- France recently passed new laws that would require certification and taxation for new crypto businesses
- They plan to recommend these laws to their EU states
Europe as a whole has become very open towards blockchain and cryptocurrency and France seems to be one of the biggest players in this regard. They introduced new ICO laws in 2018 and have announced a €500 million grant to help grow the industry. Needless to say, France is on board with crypto to a large degree.
It now seems that they intend to use their status as a world power to influence other countries, specifically those in the European Union, to follow in their footsteps and introduce pro-crypto regulations. This was reported on April 15, 2019, by Reuters, who cited a statement by French Finance Minister Bruno Le Maire.
Seeking External Support
These new plans come just after the French parliament approved new laws that seek to grow the blockchain and crypto community within France by giving companies in that space official recognition and taxable status. Now, they want other EU member states to join in their efforts.
“I will propose to my European partners that we set up a single regulatory framework on crypto-assets inspired by the French experience,” Le Maire said. “Our model is the right one.”
The new legislation that has been passed also states that firms that wish to deal in crypto or create new ones will need to apply for certification to do so. This makes them one of the first major counties in the world to adopt such laws and grants a new sense of legitimacy to the industry.
This new law essentially serves two major functions.
First, it allows the country to explore a new source of business and revenue. The business of crypto has become too big to ignore and as such, France would not want to be left out in the future benefits. Places like Malta recognized this early on and France is doing the same. The second function is that helps to calm any fears of investor exploitation since oversight will be put in place and the individuals behind each token and business will need to be identified.
Should France be successful in these efforts, we could be seeing an EU-wide crypto regulation adoption which will go a long way to grow the industry in Europe. This would also give the EU something positive to work over in the midst of the Brexit drama.