In the last few months, the hype around blockchain has grown to the extent that it has not only created a magnitude of confusion but also made this tech revolution sound like a marketing gimmick.

So much so, that countries worldwide have quickly jumped on the bandwagon and moved onto creating new policies, laws and planning different kinds of applications for it: executing contracts, modernising land registries, even providing new systems for identity management. Not to mention regulating the infamous virtual currencies.

While it’s undoubtedly a definite movement towards technological advancement, one must understand that we are still at the very beginning of this revolution, and haven’t even touched the transition stage yet. Whatever the policymakers are currently doing is merely setting the foundations for the future, in which blockchain will be one of many Distributed Ledger Technologies in use.

Nonetheless, we should feel excited that for once we might be prepared for what technology is about to bring. Although countries all around the world are focusing on the blockchain, Europe as a continent with multiple states is the only one that indicates consensus and understands that more than one country is needed to adapt and integrate blockchain within the digital services fully.

One of the most notable achievements so far was forming a blockchain partnership between 22 European nations that aims at exchanging information on the emerging technology. Among participating countries are Austria, Germany, France, the UK and Malta. Member states will share not only their experiences but also the expertise in blockchain technology to enforce the digital single market and benefit both the public and private sectors.

The ultimate goal of the partnership is to ensure that Europe stays at the forefront of blockchain technology and continues research on Distributed Ledger Technologies.

The partnership also gives all members an equal opportunity to create an enabling ecosystem that supports full compliance with EU regulations and encourages blockchain-based services to succeed across Europe. While each of the members is at a different blockchain stage, some are more advanced than others.

Mentioning Malta in this context seems like repeating every news portal in the recent weeks – it’s becoming increasingly visible that the country is on its way to becoming the number one blockchain legislator.

Some countries, however, still haven’t made a stand. One of them is France. Finance Minister Bruno Le Maire is famous for writing an editorial piece for The Financial Times in 2014 titled ‘Beware the mania for Bitcoin, the tulip of the 21st century’.

However, he recently had a change of heart. From being dubious about both blockchain and cryptocurrency, he is now calling for France to become the epicentre of blockchain and DLT development. Likewise, Le Maire took a strong pro-blockchain stance at the G20 in Buenos Aires, saying that: “France will not miss the blockchain revolution.”

Although his enthusiasm and support are needed for France to move forward with adopting the new technology, the country still falls behind concerning legislation and interest coming from blockchain-based companies.

The legal framework around blockchain is based on pre-existing regulations and a decree that hasn’t also been put up to test yet. Similarly, the regulations around cryptocurrency and ICOs are vague. France is one of the last countries to be considered as a place to launch an ICO (CoinTelegraph). Hence, there is no specific legal framework.

France might not be at the forefront of blockchain technology in Europe, but with French legislators being not only supportive for blockchain entrepreneurs but also quite knowledgeable of the underlying technology, France in a good position for more leadership in the crypto industry going forward.

France is not the only country that prefers to take its time rather than rush into hasty regulations that might not necessarily work along the current policies. It’s inevitable for every country to introduce blockchain-related policies sooner or later, but they have to be designed in a way that won’t clash with existing law.

Megan Frydel is brand manager at BiteMyCoin.

www.bitemycoin.com