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France creates legal framework for ICOs

Thu, 13 Sep 2018, 10:40 am UTC

The French parliament has implemented a legal framework for initial coin offerings (ICOs), French Finance minister Bruno Le Maire confirmed via Twitter on September 12.

The Autorité des Marchés Financiers (AMF), France’s financial markets regulator, launched public consultation on ICOs in October 2017.

The bill, called “Pact Act” (Action Plan for Business Growth and Transformation), was reportedly introduced by the Treasury and the AMF earlier this year.

“We will be the first in the world to have an ad hoc regulation on ICOs,” said Anne Maréchal, the AMF’s director of legal affairs, said at the time (as translated by Finance Magnates). “We must attract the most beautiful projects to France.”

Under the new legislation, which was enacted on September 12, businesses seeking to conduct an ICO would need to apply for a visa from the AMF, ICOExaminer reported.

The visa would be granted to only those projects that have proper measures for protecting the interest of the investors.

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