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Xin Lang Cai Jing· 2025-12-05 12:48

Core Insights - The European Web3 industry is characterized by a strong belief in idealism, with a focus on decentralization and privacy, distinguishing it from the more profit-driven approaches seen in the US and Asia [3][4][38]. Group 1: Decentralization in Europe - The term "decentralization" describes the European crypto industry, emphasizing a lack of reliance on single influential figures, with many entering the Web3 space driven by personal beliefs rather than financial gain [4][39]. - Geographically, Europe lacks a central hub, with various countries contributing unique characteristics to a fragmented yet layered Web3 landscape [5][40]. Group 2: Country-Specific Characteristics - Germany is noted for its distributed industry, with a strong engineering culture and a preference for research and development over business roles [6][41][42]. - France's Web3 participants often come from traditional sectors like fast-moving consumer goods and luxury, bringing strong social and market expansion skills to the industry [8][43]. - Switzerland is recognized for its neutral regulatory framework, making it attractive for non-profit organizations and research institutions in the crypto space [9][44]. - Lisbon, Portugal, has gained popularity in the Web3 community due to its appealing lifestyle and the influx of digital nomads, particularly from the US [10][47][48]. Group 3: Market Dynamics and User Behavior - Despite being a niche market, Europe has a significant presence in the Total Value Locked (TVL) rankings, with half of the top projects originating from the region [13][50]. - The overall penetration rate of Web3 in Europe is approximately 6%, indicating that only 6 out of 100 individuals use cryptocurrencies, which is lower than in the US and Asia [13][50]. - European users tend to view cryptocurrencies as part of a diversified asset allocation rather than a high-stakes gamble, reflecting a more cautious investment approach [14][51]. Group 4: Stablecoin Trends - Stablecoins are viewed as a promising direction in Europe, driven by the need for a unified payment settlement system and the geopolitical landscape, particularly following the Russia-Ukraine conflict [17][54][56]. - The lack of a unified payment system in the EU leads to a reliance on US-based systems, prompting interest in developing a European alternative through stablecoins [18][55]. - The shift in consumer behavior towards online shopping during the pandemic has increased the demand for efficient payment methods, further legitimizing the use of stablecoins [21][58]. Group 5: Regulatory Environment - The European Parliament passed the MiCA regulation, establishing a comprehensive framework for digital asset regulation across EU member states, which includes provisions for tax treatment of cryptocurrencies [25][62]. - In Germany, cryptocurrencies are classified as private property, with specific tax implications based on holding periods and transaction types [27][66][68]. - France imposes higher tax burdens on cryptocurrencies, treating them as movable property and applying capital gains taxes on profits from transactions [32][69]. Group 6: Future Outlook - The European Web3 landscape may not exhibit the same volatility as other regions, but it is fostering a different type of crypto enterprise focused on sustainable business models and compliance [33][70]. - The potential for growth in the European market is significant, given its population of nearly 600 million, with a higher income level compared to developing countries, enhancing the willingness to pay for products and services [61].