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As the world examines Facebook's Balance and its recent Senate hearing, France is focusing on and approving the first wave of cryptocurrency activity under the new legislation.
Under these rules, cryptocurrency-related companies will voluntarily comply with a regulatory framework that would require them to pay taxes, protect consumers and meet capital requirements, reports Reuters. The authorities will enforce the regulations later this month.
Companies that comply with French rules will be approved by the French Financial Markets Authority (AMF) and will be effectively listed on the white list.
"We are in talks with three or four candidates for initial coin offers (ICOs)," Anne Marechal, director of legal affairs at the Autorité des marchés financiers, France, told Reuters.
The AMF would also be in talks with many other cryptocurrency trading platforms, custodians and fund managers – so more could be coming.
The French rules governing companies using cryptocurrency and companies supported by ICO became official at the beginning of the year after the adoption of the PACT (Action Plan for the Growth and Transformation of the Company) by the National Assembly of the country in April.
Indeed, these OICs and these new businesses will not be your unregulated business typical of the 2017/2018 explosion. Consumers in particular will benefit from increased protection of their investments under the new rules.
Cryptocurrency companies governed by the law must be legally registered in France, provide a prospectus to investors, protect the proposed badets and comply with the rules on the fight against money laundering and the financing of terrorism.
France is one of the most progressive countries in terms of regulating cryptocurrency and is apparently never afraid of getting stuck.
The country has recently changed its position in the G7 (Group of Seven) to create a new working group examine how central banks can ensure that cryptocurrencies comply with the rules on money laundering and consumer protection.
Posted on July 17, 2019 – 08:21 UTC
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