There is excitement in the cryptocurrency market as France implements ICO legal framework. The development is a huge gain for the cryptocurrencies since France is a major world economy. In June 2018, local media carried reports indicating the country had plans to boost cryptocurrencies.
Writing on Twitter on Wednesday, French Finance Minister confirmed that parliament will implement a legal framework for ICOs. Bruno Le Maire, the Finance Minister further notes:
“A legal framework of # ICO is created. The @ AMF_actu will be able to issue a visa to the actors respecting criteria of protection of the savers.”
History as France implements ICO legal framework
The development is a culmination of public consultation on initial coin offerings (ICOs) launched in 2017. The consultation was the brainchild of Autorité des Marchés Financiers (AMF), the regulator for the country’s financial markets. Commenting on the development, AMF’s director of legal affairs, Anne Maréchal said:
“We will be the first in the world to have an ad hoc regulation on ICOs. We must attract the most beautiful projects to France.”
According to local media, the legislation is part of the country’s president’s push for enterprise. Dubbed “Pact Act” (Action Plan for Business Growth and Transformation), the bill is the work of Treasury. Further, the AMF reportedly had a big hand in the bill.
The new legislation provides that: “Issuers shall draw up a document intended to provide all relevant information to the public on the proposed offer and on the issuer.”
Right to the bank account
In part, the amendment reads:
“Credit institutions shall put in place objective, non-discriminatory and proportionate rules to govern the access of token issuers who have obtained the visa referred to in Article L. 552-4 of this Code to deposit and deposit account services and payment they hold. This access is large enough to allow these people to use these services effectively and without hindrance.”
Clearly, this is a big win for the cryptocurrency community. In fact, there are reports that the country is mulling legislation for secondary trading. Therefore, as France implements ICO framework, analysts expect faster adoption of the cryptocurrencies.