France has every interest in becoming the first major financial center to propose an ad hoc legislative framework that will allow companies initiating an ICO to demonstrate their seriousness to potential investors.
This ground-breaking remark came from France’s Finance Minister Bruno Le Maire on the occasion of the G20 in Buenos Aires on March 20th, 2018. Yet, Le Maire’s opening to the world of cryptocurrencies aims to focus on “tokens that meet specific criteria that protect savers”, as he explained further:
This “white list” will be a valuable benchmark for investors who want to finance serious projects that create value. Clarifying the law to attract innovation, identify risks without hindering our ecosystem, that’s our approach. With a simple objective: to enter the 21st century finance by guaranteeing to all actors the security necessary for their development.
In a few weeks, the French Council of Ministers is expected to present the Action Plan for the Growth and Transformation of Enterprises (PACTE), which should open the possibility for the Autorité des Marchés Financiers (AMF) to give a license to issuing companies.
At Know Your Customer, we are looking with extreme interest at the implications of such an approach from AMF, which traditionally has been one of Europe’s toughest regulators. Over the last few months, we have witnessed a fast-growing interest in our KYC/AML solution from cryptocurrency issuers and traders looking to take a proactive first step towards a more regulatory compliant approach.
Together with Le Maire, we too believe that “No consumer, saver or entrepreneur can make a transaction, invest or develop an activity serenely in a regulatory vacuum”, so we look with anticipation at what appears to be the beginning of a new ear for the world of cryptocurrencies.