The national Assembly of France will test the draft law on the regulation of ICO, at the time, as the French members of the European Parliament advocated the adoption of a pan-European programme regulation of digital assets.
Today, 12 September, a special Commission of the French National Assembly adopted the decision on the beginning of the test period for the bill creating the legal framework for initial placement of tokens (ICO), and French banks will begin to provide accounts of ICO projects approved by the French financial market regulator (AMF).
Thanks to the initiative of the Minister of economy and Finance of France, Bruno Le Mayor, France has a chance to become one of the first major financial centers that offered a clear legislative and legal regulation for the blockchain and cryptocurrency investors.
Ahead of “the essential pan-European and transnational rules”, the new French bill gives a clear definition of “token” and passes the national financial regulator, AMF, the responsibility for granting a license to the founders of “legitimate” ICO projects comply with established criteria and rules. The test of the bill reads as follows:
“[…] token is intangible digital property, providing the owner of one or more rights. Tokens can be issued, registered, stored or transmitted through a shared electronic database, recording which directly or indirectly identificeret the owner of said property.
[..] Public offer coin offers investors to purchase tokens in the form of appropriate digital records in a shared electronic database. [..]”
The document of the bill contains the “exact text that helps to understand the risks associated with the ICO”. The Minister, Bruno Le Mayor welcomed the adoption of the bill in his Twitter:
✅Article 26 adopté en commission #PACTE !
➡This Un cadre juridique des #ICO est créé. L’@AMF_actu pourra délivrer un visa aux acteurs respectant des critères de protection des épargnants
➡I Ce cadre juridique va attirer les innovateurs du monde entier #blockchain #DirectAN
— Bruno Le Maire (@BrunoLeMaire) September 12, 2018
The authors of the special item included in the bill to create the most favourable investment conditions, were the deputies of the social-liberal political party of France (LREM). They proposed an amendment according to which the ICO projects are the guarantee of the right to a Bank account, it says:
“Credit institutions are obliged to create objective, non-discriminatory and proportionate rules for ICO projects licensed by the AMF, the provision of Deposit services and to allow the ICO projects to use these services effective and seamless way.”
Another point of the bill also includes authorization of funds intended only for professional investors, particularly for investments in token-ICO projects.
During the G20 summit, Germany and France insisted on the global regulation of cryptocurrencies, but the countries big twenty have failed to reach consensus on this issue, so France decided not to wait for global solutions, announcing the intent to adopt the legal framework before the end of the year.
At the end of April it became known that the French government reduces the tax on income from investments in crypto-currencies from 45% to 19%.