2025年法国与欧洲Web3与加密货币发展报告：迈向可持续和机构化应用

WEB3 & CRYPTO INWEB3 & CRYPTO INFRANCE AND EUROPEFRANCE AND EUROPE Towards sustainable and institutional adoption FOREWORD BY ADAN Adan is proud to present this new edition of its study«Web3 & crypto in France and Europe», a real referencebarometer to understand the evolution of the sectorand the dynamics of adoption and structuring that aretaking place in France and Europe. This year again, thereare many lessons, and their message is clear: Web3 isbecoming an economic and technological reality, yet stillunderestimated. In short, Web3 needs a clear and balanced framework,onethat protects without suffocating,that frameswithout excluding, and that allows European companiesto compete with the world’s largest tech powers. Because Web3, far from being limited to crypto-assets,is a technological revolution that is profoundly redefiningour digital infrastructure, our relationship with financeandour economic sovereignty.Decentralized digitalidentity, asset tokenization, decentralized finance and theemergence of new payment models are not just trends,but disruptive innovations that could reposition Europeas a digital leader. But we still need to have the will andthe means to do so. While 2024 marked a turning point for the crypto-assetmarket, 2025 opens on a key year where ambitions willhave to be realized. Far from being a simple continuity,this new step will be decisive in measuring the real impactof the regulatory and economic advances observed lastyear. With Bitcoin exceeding €100,000 in capitalizationandgrowing adoption,the industry has proven itsrobustness and appeal to both institutional and retailinvestors. Awareness of crypto-assets has never been sohigh: more than 90% of French people say they are awareof them, and nearly one in two plans to invest in them.However, France is still struggling to translate this crazeinto a real adoption dynamic. For the first time in threeyears, the number of crypto-asset holders is decliningslightly, while our European neighbours are stabilising orincreasing their adoption rates. Web3 companies in France and Europe have shownremarkable resilience. Despite a regulatory context andsometimes difficult market conditions, they continue toinnovate, recruit and invest in the development of newsolutions. This study highlights their ambition anddetermination to build a strong and competitive industry.But it also reveals their concerns: without a favourableframework, without access to financing, without clearinstitutional recognition, how long will these companiesremain loyal to our territories? Europe now has a choice to make. Be a Web3 driver orwill she just be a bystander? While the United States, Asiaand the Middle East are redoubling their efforts to attracttalentand investment,Europe still seems hesitant,trapped in an approach that oscillates between cautionand inertia. However, Web3 will not wait for us. Industryplayers are ready to build, collaborate, and integratethese new technologies into the real economy. Thisstudy demonstrates that a real strategy for the adoptionand development of Web3 in Europe is necessary. Thisparadoxraisesacentralquestion:isoureconomicandregulatory environment favorable enough to bring abouta competitive Web3 ecosystem in Europe and France?The entry into force of the Markets in Crypto Assets(«MiCA») regulation represents a major step forwardby providing a structuring framework for companies inthe sector. But this progress should not mask the manychallenges that remain: France has not yet issued anyMiCA approval, taxation remains poorly adapted, accessto financing and banking services remains too complexfor many companies, and regulation, although essential,is still perceived as restrictive for innovation. FOREWORD BY ADAN It is no longer a question of questioning the relevance ofthese technologies, but of identifying the conditions fortheir full integration into our economy. The question isnot whether Europe can play a role in this development,but whether it will choose to be a driving force or a merespectator. Adan will continue to act with determination to supportthis transition and defend a framework conducive toinnovation, competitiveness and digital sovereignty.Thefuture of Web3 is now: it’s up to us to act. Laurent Ovion Adan President FOREWORD BY DELOITTE Deloitte is pleased to present the fourth edition of theAdan study on the adoption of Web3 & crypto-assets inFrance and Europe. A support for all current and futureplayers in this new industry, which aims to shed light onthe evolution of the sector, its successes, its challengesand, above all, its resilience year after year. This newedition is the result of a strong partnership between Adanand Deloitte. It is also based on the classics of previouseditions, and also contains its share of new features thatI invite you to discover. Analysis of the Web3 industry highlights an increaseddynamism. France and Europe maintain their status asinnovation hubs, developing more and more t