France is continuing to follow President Macron’s plan raise its business profile in the world by establishing a legal framework for ICOs.
A recent Autorité des Marchés Financier (AMF) annual report indicated that ICOs are most definitely on the agenda for further regulatory framework as Robert Ophèle, President of the AMF, indicated that the government body would:
“…continue to reflect on changes in the regulatory framework in the face of new offers, in particular, the Initial Coin Offerings (ICO), and to promote at European level the French regulator’s approach to innovation.”
The government has now taken one step further with a new announcement by finance minister Bruno Le Maire that the corresponding legislation, Article 26, had now been “adopted in (parliamentary) committee”, to improve business growth in the country, adding, “This legal framework will attract innovators from around the world of blockchain…”
Article 26 adopté en commission #PACTE !
Un cadre juridique des #ICO est créé. L’@AMF_actu pourra délivrer un visa aux acteurs respectant des critères de protection des épargnants
— Bruno Le Maire (@BrunoLeMaire) September 12, 2018
The legislation will allow the AMF to now approve businesses wanting to launch ICOs in France, given certain criteria are met by companies that “those projects provide specific guarantees for investors”.
Law firm Kramer Levin sees the new legislation providing a clear a definition of tokens for would-be French investors, suggesting that a token is:
“An intangible property representing, in numerical form, one or more rights that can be issued, registered, conserved or transferred using a shared electronic registration mechanism that facilitates the identification, directly or indirectly, of the owner of said property.”
After the lackluster and largely ineffective government led by previous president Francois Holland, Macron’s new regime has taken businesses to task with real vigor in an attempt to refresh outmoded business practices and regulations and inspire overseas faith in a new forward-looking approach, largely driven by government.
President Macron is seen by those that know him well and experts in the sector as a pro-tech leader, believing that he will further the interests of startups in the crypto industry as part of his business rejuvenation plan for the nation.
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