France to Approve First Crypto Firms With its New Regulatory Approach
France is set to approve initial coin offerings (ICO) operators and other crypto businesses with its new regulatory approach to the sector.
According to Reuters, on July 16th, the new rules expected to take effect later this month will enable crypto-related businesses to voluntarily submit themselves to national standards on capital requirements, consumer protection and taxation.
Executive director for legal affairs at the Financial Markets Authority (AMF), Anne Marechal told reporters that the bold crypto regulatory agenda from the G7 presidency holder should make France a forerunner in the field. She said:
“France is a precursor. We will have a legal, tax and regulatory framework […] We are in talks with three or four candidates for initial coin offerings.”
Marechal revealed that apart from ICOS, the AMF is also in talks with several crypto exchange platforms, custodians and fund managers,
According to Reuters, momentum to provide greater legal clarity for the sector has apparently been ignited by news of the forthcoming Libra cryptocurrency from U.S. tech giant, Facebook.
A meeting held by G7 finance ministers in Chantilly, France, today might see France’s Bruno Le Maire and the U.S. Treasury Secretary Steven Mnuchin locating a rare island of common ground when it comes to cryptocurrencies.