Finance

Is A French ICO Revolution on the Way?

New Regulations are Coming

On September 25th, the lower house of the French parliament initiated a debate about a legal proposal which holds some core changes for the country’s legal framework for crypto assets and ICOs.

The initiative came last June by the Minister of Economy and Finance, Bruno Le Maire along with proposals focused on nurturing the development of “liberated companies that are better funded, more innovative and fairer.”

Action Plan for Business Growth and Transformation

Plan d’Action pour la Croissance et la Transformation des Entreprises (PACTE) is envisioned to pull France closer to the countries which have already devised a friendly legal wireframe for the innovative fintech solutions.

The plan already passed through the first phases for the approval.

After the introduction, first consultation, online public consultation, consultations with unions and professional federations, it is now being presented to the Council of Ministers.

If the Council of Ministers gives the green light, Plan d’Action will be reviewed by the parliament, and, if it satisfies, promulgated by the official proclamation.

The Birth of New Terminology and Explanations

If the plan is to be accepted by the government’s bodies, it will bring some new definitions and terminology.

Cryptocurrency tokens are defined as “immaterial items, representing in digital form one or more rights, which could be issued, compiled, kept and transferred through a digital shared instrument, allowing to identify — directly or indirectly — its owner.”

And ICOs got a more simple explanation which says that they are “public offerings for tokens subscriptions, in whatever form.”

AMF Will Issue “ICO Quality Certificates”

Autorité des Marchés Financiers (AMF, French Financial Market Authority), according to the plan, will be issuing a form of non-obligatory certificates for the ICOs which want to enhance their trustworthiness.

This process will not be legally required, but the  company applying for it should produce a promotional document (whitepaper) presenting contents which are “exact, clear, not misleading, and allow understanding of risks involved in the offer.”

The AMF also wants to monitor the means which are to be implemented to guarantee the security and the transparency of the token issuing event for those who apply for their certificate.

The French financial watchdog will closely watch information about the results of the ICO and the creation of a secondary market for the tokens.

How Close is France to New Crypto Legislation?

Even though the plan already passed through the majority of approval steps, the main ones are still to come as both houses of parliament have to accept the same version of the document for it to be implemented.

However the proposition will end up, France showed the willingness to change its legislation in accordance with the technological innovations.

By making it easier for entrepreneurs to develop projects under the friendly legislation wing, France could compete with the likes of Switzerland, Malta, Gibraltar, and Cyprus, which have already attracted cryptocurrency and blockchain industry’s giants to their shores.

Luka Kapetanic

An ex-restaurant business owner turned cryptocurrency fanatic, with over 12,000 followers on investfeed.com. Miner, Investor, trader and, above everything else - a writer, with coinlive.io, and cryptodigest.com in his jobs portfolio.

Related Articles

60 Comments

  1. Lovely just what I was searching for. Thanks to the author fortaking his clock time on this one.Also visit my blog – 159.203.199.234

  2. Your article was so well-written that it felt like a journey. You took me through the topic step by step, providing plenty of context and detail along the way. I felt like I learned so much from reading it.

  3. you are in point of fact a excellent webmaster. The site loading pace is amazing. It sort of feels that you’re doing any unique trick. Also, The contents are masterpiece. you have done a excellent activity on this subject!

  4. Thanks for the recommendations you have provided here. One more thing I would like to say is that laptop memory requirements generally rise along with other advancements in the technology. For instance, any time new generations of processors are brought to the market, there is usually an equivalent increase in the shape calls for of both laptop or computer memory plus hard drive room. This is because the program operated through these processor chips will inevitably surge in power to use the new technology.

  5. Hi, I do believe this is an excellent blog. I stumbledupon it 😉 I’m going torevisit yet again since i have book-marked it. Moneyand freedom is the greatest way to change, may you be rich andcontinue to guide other people.

  6. I will immediately seize your rss as I can’t find your email subscription hyperlink or newsletter service.Do you’ve any? Kindly allow me understand in order that I could subscribe.Thanks.

Close