A new article from the Business Growth and Transformation bill dedicated to initial coin offerings has been accepted by the French government. This was revealed by the French minister for economy and finance in a tweet.
The Autorité des marchés financiers (AMF), France’s stock market regulator, can now give license to business entities that want to use ICO to raise funds for their business ventures. Also, there are laws now in place to protect the interests of contributors.
Beyond improving business in France, the Finance minister, Bruno Le Maire also hopes that this will lead to investments from outside France.
How it works
Before a business can get the license to move forward with an ICO, they must get a license from the AMF after providing sufficient information about their offer. This is according to the According to the PACTE project published by the National Assembly.
The purpose of this is to protect the interests of investors as well as create a guarantee for the ICO. Previously, the AMF had been reluctant to approve ICOs as they were considered risky.
Friends in high places
One of the major reasons for ICOs moving through is the enthusiasm from top French politicians, particularly French president Emmanuel Macron.
Macron has been famously supportive of new innovations in the financial world and of turning France into a ‘start-up’ nation in his own words.
Barely a year after that statement, the PACTE bill was introduced by the finance minister and was designed to be a catalyst for innovation in the French economy.
The minister also stated that France was ready for a blockchain revolution. It seems the revolution is coming sooner rather than later for France with the new article.
The tax man
Another recent development in France has been the subject of taxation of cryptocurrencies.
The French council of state has created a concrete guideline for the taxation of cryptocurrencies in the business world.
Previously, the tax rate was rather fluid, hovering between 14 to 45 percent. Now, the official tax rate is 19 percent.
A European Affair
These new laws in France are reflective of a general acceptability of cryptocurrency in Europe as a whole.
Earlier this month, a meeting was held between cryptocurrency specialists and members of European parliaments. Thinktank Bruegel also released s statement urging for more concrete cryptocurrency laws.
From all indications, the talks were productive