France looks set to emulate Malta’s reputation as the ‘Blockchain Island’ by becoming mainland Europe’s ‘Blockchain Nation’.
Parliament in France recently passed the PACTE law, which will impact ICO token issuers and crypto-asset service providers.
This coupled with February’s recommendation that €500 million should be invested in blockchain over the next three years demonstrates France’s glowing opinion of cryptocurrencies and blockchain technology.
In a press release shared with Coin Rivet, Karim Sabba, co-founder of Paris Blockchain Week and Woorton, said: “In order to reach mainstream adoption, France must foster a thriving business ecosystem in the digital assets industry, and emerging companies need to offer consumers easy-to-use products and services.”
He added: “The passing of PACTE nourishes the creation and development of such businesses. In most jurisdictions, digital asset businesses face enormous challenges in both setting up and operating their businesses. Anything from opening a bank account to knowing what regulations to comply with can become insurmountable obstacles.”
The PACTE legislation will establish a regulatory framework around Initial Coin Offerings (ICOs), which will not only safeguard investors but also allow innovative companies to operate without restrictions from banks.
On the topic of ICO regulation, Sabba said: “Additionally, ICO regulation is an area which is notorious for ambiguity. PACTE has established clear guidelines for businesses wishing to fundraise via public token offerings, and businesses wishing to conduct an ICO can now be assured that their fundraising is licensed by the French Financial Markets Authority (AMF).”
For more news, guides, and coverage, including at next month’s Paris Blockchain week, stay tuned to Coin Rivet.