France’s Minister for the Economy and Finance has asserted that the government has embraced an article of the Business Growth and Transformation bill (PACTE) focused on Initial Coin Offerings (ICO).

 

This is according to a tweet that was recently posted.

As finance Minister Bruno Le Maire declared, the French stock markets regulator Autorité des marchés financiers (AMF) is now authorized to issue licenses to firms that want to raise funds through an ICO, with the legislation seeking to help safeguard contributors’ interests.

 

Le Maire also hopes that the existing legal framework for ICOs in France would “attract investors from all over the world.”

According to the PACTE project published by the National Assembly (lower party of the French parliament), before any token issuances, a firm must apply for a license from the AMF giving out detailed information on the offer and issuer. The measures would deliver more guarantees for ICOs, which AMF had previously thought of as risky.

 

France’s President Emmanuel Macron has historically been optimistic on nascent innovative technologies, last year recommending to convert France into a “startup nation.” Later in 2018, in line with Macron’s words, Le Maire launched his PACTE bill, which seeks to alter and advance the French economy, in March declaring France was ready for a “blockchain revolution”.

This year, France has also seen modifications in rules involving crypto taxation, though in a more rigorous direction. The French Council of State elucidated the specifics of Bitcoin taxation in France to move the tax for Bitcoin trading from a progressive taxation (between 14 and 45%) to a fixed taxation of 19%.