France plans to create a legal framework for raising funds via cryptocurrencies and aims to become a leading center for offerings in Bitcoin-style digital currencies, finance minister Bruno Le Maire wrote in an opinion piece on French website Numerama, Reuters reported.
“France has every interest in becoming the first major financial center to propose an ad-hoc legislative framework for companies making an Initial Coin Offering,” Le Maire wrote.
An action plan is expected to be presented to the French government in a few weeks and will propose giving French market regulator Autorité des marchés financiers (AMF) the option to authorize companies to issue tokens to raise funds, as long as they respect certain criteria to protect investors.
“This ‘white list’ will provide a precious reference for investors who want to finance serious projects,” he wrote.
The finance minister says France should not miss out on the blockchain revolution and believes the technology will offer unprecedented opportunities for French startups to raise funds by issuing tokens in ICOs.
“This promises to create a network of confidence without intermediaries, offers increased traceability and will boost economic efficiency,” Le Maire wrote.
He said France aims to enter into the world of finance of the 21st century by guaranteeing all players the necessary security for their development.