EXCLUSIVE: Visa very close to joining Adan

Thursday, February 22, 2024

The American giant is said to be on the point of joining the Association for the Development of Digital Assets (Adan). This would be another major coup for the association, chaired by Faustine Fleuret.

Soon to be a new Adan heavyweight? According to our information, US payment giant Visa is close to becoming a member of the Association for the Development of Digital Assets (Adan).

This move comes at a time when its main competitor, Mastercard, is also very active on crypto topics. Mastercard recently joined Adan and has just sponsored the anniversary party (8 February) of the association chaired by Faustine Fleuret.

"Joining Adan would be a way for Visa to become a little more firmly rooted in the ecosystem and not be left behind by its main competitor," confides a source close to the matter.

Even though Visa's scope of action in crypto has been fairly limited for the time being, the company is still keeping a close eye on its development and intends to position itself as a key player, particularly in asset tokenisation, crypto payments and financial flow management.

A key regulatory year

After some reluctance on the part of major industry figures such as Ledger, Adan has recently recorded several notable successes. For example, after a long absence, Sorare has finally decided to join the association as we revealed in September. The announcement was officially made at the end of November.

This year, the influence of Adan, the industry's largest lobbying association at European level with over 200 member companies, is proving crucial for the sector.

With the MiCA (Market in Crypto-Assets) regulation coming into force on 29 June, aimed at standardising the regulation of cryptos across the 27 countries of the European Union, the stakes are high. Although this regulation is officially in force, its direct application is not immediate.

A period of consultation and gradual implementation is planned until 30 December 2024, involving the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA). This is all the more relevant given that stablecoin issuers must comply with the relevant part of the regulation in order to be distributed in Europe from 30 June.

Despite some internal criticism of its effectiveness, Adan today enjoys the support of many players, who are seeking both to better manage regulatory issues and to expand their network. Visa is undoubtedly one of the best examples of this.

This analysis is not investment advice. It has been prepared without taking into account your personal situation, particularly your financial situation, risk profile, and investment objectives.

Before investing in any product, investors should fully understand the risks involved and consult their own legal, tax, financial, and accounting advisors.

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