French Parliament Adopts Legislative Framework For ICO
The French legislative body adopted regulations on the organization of the initial coin offering (ICO), according to a message in Twitter shared by Bruno Le Mare, the head of the financial department of the country.
Article 26 adopté en commission #PACTE !— Bruno Le Maire (@BrunoLeMaire) 12 сентября 2018 г.
Un cadre juridique des #ICO est créé. L’@AMF_actu pourra délivrer un visa aux acteurs respectant des critères de protection des épargnants
Ce cadre juridique va attirer les innovateurs du monde entier #blockchain #DirectAN
The adopted legislative framework for the ICO will make it possible to attract innovative companies from around the world, the French Minister of Finance stated.
To organize the ICO in the country, the company should apply to the Financial Markets Department (AMF), the regulatory body. It will review the applications and, if approved, issue a permit.
Companies entering the ICO market with their tokens must provide information to ensure the transparency of their actions. Potential investors should be confident in the reliability of the company and its tokens. The department focuses primarily on the safety of depositors.
The normative legal act was adopted within the framework of the initiative of the head of the state Emmanuel Macron, who signed a program designed to stimulate the growth and development of the business. According to the program, enterprises and companies should transform their activities in order to adapt to the current economic conditions.
France began the development of mechanisms for regulating of crypto activities in early 2018 when the Finance Minister Le Maire established an ad hoc working group headed by a former employee of the Bank of France Jean-Pierre Landau. In July, he stated that direct control by the authorities can prevent the development of the crypto industry.
As previously reported, a US federal judge delivered a verdict that the ICO organization is subject to the laws on securities.