A new law establishing guidelines for the initial coin offerings (ICO) was adopted in France. This was announced by the French Minister of Finance Bruno Le Maire.
After the reduction of more than half of the taxes on profits received from the cryptocurrency trade, France adopted a new law for the primary placement of tokens.
✅Article 26 adopté en commission #PACTE !
— Bruno Le Maire (@BrunoLeMaire) September 12, 2018
➡️Un cadre juridique des #ICO est créé. L’@AMF_actu pourra délivrer un visa aux acteurs respectant des critères de protection des épargnants
➡️Ce cadre juridique va attirer les innovateurs du monde entier #blockchain #DirectAN
Bruno Le Maire tweeted that the parliamentary committee adopted 26 article, within the President Emmanuel Macron's extensive plans to increase growth and business transformation.
The legislation allows the French regulator AMF (Financial Market Management) to approve and issue permits for enterprises intending to run ICO in France, but only if "these projects provide specific guarantees for investors".
Issuers will have to provide AMF with full information about the project, allowing buyers to make grounded decisions about the ICO.
Previously, Le Maire was positively speaking about blockchain technology. In his opinion, its implementation will allow fintech companies and other financial institutions to develop new tools for trading securities: faster, cheaper, transparent and safe.
WHY IS IT IMPORTANT?
- France is trying to become one of the friendliest nations for the cryptocurrency community. Earlier this year it presented the country cutting tax on cryptocurrency to 19% - half the previous rate.
- The legal ground for the new framework was discussed for many months before it was formally introduced.