On the one hand, US regulators are overheated over Bitcoin, Libra, and other cryptocurrencies. But on the other hand, France is all set to approve the first batch of crypto firms under new rules.
According to the latest report by Reuters, France’s finance regulators, Autorite des Marches Financiers (AMF) is very close to approving a group of the crypto firm under a new rule which will come into effect later this month. This might turn France to be treated as a country where regulators are supporting crypto.
France Talks with Crypto-Issuers
Accordingly, the move will attract ICO (initial coin offering) projects and other crypto firms as the regulators are currently in talks with “three or four candidates for ICO offerings.” Also, the report highlights that the AMF is discussing with crypto exchange platforms, custodians, and fund managers other than ICO projects.
Reuters confirmed it following the report from Anne Marechal who is the executive director for legal affairs at the AMF. Concerning crypto matters in France, Anne states that;
“France is a precursor. We will have a legal, tax and regulatory framework,” She said. “We are in talks with three or four candidates for initial coin offerings (ICOs)
It’s worth to note that during April, France had outlined a tax reform plan. It was announced by the French Council of the state which resulted in a significant tax reduction on revenues generated by crypto transactions.
Cryptocurrencies have always been a matter of regulatory concerns these days. While countries like Switzerland, Malta, Australia is quite optimistic about crypto & its underlying technology, other countries like US, India, and others are brutally expressing their distrust and attempting to either regulate cruelly or ban it altogether.
Concerning the crypto regulations in France, Frederic Montagnon who is an entrepreneur of a crypto platform and close to launch an ICO in France states that;
“When you are an entrepreneur, the worst that can happen to you is to set up your business where there is no regulation, to see an adverse regulatory framework later imposed that jeopardizes your whole business,”
This is quite a big concern for entrepreneurs indeed – regulatory clarity on crypto is one of the most significant aspects ahead of launching crypto-based services in a country where regulations are still uncertain. Moreover, Following its G7 (Grup of Seven ) presidency, France is stepping up to form a task force to ensure how well can central banks govern digital currencies, stablecoin like Facebook’s Libra.
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