CE, JOUE L337/35, 23 déc. 2015, dit « DSP 2 ». https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftnref4 [5] Art. L314-1, II,7°, C. mon. fin. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftnref5 [6] Art. L314-1 II., 8°, C. mon. fin. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftnref6 [7] DSP2, cons. 27 ; R. Bonhomme, *« Instrument de crédit et de paiement – Introduction au droit bancaire »,* éd. LGDJ, 12ème éd., p. 20, par. 22. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftnref7 [8] Ord. n°2017-1252, 9 August 2017, transposing Directive 2015/2366 of the European Parliament and of the Council of 25 Nov. 2015 on payment services in the internal market, JORF n°0186, 10 August 2017, known as "Sapin 2". https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftnref8 [9] These three operations delimit banking activity and its monopoly. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftnref9 [10] Art L522-1 C. mon. fin. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftnref10 [11] Art. L314-1, C. mon. fin. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftnref11 [12] Art. L. 133-3, I, C. mon. et fin. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftnref12 [13] J-F. Riffard, *« Synthèse 40. Services bancaire »,* Jurisclasseur Banque Crédit Bourse (Maj, 9 sept. 2017), par. 54. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftnref13 [14] Art. L522-4, C. mon. fin. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftnref14 [15] CJUE 22 oct. 2015, aff. C-264/14, « *Skatteverket c/ Hedqvist, Skatteverket c/ David Hedqvist* ». https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftnref15 [16] ACPR, n° 2014-P-01, 29 janv. 2014, relative aux opérations sur Bitcoins en France. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftnref16 [17] P. PAILLER, "Quelles règles pour l'encadrement de la monnaie virtuelle en France", Revue Internationale des Services Financiers, 2014/4, p. 42 ; analysis shared by N. MATHEY, "La nature juridique des monnaies alternatives à l'épreuve du paiement", Revue de Droit bancaire et financier n° 6, nov. 2016, dossier 41, par. 42. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftnref17 [18] H. Lefebvre, S. Polrot et C. Abitbol*, « Moyens de paiement - Blockchain : premier (s) pas vers la règlementation des « cryptomonnaies » et autres actifs numériques* », La Semaine Juridique Entreprise et Affaires n° 19, 11 mai 2017, par. 112. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftnref18 [19] H. Lefebvre, S. Polrot et C. Abitbol*, « Moyens de paiement - Blockchain : premier (s) pas vers la règlementation des « cryptomonnaies » et autres actifs numériques* », La Semaine Juridique Entreprise et Affaires n° 19, 11 mai 2017, par. 112. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftnref19 [20] Banque de France*,* *« Les dangers liés au développement des crypto-monnaies : l'exemple du bitcoin* », Focus n°10, 5 décembre 2013, p. 6. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftnref20 [21] P. PAILLER, "Quelles règles pour l'encadrement de la monnaie virtuelle en France", Revue Internationale des Services Financiers, 2014/4, p. 40, who notes that while it is possible for the platform manager to execute payment transactions "still, he must actually collect the funds from the buyer and pay the funds to the seller, activité́ which is not necessarily characteristic for the conversion platform, but rather for the associated payment institution". https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftnref21 [22] Art. L314-13, I. and II., C. mon. fin. which provides for the provision of specific documents. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftnref22 [23] J-F. Riffard, *« Synthèse 40. Services bancaire »,* Jurisclasseur Banque Crédit Bourse (Maj, 9 sept. 2017), par. 57. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftnref23 [24] Art. L314-12, C. mon. fin. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftnref24 [25] J-F. Riffard, *« Synthèse 40. Services bancaire »,* Jurisclasseur Banque Crédit Bourse (Maj, 9 sept. 2017), par. 58. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftnref25 [26] CA Paris, 26 sept. 2013. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftnref26 [27] J-F. Riffard, *« Synthèse 40. Services bancaire »,* Jurisclasseur Banque Crédit Bourse (Maj, 9 sept. 2017), par. 4. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftnref27 [28]V. Jamet, *« La « bit licence » Perspective nord-américaine d'un cadre juridique pour un « bit génération » encore en devenir »*, Revue Internationale des Services Financiers, 2014/4, p. 12. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftnref28 [29] AMF*,« Synthèse des réponses à la consultation publique portant sur les Initial Coin Offering (ICO) et point d’étape sur le programme « UNICORN » »*, 22 févr. 2018*,* p.12. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftnref29 [30] ACPR, position No. 2017-P-01, Oct. 25, 2017, regarding the concepts of "limited network of acceptors" and "limited range of goods and services", transcribed at s. 2017-P-01. L511-7, II, C. mon. fin. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftnref30 [31] Simmons & Simmons LLP, *« Le droit et la technologie blockchain : une approche sectorielle »*, Contrats Concurrence Consommation n° 10, oct. 2017, étude 10, par. 9. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftnref31 [32] L. n° 78-17, 6 Jan. 1978, relative à l'informatique, aux fichiers et aux libertés, JORF, 7 Jul. 1978. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftnref32 [33] EU Dir. No. 95/46/EC, 24 Oct. 1995, on the protection of individuals with regard to the processing of personal data and on the free movement of such data, OJEU L281/31, 23 Nov. 1995, known as "PGRD", replaced by Reg. EU Reg. 2016-679, 27 Apr. 2016, on the protection of individuals with regard to the processing of personal data and on the free movement of such data and repealing Dir. 95/46/EC (General Data Protection Regulation), OJEU L119/1, 4 May 2016. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftnref33 [34] AMF*, « Synthèse des réponses à la consultation publique portant sur les Initial Coin Offering (ICO) et point d’étape sur le programme « UNICORN » »*, 22 févr. 2018*,* p. 12. https://www.publish0x.com/fla/french-legal-analysis-of-payment-in-crypto-currencies-regula-xyvykgq#_ftnref34 [sponsors] If you want to support that kind of publication, feel free to tip and follow me to be informed of the last content published. English Vers. : https://www.publish0x.com/fla ; French Vers. : https://www.publish0x.com/ajc.

@FrenchLegalAspect 5 June 2020