A finance bill gives the right for banks in France to offer crypto investments

[LeGaulois]

In France, we're currently in the middle of a finance bill. It's now clear and decided that Banks/Insurers in France will be able to offer investments tied to cryptocurrencies funds. The new framework is ready and waiting for publication.
It won't target individuals (only if you have a $500k portfolio) but professional investors. Better than nothing, at least cryptos hit the banks here, in 2 years everyone will get access to it, who knows? Private equity investment funds (FPCIs) are also concerned

This was not the primary objective of the Pact, but insurers will be able to offer products based on crypto-assets. They will be able to do so through specialized funds", confirms the LREM deputy and budget rapporteur, Joel Giraud. The new framework will be operational after the publication of the implementing decrees

https://www.boursorama.com/actualite-economique/actualites/du-bitcoin-dans-les-contrats-d-assurance-vie-une-possibilite-avec-la-loi-pacte-705eeccdd09f914ad3267c10a6409420


I declare today April 13, 2019, France the new crypto heaven, it's official!

[Ailmand]

I think this is a big news for cryptocurrency. We usually think that banks are at war against crypto ot vice versa, it is actually great that some are starting to offer crypto services to people which can brong even more convenience and accessibility to people.

[lyks15]

It is a great news. All we know the France is one of the most progressive country and one of the most popular. This is also a high cost living country like Germany and Singapore. If they will start to offer crypto investment it will cause a good image to bitcoin because even popular country embrace the crypto industry.

[Mometaskers]

Interesting to see where this would lead and if neighboring countries would follow suit. They finally there's money to be made from crypto.

Is France very cryptofriendly, like all the banks offer cash in/out? My bank has disabled cashing-in and for that reason considering making an account somewhere else.

I think this is a big news for cryptocurrency. We usually think that banks are at war against crypto ot vice versa, it is actually great that some are starting to offer crypto services to people which can brong even more convenience and accessibility to people.

Those noses are made for sniffing money. Once they realized there's no point stopping it, they start adopting it, or dare I say coopt it. Many mainstream folks might end up using crypto through banks rather than directly.

[omone1]

This is something that calls for celebration. Now that a world power like France has given a go ahead for Cryptocurrency, others might want to see how to quickly fit in, to avoid losing out of the market by way of investment migration to France. And this will make Francophone countries to adopt crypto too since the French economic policies are majorly been followed by some of the Francophone countries especially in Africa. We are winning the war against big banks. IMF will soon draft their plans for Crypto too. More inflow soon. Viva France

[pooya87]

i don't know whether to be happy about this news or scared about it. mainly because it says "crypto-assets" which sounds to me more like them wanting to enter the altcoin ICO shenanigans and fuel the terrible state that this market has been in for the past 2 years. it is true that there is a lot of money to be made from these scams but they are also enabling them to pull these things off. and the damage of them on the whole market has been dire.

[Bitinity]

Where can I find the official statement of this news? You did not put any source of this news so better to add the link of the source. Dont force readers to do google search for such news.

[Haunebu]

i don't know whether to be happy about this news or scared about it. mainly because it says "crypto-assets" which sounds to me more like them wanting to enter the altcoin ICO shenanigans and fuel the terrible state that this market has been in for the past 2 years. it is true that there is a lot of money to be made from these scams but they are also enabling them to pull these things off. and the damage of them on the whole market has been dire.

I wouldn't be scared honestly since I doubt they would ever think of legalizing scams after the controversial ICO scams which have been plaguing this market in recent times.

I am happy that they decided to support the crypto ecosystem in some way at the end of the day.

[Kakmakr]

Why do they only allow people with a $500+ portfolio to do this? <Is this just experimental, before they reduce that limitation to expose the general public to this kind of investments?>

This should surely draw in some big capital investments and it will also force the Banks to play fair.    I hope the US SEC learns something from this and would also follow the same example. 

[Ezenwanyi1]

When thi s is eventually made official ,we will be needing you to drop the link.
This is a welcomed development .
This will foster mainstream adoption.

[Yaunfitda]

Still a good and welcoming news for our French crypto enthusiast. As far as I can remember, there are two crypto amendments that was rejected earlier. So I guess someone from behind really work something so that they can really invest on crypto.

Yeah, could be the start of something big in France and it could be the next crypto haven in Europe after Germany.

[Beerwizzard]

In France, we're currently in the middle of a finance bill. It's now clear and decided that Banks/Insurers in France will be able to offer investments tied to cryptocurrencies funds. The new framework is ready and waiting for publication.
It won't target individuals (only if you have a $500k portfolio) but professional investors. Better than nothing, at least cryptos hit the banks here, in 2 years everyone will get access to it, who knows? Private equity investment funds (FPCIs) are also concerned

This was not the primary objective of the Pact, but insurers will be able to offer products based on crypto-assets. They will be able to do so through specialized funds", confirms the LREM deputy and budget rapporteur, Joel Giraud. The new framework will be operational after the publication of the implementing decrees

I declare today April 13, 2019, France the new crypto heaven, it's official!

Private investors even now can buy some cryptocurrencies. Nothing stops them and those actions are not harmful for the economy while there are usually some legal difficulties with buying a big stash of crypto as a professional investor.
If at lest some of them would start investing into crypto that's definetely would be good because crypto market still needs more volume to become stable. The question is that there might be that serious traditional investors are not interested in cryptocurrencies.

[talkbitcoin]

some time ago i said that banks and other similar sectors will eventually start getting into this world and adopt bitcoin. well it is starting to happen slowly.
this first step is them entering only from an "investment" perspective but it won't be that long before we start seeing them opening up "bitcoin savings accounts" and lots of other things like bitcoin loans,...
they have no other choice if they want to stay alive.

[Halmater]

That's a good there are so many private investors who have a huge amount of money and can't find a proper and practical tool to invest. These people use only banking system for their investments and would start considering to invest on crypto market via banks.

[Pab]

In France, we're currently in the middle of a finance bill. It's now clear and decided that Banks/Insurers in France will be able to offer investments tied to cryptocurrencies funds. The new framework is ready and waiting for publication.
It won't target individuals (only if you have a $500k portfolio) but professional investors. Better than nothing, at least cryptos hit the banks here, in 2 years everyone will get access to it, who knows? Private equity investment funds (FPCIs) are also concerned

This was not the primary objective of the Pact, but insurers will be able to offer products based on crypto-assets. They will be able to do so through specialized funds", confirms the LREM deputy and budget rapporteur, Joel Giraud. The new framework will be operational after the publication of the implementing decrees

I declare today April 13, 2019, France the new crypto heaven, it's official!

Insurers will be able to offer products based on crypto-assets without capital limits
Wait for more EU countries to follow and we will have rock stable bitcoin price
It is nice to see because Macron was so much against crypto as i remember
Go Go Germany.Maybe Norwegian Mega Fund will make some investments in crypto
Link to news here https://messari.io/article/france-amends-insurance-code-to-allow-for-crypto-investments

viva le france vive la roi

this is MASSIVE validation for the entire asset class and HUGELY exciting for the professionalization of crypto asset management.

[traderethereum]

That's good to hear that news. France will become a new country that supports cryptocurrency and finally, the banks will accepting cryptocurrency. I am sure that this will help the crypto world to grow bigger in the next future because if it's successful, then the other country will following France. I hope that soon, and they will realize about that and start to use cryptocurrency too. It's no problem if right now the crypto user comes from the larger amount account because soon, every people in France can use cryptocurrency without a problem.

[Erickan]

This is great news for cryptocurrency the first time we see banks seeing cryptocurrency really a good investment for their customers. I think they should have done it sooner. Now that France has become a new paradise for cryptocurrency, hopefully there will be more paradises for cryptocurrency.

[LeGaulois]

@Kakmakr
Not sure why they currently allow only professional investors and individuals with $500k but that's something that will be extended surely to everybody in the near future. As I said this investment product is the most popular in France. In the country, we invest more money in (~1,700 billion euros ) than our saving accounts (~200 billion €). So why not? The government also collect taxes from this product interests, when they will see all these millions coming, their eyes will be like a wet pussy.

@Bitinity
Sorry, I didn't post any source since I couldn't find one in English from my RSS feed. I got the news from a discussion in the French board but I will edit the OP

@pooya87
No, there is no question of offering investment funds in ICOs or others. This financial product is one of the most popular in the country and guaranteed by the state. A banker is not crazy.  This will be done through professionally specialized funds.

@Haunebu
They didn't decide anything, it's a lucky outcome of this finance bill. We will restore the Gaule empire and use Bitcoin. Forget The Adventures of Asterix this is real life. Step by step, for the moment we are embedding ourselves in the financial system. After that, it will be politics, etc.... We're going to do like the francs Masson. lol

[posi]

i don't know whether to be happy about this news or scared about it. mainly because it says "crypto-assets" which sounds to me more like them wanting to enter the altcoin ICO shenanigans and fuel the terrible state that this market has been in for the past 2 years. it is true that there is a lot of money to be made from these scams but they are also enabling them to pull these things off. and the damage of them on the whole market has been dire.

I wouldn't be scared honestly since I doubt they would ever think of legalizing scams after the controversial ICO scams which have been plaguing this market in recent times.

I am happy that they decided to support the crypto ecosystem in some way at the end of the day.

I understand pooya concern because the statement does look skeptical and everything which involve the governments need to be treat with precautions but if you read the OP statement which seems to explain it all, they are actually planning a scheme or a body like the Bitcoin ETF but theirs is for new start up project with the minimum of $500,000 as I understand the OP message.

[hulla]

@Kakmakr
Not sure why they currently allow only professional investors and individuals with $500k but that's something that will be extended surely to everybody in the near future. As I said this investment product is the most popular in France. In the country, we invest more money in (~1,700 billion euros ) than our saving accounts (~200 billion €). So why not? The government also collect taxes from this product interests, when they will see all these millions coming, their eyes will be like a wet pussy.

I believed they only allow professional and individuals investors with $500,000 because they need serious and business mind people with good net worth which won't end up abuse the scheme. However, the possibility that they will extended it to everybody in the near future is not sure because we are talking about the governments and institutions here.