Insurance companies in France were allowed …
Insurance companies in France allowed to invest in cryptocurrencies
The new law will allow life insurance companies in France to invest in cryptocurrencies and tokens without any restrictions on the amount of investments.
The law “On an action plan to stimulate the growth and transformation of enterprises” was passed by French parliamentarians on Thursday, local media reported. By law, insurers will be able to invest in cryptocurrencies through specialized professional funds. In addition, for the first time in French history, insurance companies will be able to offer cryptocurrency-based products to consumers..
“This was not the primary goal of the law, but insurers will indeed be able to offer cryptocurrency-based products. They will be able to do this through specialized funds, ”said a member of the National Assembly Joel Giraud..
The new rules will come into force after the publication of the decree on the procedure for applying the law. Access to cryptocurrencies of insurance companies became possible thanks to the introduction of a corresponding provision in Article 21 of the law, providing for amendments to the Insurance Code in order to include specialized professional funds in life insurance-related accounts.
In addition, the necessary amendments to the Monetary and Financial Code are spelled out in Article 26 of the law, according to which assets are available for investment, “registered in a distributed electronic recording device”, that is, in the blockchain.
“These two articles say in black and white that specialized professional funds can invest in cryptocurrencies such as bitcoin,” a lawyer for Simmons said. & Simmons LLP Emilien Bernard-Alzias.
According to the article, private equity investment funds also fall under the new law, that is, in reality, its effect can be much broader and extend to institutional investors in general, including pension funds..
As Trustnodes points out, French lawmakers have effectively removed the US and international restriction that prevents funds from placing more than 10% of their funds in assets other than securities, making the level of regulatory certainty in one of the largest EU economies immediately significant. increased.
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