France Looks To Be New ICO Hub In Europe After Accepting New Crypto Token Framework
The French financial market regulator AMF (l’Autorité des marchés financiers) has proposed a new Initial Coin Offering (ICO) framework that was accepted by the parliament. The Minister of Economy and Finance of France, Bruno Le Maire, has confirmed that the legal ICO framework has just been accepted.
This new framework, which was drafted early in 2018, seeks to protect investors that decide to invest in ICOs via a voluntary “ICO Visa” system. Using this system, companies that seek to launch their ICOs can apply for the Visa by submitting their white paper to the French authorities. After the documents have been reviewed, they will be able to use it.
The New Framework
To get the visa, the white paper must include some very specific details and guarantees for investors. They include a description of the project and its roadmap, the rights that the token confers to the user, how it will happen in case of disputed and the economic purpose of the funds collected via the ICO.
Foreign companies are excluded from the visa as a way to incorporate foreign companies into French soil. This new ICO visa will enable real project to get an easier way to access services from banks and accounting firms in the country, which has been difficult so far because there is a lot of regulatory uncertainty in this industry.
The CEO of Blockchain.io, Pierre Noizat, has affirmed that his company will offer a platform for companies that want to launch their ICOs. Blockchain.io has already been shortlisted to get the official ICO Visa License from the AMF.
According to Pierre, the French government is not hiding its ambition to make France an ICO capital and the country does not want to miss the blockchain revolution. The government is currently speaking to a lot of entrepreneurs and experts in order to understand this industry and what problems can prevent it from growing in order to regulate it well.
French Government Wants To Turn Country Into Fintech Hub
The reports indicate that the French Finance Minister has appointed a task force to create positive regulatory changes toward cryptocurrencies in the industry. In April, Bitcoin taxation was lowered from a progressive taxation of 14 to 45 percent to only a fixed rate of 19 percent.
This newly created legal framework for ICOs is also an important part of a greater push to create French blockchain projects and turn the country into an important hub.
While further regulations will still be required to solve all the issues and turn France into a nascent space for ICOs and similar projects, this positive attitude is a big first step for France.