The Finance Minister Of France Plans ICO Regulations

Recently, France’s finance minister Bruno Le Maire revealed that the country plans on creating a legal framework for initial coin offerings (ICOs). The aim is to become a leading ICO hub. Le Maire wrote in his article:

 “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.”

Later Le Maire revealed that an action plan to be presented to the country’s government “in a few weeks” will propose seeing French market regulator to authorize companies to raise funds through ICOs.

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, that the blockchain will offer new opportunities to startups, for example Initial Coin Offerings. It will help to create a network of confidence without intermediaries 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.

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