After countless concerns, France is announcing the creation of a legislation that will regulate Initial Coin Offering (ICO) in order to support new projects, according to an announcement made by the French’s Finance Minister.
According to Numerama, The Finance Minister of France, Bruno Le Maire has confirmed that he has contacted former Central Bank’s Chief Jean-Pierre Landau in order to propose the creation of a law for digital assets.
“France has every interest in becoming the first major financial center to propose an ad hoc legislative framework for companies making an initial coin offering.”
Monsieur Bitcoin is no longer the main concern of France
Landau called the strongest crypto coin: “Monsieur Bitcoin” and was named to hold a digital coin task force in France last month. This was intended for “proposing guidelines on the evolution of regulations“.
The Finance Minister of France Le Marie has confirmed that an action plan is ready to be presented to the country’s government in the coming weeks. The action will propose to designated the legislative authority based in France Autorité des Marches Financiers (AMF) as a decision-making institution, meaning that it will be able to grant authorizations to companies based on ICO projects.
ICO startups will be supported by the government of France
The Minister has proclaimed that blockchain technology will provide new platforms with the needed support in order to develop and succeed. He stated:
“A revolution is underway, of which bitcoin was only the precursor. The blockchain will offer new opportunities to our startups, for example with the Initial Coin Offerings (ICO) that will allow them to raise funds through ‘tokens (…) This promises to create a network of confidence without intermediaries, offers increased traceability and will boost economic efficiency.”
According to Bruno Le Maire, France focuses a lot on financial innovation. The country’s goal is to “enter the world of finance of the 21st century by guaranteeing all players the necessary security for their development.”
We want to remember that France was one of the countries to call for a G20 meeting. During the summit held in Buenos Aires, France’s representatives have presented their ideas about the importance of digital currencies and blockchain technology, thus, possible crackdowns may not occur anymore.