Home>EXCHANGES>France Adopts New Cryptocurrency Regulation
EXCHANGES

France Adopts New Cryptocurrency Regulation



The French government has adopted a financial sector bill that establishes a legal framework for cryptocurrency service providers and initial coin offerings. The bill includes both optional and mandatory licensing, and also specifies the types of funds that can invest in crypto assets.

Also read: Indian Supreme Court Postpones Crypto Case at Government’s Request

Pacte Bill Adopted

France’s Financial Markets Authority, the Autorité des marchés financiers (AMF), published on Monday details of the newly adopted bill which regulates the country’s crypto industry. The final text of the Action Plan for Business Growth and Transformation (Pacte) law was adopted on April 11 at its final reading by the French Parliament. It establishes a legal framework for digital asset service providers and initial coin offerings (ICOs), as well as strengthens the powers of the AMF as the regulator of the crypto industry.

France Adopts New Cryptocurrency Regulation

The bill was launched on Oct. 23, 2017, and presented to the council of ministers on June 18 last year after consultation with 38 union organizations and professional federations. It contains “70 articles along with regulatory and non-regulatory mechanisms, and tax measures that will be incorporated into the 2019 Finance bill,” the AMF detailed.

Optional Licensing for Crypto Service Providers

The Pacte bill provides the option for digital asset service providers to be licensed and placed under the supervision of the AMF. These include crypto custodial services, brokers and dealers offering the “purchase or sale of digital assets against legal tender or other digital assets,” and crypto exchange operators. In addition, crypto services such as remittance, asset management, advisory, and underwriting are also included. While obtaining a license is optional, the AMF elaborated:

Whether or not they choose to obtain the optional license, service providers who wish to provide digital asset custody services to third parties or to purchase/sell digital assets in exchange for legal tender are subject to mandatory registration with the AMF.

France Adopts New Cryptocurrency Regulation

Legal Framework for ICOs

Similarly, the bill provides the option for ICO issuers to apply for approval from the AMF if they meet certain requirements. For example, the issuer must be legally incorporated or registered in France and provide adequate information about the token, the project, and the company. There must also be a system to monitor and safeguard the assets collected during the sale as well as AML and CFT measures in place.

The AMF clarified that “Until now, fundraising through the issuance of tokens not classified as financial instruments was not subject to any specific rules,” noting:

The raising of funds without AMF approval will continue to be legal in France. However, issuers who have not received the approval of the AMF will not be able to solicit the general public … The AMF will publish the list of ICOs that have received its approval.

France Adopts New Cryptocurrency Regulation

Funds That Can Invest in Cryptocurrency

The bill also specifies two types of funds that are permitted to invest in digital assets. They are “professional specialised investment funds provided that they comply with the liquidity and valuation rules applicable to them” and “professional private equity investment funds subject to a limit of 20% of their assets,” the AMF described. Neither is subject to authorization by the AMF but must be declared to the regulator within one month of their creation.

France Adopts New Cryptocurrency Regulation

Increased AMF Oversight

The Pacte bill also strengthens the AMF’s regulatory powers, including overseeing approved ICOs and supervising licensed crypto service providers. The AMF may also publish a blacklist of those that do not comply with the regulations and may block access to fraudulent websites offering crypto services. Noting its authority to sanction any entities for lack of compliance, the regulator emphasized:

ICOs that do not have approval and unlicensed service providers will be prohibited from solicitation, patronage and sponsorship activities. Advertising will remain authorised.

France Adopts New Cryptocurrency Regulation

France Wants EU to Adopt Its Framework

Following the adoption of the Pacte bill, France reportedly intends to urge the EU to adopt the same regulatory framework for cryptocurrency, Reuters reported Monday. The French Finance Minister Bruno Le Maire was quoted as saying:

I will propose to my European partners that we set up a single regulatory framework on crypto-assets inspired by the French experience … Our model is the right one.

AMF Chairman Robert Ophèle commented on the new crypto regulation: “These are common sense rules. This regime will enable us to address this new issue with a proportionate framework that both protects investors and fosters innovation. We believe it will attract good projects.”

What do you think of France’s new regulatory framework for cryptocurrency? Let us know in the comments section below.


Images courtesy of Shutterstock.


Need to calculate your bitcoin holdings? Check our tools section.

The post France Adopts New Cryptocurrency Regulation appeared first on Bitcoin News.

 

source: https://news.bitcoin.com/france-cryptocurrency-regulation/

TheBitcoinNews.com is here for you 24/7 to keep you informed on everything crypto. Like what we do? Tip us some Satoshi with the exciting new Lightning Network Tippin.me tool!

Post source: France Adopts New Cryptocurrency Regulation

More Bitcoin News and Cryptocurrency News on TheBitcoinNews.com



  • Bitcoin
  • Ethereum
  • Bitcoin cash
  • Litecoin
  • Cardano
  • Dash
  • Stellar
  • Ethereum classic
  • Lisk
  • Tron
  • Neo
  • Qtum
  • Omisego
  • Binance coin
  • Zcash
Scan to Donate Bitcoin to 1J6PGL1oemFb3hxabLygq4WgWx8cbfji1r

Please help us if you can with some Bitcoin

Scan the QR code or copy the address below into your wallet to send some Bitcoin

Scan to Donate Ethereum to 0xA8E701dd11280a98e8F2e0A14064AC829E32D50F

Please help us if you can with some Ethereum

Scan the QR code or copy the address below into your wallet to send some Ethereum

Scan to Donate Bitcoin cash to qrth4e0g93h3gpxex8ycwuxtsa332tha5qvkmlz0g5

Please help us if you can with some Bitcoin cash

Scan the QR code or copy the address below into your wallet to send some Bitcoin cash

Scan to Donate Litecoin to LTxxjySMDtERJhHYJ99UFW9AamAWTwCAZ4

Please help us if you can with some Litecoin

Scan the QR code or copy the address below into your wallet to send some Litecoin

Scan to Donate Cardano to DdzFFzCqrhsopoZLhbouUwh2NvvWMPeFrXQW9vNNpPKrjKbRGyLRN5joJgCeZ6e1MRHtPHeLffpkNpQs5AdDA8qFCZ4gA9bYtaerNQTk

Please help us if you can with some Cardano

Scan the QR code or copy the address below into your wallet to send some Cardano

Scan to Donate Dash to XmAdEHrwiVZJVkAxe8hK5U6HZB59L5yhmK

Please help us if you can with some Dash

Scan the QR code or copy the address below into your wallet to send some Dash

Scan to Donate Stellar to GD4KROE42HPOMT7BT6M27HHLFCOSIXPYY2V3WSCX5FYEWRJDIJQ4RWFT

Please help us if you can with some Stellar

Scan the QR code or copy the address below into your wallet to send some Stellar

Scan to Donate Ethereum classic to 0x5BF3fCAC8deA20CF21C9D0D9d058E00EEfc431Ae

Please help us if you can with some Ethereum classic

Scan the QR code or copy the address below into your wallet to send some Ethereum classic

Scan to Donate Lisk to 15642042552518336132L

Please help us if you can with some Lisk

Scan the QR code or copy the address below into your wallet to send some Lisk

Scan to Donate Tron to TYnAenRiV6BsTiE6FVyAcDDxZtBKUQTFxN

Please help us if you can with some Tron

Scan the QR code or copy the address below into your wallet to send some Tron

Scan to Donate Neo to ATiXRHVqYqrNktbxJfcDETfnrSUWSG4cPb

Please help us if you can with some Neo

Scan the QR code or copy the address below into your wallet to send some Neo

Scan to Donate Qtum to QUYXxY6kX7TY2HSLwVYMwFaJNZLwvX5uyp

Please help us if you can with some Qtum

Scan the QR code or copy the address below into your wallet to send some Qtum

Scan to Donate Omisego to 0xA8E701dd11280a98e8F2e0A14064AC829E32D50F

Please help us if you can with some Omisego

Scan the QR code or copy the address below into your wallet to send some Omisego

Scan to Donate Binance coin to 0xA8E701dd11280a98e8F2e0A14064AC829E32D50F

Please help us if you can with some Binance coin

Scan the QR code or copy the address below into your wallet to send some Binance coin

Scan to Donate Zcash to t1cBCyKgSSqWaNrkpvQZUSTuxMmAbbAyFpZ

Please help us if you can with some Zcash

Scan the QR code or copy the address below into your wallet to send some Zcash



Source link

Review Overview

Summary