Authorities in France are looking to bring in clear-cut regulations for ICOs in the nation. Regulators in the country are now wanting to issue rules governing the issuance of the utility of ICO tokens, which would serve as a new “ICO regime”.
Overtaking the EU
Most countries in the European Union are still on their way to accepting cryptocurrency and blockchain. But France is taking that extra step forward to regulate the market.
Last year, the Finance Minister for France, Bruno La Maire directed the governor of France’s central bank to come up with an upgraded regulatory framework. On top of this, the minister of the nation has also demanded better, regulations for digital currencies on an international too.
Reports came out in March 2018 saying that the l’Autorité des Marchés Financiers (AMF), a French body responsible for regulating the financial market, was preparing a regulatory framework for ICOs.
France is getting itself into a position where it actively gets involved with the adoption of blockchain and crypto. The Finance Minister has been quoted praising ICOs as a fundraising mechanism for startups.
As reported by BTC Manager:
“The proposed bill would enable entrepreneurs to raise funds via ICOs online and allow tokes to be traded in secondary markets. The proposal states that ICO issuers would need the AMF’s approval, but is not a necessary criterion to launch an ICO project.”
In the absence of an AMF approval, project CEOs must let investors know about ICOs, in that they don’t need the green light from French regulatory bodies.
In a report from Crownfund Insider, they mention an interview with the Fench Attorney Thibault Verbiest - who’s involved in the regulatory talks across the Union - in which the attorney stated that the new ICO regime would make banks more receptive to cryptocurrency and improve the image of the space in France.
Whereas there are big developments going on in Switzerland and Malta, Verbiest isn’t bothered as he states:
“I see that so-called competition as positive. [Entrepreneurs] licensed already in Malta might also be interested in a French visa, as both regimes are not ‘passportable’ within the EU. And Switzerland is outside the EU, and will continue to play its role of an international (crypto) financial place.”