CRYPTO TRAINING

Crypto-assets: opportunities, risks and regulation

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Difficult, even for a layperson, not to have heard of blockchain technology, the recent fall of the crypto giant FTX, NFTs, and other kinds of crypto-assets. Between revolutionary technology, fictitious assets, shameless promoters of obscure financial products, rogue traders, crashes, and fund embezzlements, for blockchain technology and its most well-known application, cryptocurrencies, it's still too early to anticipate the future of what some consider an extraordinary innovation and others view as a vast sham.

 

However, the financial, social, economic, and environmental stakes of blockchain technology in general, and crypto-assets in particular, can no longer be ignored. Stakeholders, whether closely involved or from afar, increasingly need to consider the scenario of its massive adoption in the long term.

 

This training is aimed at an audience looking to familiarize themselves with both the blockchain technology, the challenges, the opportunities and risks of cryptocurrencies and other related crypto-assets, the ecosystem of this universe, and the main aspects of current and upcoming national, European, and international regulations.

 

It is especially suitable for stakeholders wishing to establish a PSAN, traders, consultants, compliance managers, fund managers, financial advisors, and CIFs. Even the most skeptical among them must undergo training to understand, if only for educational reasons with their current and potential clients, the ins and outs of a universe that is expanding at such speed and scale that it either offers the opportunity or even forces States to openly embrace its cause or, at the very least, to set up the most appropriate regulatory framework possible.

 

Training Objectives

  • Understand blockchain technology.
  • Know the typology of different crypto-assets.
  • Be familiar with crypto jargon.
  • Differentiate between crypto trading and crypto-asset investments.
  • Identify all the actors in the crypto ecosystem: BLOCKCHAIN protocols, "miners" and "stakers", developers, marketplaces, individual and institutional investors, crypto media.
  • Know how to identify and understand the risks of crypto-assets.
  • Identify the scope of financial opportunities offered by blockchain technology applications.
  • Understand the risks of the crypto universe in light of the collapse of FTX and recent illicit and criminal practices.
  • Grasp the challenges of managing crypto-assets in France.
  • Know the fundamentals of crypto player regulation in France, at the European level, and internationally.

Audience

All

Duration

2 jours (14 heures)

Program

I. BLOCKCHAIN Technology

  • Fundamental principles of BLOCKCHAIN technology
  • Genesis and foundation: BITCOIN and ETHEREUM
  • Crypto-assets:
    • Cryptocurrencies
    • Stable coins
    • Privacy coins
    • Smart contracts
    • NFTs
  • Recent major technological breakthroughs
    • From PoW (Proof of Work) to PoS (Proof of Stake)
    • From layer 1 to layer 2
    • Web3
    • Decentralized finance (DeFI)

II. The CRYPTO Ecosystem

  • BLOCKCHAIN protocols
  • “Miners” and “stakers”
  • Crypto developers
  • Cryptocurrency marketplaces
  • Individual and institutional investors
  • Cryptomedia

III. Crypto jargon

  1. Bitcoin
    • Bitcoin Dominance
    • Bitcoin Halving
    • Bitcoin Misery Index (BMI)
  2. Cryptography and protocols
    • Consensus (pow and pos)
    • Crypto Burning
    • Layer-1 Blockchain
    • Layer-2 Blockchain
    • Web 3.0
  3. Security
    • 51% Attack
    • Bank Run
  4. Crypto-assets
    • ASIC
    • CBDCs
    • Smart contracts
    • Perpetual contracts
  5. Ecosystem
    • Cryptocurrency traders and investors
      • Bag Holder
      • Basket
      • Bearwhale
      • Cold Wallet
    • Crypto Exchange
      • Automated Market Maker (AMM)
      • Decentralized Autonomous Organizations (DAOs)
    • Miners and Mixers

IV. Opportunities in the CRYPTO Universe

  1. Cryptocurrencies: A distinct asset class?
    • Private equity funds exposed to the crypto universe
    • PSANs
    • ICOs (Initial Coin Offering)
    • CIF and CGP: between fears and opportunity costs
  2. Crypto derivatives: ETF (GBTC), futures
  3. NFTs
  4. The metaverse

V. Risk Factors

  1. A decentralized over-the-counter market
  2. The pitfalls of anonymity
  3. "Native tokens", "stablecoins", and “yield farming”
  4. Cryptocurrencies: characteristics and risks
  5. Marketplaces: BINANCE, FTX
  6. Leverage, collateral, and asset protection
  7. Main frauds and criminal practices in the crypto universe
    • Price manipulation and misappropriation of funds
    • Money laundering
    • Terrorism financing

APPLICATIONS:

  • The fall of FTX: business model and highlighting the main risk factors of CRYPTO marketplaces
  • The LUNA case
  • Rogue crypto-traders and their techniques: perpetual contracts and self-sales (the AVI EISENBERG case)

VI. Regulation

  1. Challenges of regulating the crypto ecosystem
    • A technology that bypasses intermediaries
    • A payment method without legal tender
    • An over-the-counter market
    • The lack of legal status for cryptocurrencies (in France)
    • The challenge of transposing traditional audits into the Crypto universe

APPLICATIONS:

  • Focus on MAZARS auditing firm's withdrawal from the crypto market
  1. Regulation in FRANCE
    • The PACTE law
    • PSAN (digital asset service providers): definition and conditions for obtaining status and approval
    • ADAN (Association for the Development of Digital Assets)
    • Taxation of crypto-assets
  2. Regulation in Europe
    • The MiCA directive (Markets in Crypto-assets)
  3. LCB-FT law (fight against money laundering and terrorism financing)
    • Identification and prevention of criminal and unlawful behaviors
    • Declaration and suspicion reporting to TRACFIN
    • Administrative, civil, and criminal sanctions