FRANCE Law and Practice Contributed by: Estelle Rigal-Alexandre, Marie Frisch and Mohamed Bouzenada, Soulier Bunch
Soulier Bunch 12 rue de Berri 75008 Paris France Tel: +33 1 40 54 29 29 Email: contact@soulierbunch.com Web: www.soulierbunch.com
1. Overview of Blockchain and Crypto- Assets 1.1 Blockchain 1.1.1 Evolution of Uses of Blockchain Over the past 12 months, the use of blockchain tech- nologies in France has continued to evolve, with a gradual shift from experimental projects to more structured and, in some cases, large-scale operational deployments. While the ecosystem remains primarily driven by crypto-assets, certain applications are now reaching a level of maturity that reflects the emer- gence of a more functional on-chain economy. Current use cases remain largely concentrated in financial services, where blockchain-based infra- structures are increasingly used for lending, trading and settlement purposes. In particular, decentralised finance (DeFi) protocols have gained significant trac- tion, moving beyond purely experimental models. A notable development in this respect is the growth of the French DeFi protocol Morpho, which provides a decentralised lending infrastructure enabling direct interaction between lenders and borrowers. The pro- tocol has reached a significant scale, with over USD10 billion in deposits and several billion dollars in out- standing loans, illustrating the increasing depth and liquidity of on-chain credit markets. More generally, blockchain-based financial infrastruc- tures are now increasingly designed as modular and open systems, capable of being integrated into a wide range of applications, including institutional use cases. Some protocols are now explicitly positioning themselves as infrastructure layers for global credit
markets, reflecting a convergence between decen- tralised finance and more traditional financial models. Beyond financial services, blockchain technologies continue to be explored in areas such as supply chain traceability, digital identity and certification mecha- nisms. Looking ahead, several issues are likely to shape the development of blockchain uses over the next 12 months, which include the scalability of infrastruc- tures, interoperability between blockchain systems and communication around crypto-assets, in a con- text where crypto-asset-related physical attacks and extortion incidents are increasing. In addition, anti-money laundering (AML) and data protection continue to raise practical challenges, as illustrated by recent co-ordinated enforcement actions targeting large-scale crypto-related fraud and launder- ing schemes, involving the use of multiple fraudulent platforms and cross-border blockchain transactions to conceal illicit proceeds. From a legal perspective, the interaction between blockchain technologies and IP law remains an emerg- ing area. While blockchain may be used to record and evidence rights, such as authorship or ownership of digital content, it does not, in itself, create or transfer IP rights, which remain governed by applicable sub- stantive law. Recent French case law confirms this evidentiary function. In a decision of 20 March 2025, the Civil Court of Marseille accepted blockchain timestamp- ing as a valid means of establishing the ownership of
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