France just made it significantly harder for non-European investors to buy their way into the country’s most sensitive industries. Here’s the thing that should catch crypto investors’ attention: cryptology is explicitly listed among the sensitive sectors covered by the new rules. That puts blockchain infrastructure companies, encryption firms, and potentially a range of Web3 ventures squarely in the regulatory crosshairs. That threshold has been slashed to 10% for non-European investors. The firms most likely to feel the impact are mid-stage crypto companies in France that rely on global capital markets for growth funding.