The European Union calls to unify its regulation of cryptocurrencies and blockchain, But France chooses its own initiative, and introduced its own regulations for initial coin offerings (ICOs).
The 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.
By establishing the guidelines for ICOs, according to Finance Minister Bruno Le Maire, he identified the law as "Article 26", stating that it has been adopted by a parliamentary committee as part of President Emmanuel Macron’s broader plans to enhance business growth and transformation.
"Article 26" is intended to provide a regulatory framework for ICOs in order to protect French investors and encourage growth in the sector.
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
:
President Macron wants to transform France into a business haven, including businesses that deal with cryptocurrency.
Previously, he has launched the Action Plan for Business Growth and Transformation (PACTE) that aims to make it easier for companies to operate in France.
Consisting of 71 measures, "Article 26" is one of them, which also provides a legal framework for fundraising by way of token sales.
The framework also guarantees ICOs that have received AMF approval to have the rights to open conventional bank accounts in order to protect investor funds and facilitate investor services.
The legislation has been progressing since it was first presented in June to the Council of Ministers.
