Even though France is going through a tough time right now with the recent fire breaking out in the Notre-Dame cathedral, the French Finance Minister, Bruno Le Maire, is reportedly persuading other members of the European Union to adopt cryptocurrency regulations in a similar sense to its own.
The new legislation in question is one where lawmakers in France have allowed cryptocurrency operators to run their operations, with the caveat that they apply for a certification that would allow authorities to determine the issuer of a new token or the creators of an exchange. Furthermore, they will be able to check business plans and AML attachment.
At a recent blockchain event in Paris, the Finance Minister said:
“I will propose to my European partners that we set up a single regulatory framework on crypto-assets inspired by the French experience. Our model is the right one.”
Many countries in the EU are reviewing blockchain and digital asset adoption to boost their economies, including Germany and Italy.
Lawmakers have said that they are going to also be allowing the $2 trillion life insurance market to invest in non-securities without the limitation of only permitting investments of up to ten percent of company funds. French Digital Economy Minister Mounir Mahjoubi has said that he wishes for France to become a champion when it comes to Blockchain.
It seems that you need to look no further than France in terms of what will help boost the adoption rate of cryptocurrency.
Several insurance companies in France are soon going to be able to include crypto in their life insurance contract. This is all thanks to a vote by France’s National Assembly.
As we reported yesterday though, this wasn’t an easy process. Policymakers and the different firm worked for hand in hand for more than a year to make this rule change a reality.
Joel Giraud is an Assemblymember for France and has spoken on the matter saying:
“This was not the primary goal of Pact, but insurers will actually be able to offer products based on crypto-assets. They will be able to do so through specialized funds.”