France has passed a law defining the rules …
France passed a law defining the rules for conducting an ICO
French lawmakers have approved a regulation laying down rules for conducting initial coin offerings (ICOs), Finance Minister Bruno le Maire said.
On his Twitter, he wrote that Article 26 was “adopted by a (parliamentary) committee” as part of President Emmanuel Macron’s broader agenda to stimulate business growth and transformation..
“The legal framework for ICOs has been created,” he wrote. “It will help attract innovators from around the world.”.
This law allows the French Financial Markets Authority (AMF) to approve and issue permits to companies that intend to conduct ICOs in France – but only if “these projects give investors guarantees.” Token issuers will have to provide AMF with all the necessary information, which will allow buyers to remain aware of the decisions related to the ongoing ICO. Previously, AMF expressed concern about insufficient regulation of token sales, seeing this as an “innate risk factor for ICOs”, which increases the likelihood of money losses, money laundering and terrorist financing..
Under Macron’s leadership, France is trying to become an attractive business jurisdiction, including crypto business, Bitcoin.com notes. Earlier this year, Macron announced an Action Plan for Business Growth and Transformation, which, among other things, aims to simplify the work of companies operating in France and introduce a legal framework for raising funds through token sales..
A few months ago, AMF launched a series of public consultations, which ultimately resulted in a new ICO law, adopted on September 12. In addition, in July, the French government cut taxes on cryptocurrencies by more than half to 19% – a move that was widely seen as positive for the development of cryptocurrencies and the blockchain ecosystem in the sixth largest economy in the world..
The law firm Kramer Levin in June explained the law as follows: “… (this is a legislative innovation) defines tokens by referring to a token as immutable property representing, in numerical form, one or more rights that can be issued, registered, stored and transferred through a collective electronic registration mechanism that allows, directly or indirectly, to identify the owner of this property “.
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