Despite calls for the EU to unify its regulation of cryptocurrencies and blockchain, France has taken the initiative and introduced its own regulations for initial coin offerings (ICOs).
In a tweet yesterday, French Minster of Economy and Finance, Bruno Le Maire, announced the approval of a legislative framework which would require ICOs floated in France to provide safeguards and guarantees to investors.
✅Article 26 adopté en commission #PACTE !
➡️Un cadre juridique des #ICO est créé. L’@AMF_actu pourra délivrer un visa aux acteurs respectant des critères de protection des épargnants
➡️Ce cadre juridique va attirer les innovateurs du monde entier #blockchain #DirectAN
— Bruno Le Maire (@BrunoLeMaire) September 12, 2018
The new legislation would allow French financial authorities, the Authorité des Marchés Financiers (AMF), to approve and issue permits to companies that want to use ICOs as a method of raising capital.
It would also mean that ICOs would be required to submit detailed information about their offerings to the AMF. This would allow potential investors to undertake full due diligence before investing.
Recently, a Belgian think tank called for the EU to unite in its regulatory approach to blockchain and cryptocurrency. However, the proposal did not seem to gain much traction.
Even so, it hasn’t stopped France from flexing its entrepreneurial cryptocurrency muscles.
It’s been a good week for blockchain and cryptocurrency in France. A couple of days ago, crypto-wallet manufacturer Ledger was selected as EY’s Startup of the Year for the Ile-de-France region