Norbourg's Initiation: French Monetary Authority Faces Intense Trials

The year 2022 was a challenging one for the cryptosphere, marked by fraud, market manipulation, conflicts of interest, opacity, and endemic dysfunctions. The convergence of investment and the digital space, particularly in the United States, accelerated during this period and could reach warp speed under the Trump administration.

One of the most significant financial frauds in Canadian history, the Norbourg affair, came to light, affecting 9,200 victims who stand to lose $100 million. The aftermath of these cryptodramas extended into 2023, with many major cryptoasset figures embroiled in scandals.

Decentralized finance protocols, a cornerstone of the cryptosphere, have proven vulnerable to these issues. In fact, the cryptosphere has gone through two major periods of cleanup or purification in recent years, a testament to the challenges it faces.

The collapse of the FTX exchange and the bankruptcy of the Celsius Network were major events in 2022, highlighting the risks associated with the cryptosphere. Lack of transparency, fiducial deficiency regarding client funds, and lack of compliance rules are persistent problems in this space.

Conflicts of interest and lack of firewalls between cryptocurrency and token issuers, exchange platforms, brokers, and investment advisors are also significant issues. It is possible for these brokers and platforms to engage in transactions for their own account, which can lead to conflicts of interest and potential manipulation.

Moreover, there is no deposit insurance or client refund policy in case of unauthorized transfers or resulting from fraud in the cryptosphere. This lack of protection leaves investors exposed to potential losses.

The rise of artificial intelligence could further increase the risks of fraud. As AI becomes more integrated into financial transactions, it is crucial that robust regulations are put in place to protect investors and maintain the integrity of the market.

In an effort to address these issues, the Autorité des marchés financiers (AMF) has mentioned key fintech companies such as Revolut, Klarna, and N26 as part of its strategy for 2021-2025. These companies are expected to play a significant role in the regulation of the financial market in the area of dematerialized financing.

Regulatory scrutiny of the cryptosphere is likely to continue in the coming years, as governments and financial authorities seek to protect investors and maintain the stability of the financial system.

In sad news, magazine editor Isabelle Vaillancourt and the general director of Publications BLD, which publishes "Les Débrouillards" among others, passed away in 2022 and 2021 respectively. Their contributions to the field of journalism will be deeply missed.

The Trump administration has also made headlines with a recent interview with Ghislaine Maxwell, raising questions about her involvement in various scandals. The appetite for gain and the "fear of missing out" (FOMO) remain constant in the cryptosphere, making it essential for investors to approach crypto investments with caution and due diligence.