Recent murmurings from French authorities had denizens of the cryptoverse thinking France might become one of Europe’s vanguard anti-crypto bulldogs. Now, the situation’s completely reversed, as regulators in the nation are working on legislation in a bid to become the “most friendly jurisdiction” for Initial Coin Offerings (ICOs) on the continent.
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Official: ‘A Rather Liberal Approach’
France is pivoting to become a fertile haven for ICO launches as officials with the Ministry of France have confirmed the ongoing creation of a so-called “voluntary regulatory framework” for crypto projects.
LesEchos.fr, the site that broke the scoop, suggested the Ministry — colloquially referred to as Bercy — “wants to make Paris the capital for ICOs.”
A capital indeed, as the French model will be a world-first upon being enacted. Bercy is coordinating with the French Financial Conduct Authority (AMF) to permit both licensed and unlicensed coin offerings going forward. This means that registered projects will have to meet more stringent standards for their registration, while unregistered offerings will still be fully allowed.
A laissez-faire attitude, it seems, that is set to make France one of the most crypto-friendly nations the world over.
It’s Time for Clarification
Officials inside the Bercy noted the ongoing framework is part of a bid to bring clarity and freedom for French citizens in the cryptoverse.
“Our goal is to give legal clarity for those who want it, without blocking those who want to follow their own path,” one Bercy official told LesEchos.fr. “We have a pretty liberal approach.”
That kind of sentiment sounds like music to the ears of American cryptocurrency traders right now, as there’s no telling what “approach” is being taken right now in the United States: the IRS, SEC, FinCEN, and the CFTC here all disagree for now on what cryptocurrencies are.
If these bodies don’t get their act together soon and come to some sort of unified vision, regulators around the world will keep leaving America in the dust.
What’s your take? Do you think France can be a global leader in crypto now? Sound off in the comments below.
Images via LesEchos.fr, Travel + Leisure