[2018-03-26] France’s Finance Minister Bruno Le Maire Plans ICO Regulations

[ivanpoldark]

According to a recently published opinion piece, France’s finance minister Bruno Le Maire revealed that the country plans on creating a legal framework for initial coin offerings (ICOs) in a bid to become a leading ICO hub.

In the opinion piece, published on French website Numerama, Le Maire claims he asked former central bank official Jean-Pierre Landau to draft a proposal for a legislative framework on cryptocurrencies. In the article, he wrote:

“France has every interest in becoming the first major financial center to propose an ad hoc legislative framework for companies making an initial coin offering.”

Landau has the notorious nickname “Monsieur Bitcoin,” and was last month chosen to chair a cryptocurrency task force in France. The taskforce, as covered by CCN, is responsible for “proposing guidelines on the evolution of regulations.”

Le Maire further revealed that an action plan to be presented to the country’s government “in a few weeks” will propose seeing French market regulator Autorité des marches financiers (AMF) have the option to authorize companies to raise funds through ICOs, as long as they respect specific criteria that’s set on protecting investors.

The minister touted that blockchain technology will offer the country’s start-ups unprecedented opportunities, as they will be able to raise funds by issuing tokens. He said:

“A revolution is underway, of which bitcoin was only the precursor. The blockchain will offer new opportunities to our startups, for example with the Initial Coin Offerings (ICO) that will allow them to raise funds through ‘tokens (…)This promises to create a network of confidence without intermediaries, offers increased traceability and will boost economic efficiency.”

According to him, France has a tradition of financial innovation, and its new goal is to “enter the world of finance of the 21st century by guaranteeing all players the necessary security for their development.” In his op-ed his piece, Le Maire wrote that “[France] should not miss out on the blockchain revolution.”

The country, along with Germany, notably called for cryptocurrencies to be discussed at G20. During the summit, in Buenos Aires, Argentina Le Maire highlighted the importance of cryptocurrencies and blockchain technology. The G20 communique revealed a crackdown on cryptocurrencies may not occur, although regulation proposals are set to come by July.

https://www.ccn.com/frances-finance-minister-plans-ico-regulations-in-bid-to-attract-crypto-startups/

[Alex077]

Bruno Le Maire has made a U-turn with respect to crypto-currencies. Until recently, he referred to them as chaotic, but now he wants to turn France into a leader of the financial technologies, he says blockchain is the real revolution and he supports distributed technologies in every way. It's very promising that he said all this during the G-20 summit.

[Slow death]

France’s finance minister Bruno Le Maire revealed that the country plans on creating a legal framework for initial coin offerings (ICOs) in a bid to become a leading ICO hub.

I do not understand why these news channels still continue to post news that has nothing concrete. he said that "plans" this is no good, excuse me but I prefer that the news channels publish concrete things. Imagine that people are enthusiastic about this news and after the French government rejects this proposal, we are disappointed. It is much better to publish news that is concrete. something like: "the French government approved regulation on ICOs" this is something concrete

Le Maire further revealed that an action plan to be presented to the country’s government “in a few weeks” will propose seeing French market regulator Autorité des marches financiers (AMF) have the option to authorize companies to raise funds through ICOs, as long as they respect specific criteria that’s set on protecting investors.

I'd rather wait and see something concrete

[Snaic]

This is really very good news. The French finance minister wants to provide for legislative regulation of initial coin issue (ICO) issues, which have long been ripe, because everyone is talking about fraud in ICO. Moreover, such regulation will be conducted to protect the rights of investors, which is very important. If France develops rules that are loyal to the crypto currency, then they can become a model for the introduction of similar rules in other countries.

[Gotottack]

I think I have had enough of this "France's move towards regulating ICOs". They have always caused public clamor every time by publicizing something they are not certain with, in the first place. I do not know why they are too inclined about making it to headlines, especially so when the topic tackles on ICOs. Surely they just want to get the pulse of majority because one way or another, they have already seen the BENEFITS of cryptos albeit it being questionable, legally speaking. Simply put, they are just too concerned with their stand in this global issue.

[Bennj Loese]

Glad to see how more and more countries become super interested in getting in touch with crypto and trying to grab their own piece of that pie. Smart regulations are so much needed now

[Sir Cross]

I think I have had enough of this "France's move towards regulating ICOs". They have always caused public clamor every time by publicizing something they are not certain with, in the first place. I do not know why they are too inclined about making it to headlines, especially so when the topic tackles on ICOs. Surely they just want to get the pulse of majority because one way or another, they have already seen the BENEFITS of cryptos albeit it being questionable, legally speaking. Simply put, they are just too concerned with their stand in this global issue.

It would bring some positivity and good publicity for France but a lot will be disappointed if these plans do not actually take place. Since many countries have been making actions regarding ICOs, perhaps France wanted to do same and did not want to be left out. If they really want positivity, they should put their plans to action and more of the crypto users would just to support them. Just now that they are releasing news, a lot are excited and anticipating these regulations.

[Johnzky]

I think I have had enough of this "France's move towards regulating ICOs". They have always caused public clamor every time by publicizing something they are not certain with, in the first place. I do not know why they are too inclined about making it to headlines, especially so when the topic tackles on ICOs. Surely they just want to get the pulse of majority because one way or another, they have already seen the BENEFITS of cryptos albeit it being questionable, legally speaking. Simply put, they are just too concerned with their stand in this global issue.

It would bring some positivity and good publicity for France but a lot will be disappointed if these plans do not actually take place. Since many countries have been making actions regarding ICOs, perhaps France wanted to do same and did not want to be left out. If they really want positivity, they should put their plans to action and more of the crypto users would just to support them. Just now that they are releasing news, a lot are excited and anticipating these regulations.

got it there,for how many times they had advertised some media press releases about something like this but in the end its just another publicity..france learn about crypto community and they know whats the importance of this specially to their economy,the only thing i know that would be matter for them is how to put taxation towards crypto earnings.and for that i will agree on them just like all the countries in the world that cooking policy regarding tax