France Set to Approve First Crypto Firms Under New Rules This Month
France is poised to approve initial coin offerings operators and other crypto businesses with its new regulatory approach to the sector.
France is poised to approve initial coin offerings (ICO) operators and other crypto businesses with its new regulatory approach to the sector.
‘France is a Precursor’
As Reuters reported on July 16, the new rules — expected to take effect later this month — will enable crypto-related businesses to voluntarily submit themselves to national standards on capital requirements, consumer protection and taxation in return for the regulator’s green light.
Anne Marechal — executive director for legal affairs at the Financial Markets Authority (AMF) — told reporters that the bold crypto regulatory agenda from the G7 presidency holder should make France a forerunner in the field. She said:
“France is a precursor. We will have a legal, tax and regulatory framework [...] We are in talks with three or four candidates for initial coin offerings.”
Beyond ICOS, the AMF is also in talks with several crypto exchange platforms, custodians and fund managers, Marechal revealed.
As Reuters notes, momentum to provide greater legal clarity for the little-regulated sector has apparently been galvanized by news of the forthcoming Libra cryptocurrency from U.S. tech behemoth Facebook.