• Contact Us
  • Privacy Policy
  • Live Exchange
  • LIVE ICO
  • Shop
Tuesday, February 23, 2021
CryptoNewsking.com
Advertisement
  • Home
  • LIVE UPDATES
    • Live Coin Market Cap
    • Live Exchange
    • LIVE ICO
  • News
    • Crypto News
    • Bitcoin News
    • Ethereum News
    • Blockchain
    • Altcoin News
    • Exchanges News
    • Wallet News
    • Regulation
    • ICO
  • Guide Reviews
    • How to Buy Crypto
    • Bitcoin 101
    • Ethereum 101
    • Blockchain 101
    • Mining 101
    • Coins
    • Exchanges
    • Wallets
  • Market
  • Price Analysis
  • Business
  • Videos
  • Shop
No Result
View All Result
  • Home
  • LIVE UPDATES
    • Live Coin Market Cap
    • Live Exchange
    • LIVE ICO
  • News
    • Crypto News
    • Bitcoin News
    • Ethereum News
    • Blockchain
    • Altcoin News
    • Exchanges News
    • Wallet News
    • Regulation
    • ICO
  • Guide Reviews
    • How to Buy Crypto
    • Bitcoin 101
    • Ethereum 101
    • Blockchain 101
    • Mining 101
    • Coins
    • Exchanges
    • Wallets
  • Market
  • Price Analysis
  • Business
  • Videos
  • Shop
No Result
View All Result
CryptoNewsking.com
No Result
View All Result
Home Crypto News

France Adopts New Cryptocurrency Regulation |

04/16/2019
in Crypto News
0
France Adopts New Cryptocurrency Regulation |
190
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

The French government has adopted a financial sector bill that establishes a legal framework for cryptocurrency service providers and initial coin offerings. The bill includes both optional and mandatory licensing, and also specifies the types of funds that can invest in crypto assets.

Also read: Indian Supreme Court Postpones Crypto Case at Government’s Request

Related articles

When Coding and Personal Interests Collide

When Coding and Personal Interests Collide

06/28/2019
Central Bank of Uganda Warns Decentralized Cryptocurrencies Are Risky

Central Bank of Uganda Warns Decentralized Cryptocurrencies Are Risky

06/28/2019

Pacte Bill Adopted

France’s Financial Markets Authority, the Autorité des marchés financiers (AMF), published on Monday details of the newly adopted bill which regulates the country’s crypto industry. The final text of the Action Plan for Business Growth and Transformation (Pacte) law was adopted on April 11 at its final reading by the French Parliament. It establishes a legal framework for digital asset service providers and initial coin offerings (ICOs), as well as strengthens the powers of the AMF as the regulator of the crypto industry.

The bill was launched on Oct. 23, 2017, and presented to the council of ministers on June 18 last year after consultation with 38 union organizations and professional federations. It contains “70 articles along with regulatory and non-regulatory mechanisms, and tax measures that will be incorporated into the 2019 Finance bill,” the AMF detailed.

Optional Licensing for Crypto Service Providers

The Pacte bill provides the option for digital asset service providers to be licensed and placed under the supervision of the AMF. These include crypto custodial services, brokers and dealers offering the “purchase or sale of digital assets against legal tender or other digital assets,” and crypto exchange operators. In addition, crypto services such as remittance, asset management, advisory, and underwriting are also included. While obtaining a license is optional, the AMF elaborated:

Whether or not they choose to obtain the optional license, service providers who wish to provide digital asset custody services to third parties or to purchase/sell digital assets in exchange for legal tender are subject to mandatory registration with the AMF.

France Adopts New Cryptocurrency Regulation

Legal Framework for ICOs

Similarly, the bill provides the option for ICO issuers to apply for approval from the AMF if they meet certain requirements. For example, the issuer must be legally incorporated or registered in France and provide adequate information about the token, the project, and the company. There must also be a system to monitor and safeguard the assets collected during the sale as well as AML and CFT measures in place.

The AMF clarified that “Until now, fundraising through the issuance of tokens not classified as financial instruments was not subject to any specific rules,” noting:

The raising of funds without AMF approval will continue to be legal in France. However, issuers who have not received the approval of the AMF will not be able to solicit the general public … The AMF will publish the list of ICOs that have received its approval.

France Adopts New Cryptocurrency Regulation

Funds That Can Invest in Cryptocurrency

The bill also specifies two types of funds that are permitted to invest in digital assets. They are “professional specialised investment funds provided that they comply with the liquidity and valuation rules applicable to them” and “professional private equity investment funds subject to a limit of 20% of their assets,” the AMF described. Neither is subject to authorization by the AMF but must be declared to the regulator within one month of their creation.

France Adopts New Cryptocurrency Regulation

Increased AMF Oversight

The Pacte bill also strengthens the AMF’s regulatory powers, including overseeing approved ICOs and supervising licensed crypto service providers. The AMF may also publish a blacklist of those that do not comply with the regulations and may block access to fraudulent websites offering crypto services. Noting its authority to sanction any entities for lack of compliance, the regulator emphasized:

ICOs that do not have approval and unlicensed service providers will be prohibited from solicitation, patronage and sponsorship activities. Advertising will remain authorised.

France Adopts New Cryptocurrency Regulation

France Wants EU to Adopt Its Framework

Following the adoption of the Pacte bill, France reportedly intends to urge the EU to adopt the same regulatory framework for cryptocurrency, Reuters reported Monday. The French Finance Minister Bruno Le Maire was quoted as saying:

I will propose to my European partners that we set up a single regulatory framework on crypto-assets inspired by the French experience … Our model is the right one.

AMF Chairman Robert Ophèle commented on the new crypto regulation: “These are common sense rules. This regime will enable us to address this new issue with a proportionate framework that both protects investors and fosters innovation. We believe it will attract good projects.”

What do you think of France’s new regulatory framework for cryptocurrency? Let us know in the comments section below.


Images courtesy of Shutterstock.


Need to calculate your bitcoin holdings? Check our tools section.

Tags in this story
AMF, Bitcoin, BTC, crypto, Cryptocurrencies, Cryptocurrency, Digital Currency, EU, Exchanges, France, french, ICO, License, Regulation, regulator, service providers, Virtual Currency
Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.




Credit: Source link

Share76Tweet48

Related Posts

When Coding and Personal Interests Collide

When Coding and Personal Interests Collide

06/28/2019
0

In the crypto industry, there are many examples of how a conflict of interest has led to a company split....

Central Bank of Uganda Warns Decentralized Cryptocurrencies Are Risky

Central Bank of Uganda Warns Decentralized Cryptocurrencies Are Risky

06/28/2019
0

The deputy governor of the Bank of Uganda has warned the public about the limited protections offered them when they...

Bitcoin Mining is Now More Competitive Than Ever, New Data Shows

Bitcoin Mining is Now More Competitive Than Ever, New Data Shows

06/28/2019
0

Bitcoin’s (BTC) mining difficulty has reached an all-time high, demonstrating the increasing competition for block rewards between miners, data from...

Cybercriminals Use Obfuscation Trick to Install Crypto Mining Malware

Cybercriminals Use Obfuscation Trick to Install Crypto Mining Malware

06/28/2019
0

Cybersecurity firm Trend Micro has confirmed that attackers have been exploiting a vulnerability in the Oracle WebLogic server to install...

Chainalysis ‘whistleblower’ reveals dirt on the company as Reddit AMA goes viral

Chainalysis ‘whistleblower’ reveals dirt on the company as Reddit AMA goes viral

06/28/2019
0

Not long after Ripple announcing a $50 million investment in MoneyGram, SBI Holdings, a financial services company based in Tokyo,...

Load More
  • Trending
  • Comments
  • Latest
Mastercard and Visa make a case for Bitcoin

Mastercard and Visa make a case for Bitcoin

02/22/2021
Surging Demand and Seized Supply Spark Rapid Growth in Tether Gold

Surging Demand and Seized Supply Spark Rapid Growth in Tether Gold

04/02/2020
A 15 y.o. boy Earns 0.5 BTC in One Day!

A 15 y.o. boy Earns 0.5 BTC in One Day!

02/22/2021
Ethereum (ETH/USD) Falls 26% From Historic High; What’s Next?

Ethereum (ETH/USD) Falls 26% From Historic High; What’s Next?

02/22/2021
1 billion people will store life savings on their phone in Bitcoin by 2026 — MicroStrategy CEO

1 billion people will store life savings on their phone in Bitcoin by 2026 — MicroStrategy CEO

02/23/2021
$5.64 billion liquidated in 24 hours as Bitcoin extends losses — Is a relief rally near?

$5.64 billion liquidated in 24 hours as Bitcoin extends losses — Is a relief rally near?

02/23/2021
Bitcoin falls to $45K in sequel to 20% BTC price crash

Bitcoin falls to $45K in sequel to 20% BTC price crash

02/23/2021
Whale who sold Bitcoin before 2020 crash cashed out $156M before this week’s 20% dip

Whale who sold Bitcoin before 2020 crash cashed out $156M before this week’s 20% dip

02/23/2021
CryptoNewsking.com

CryptoNewsKing.com is a curated world cryptocurrency news online portal which aims to provide the latest crypto and blockchain related news with real time updates from all around the world.

Donate

Do you like what we offer? Your donation can help us continue to improve the services we offer. Please send your donations to the addresses below. Thank you for your support and may the crypto force be with you.

BTC 

35RWoVxFbnmySWFHtYNV28rU4Hyf5TrTXD

ETH

0x1B35F874152c7d597029007f98f1F2361179034B

LTC

MJ3Cv9NXPt8ZM9x6mDiHGUFpm5yhiNntwT

Subscribe to get more!

  • Contact Us
  • Privacy Policy
  • Live Exchange
  • LIVE ICO
  • Shop

© 2019 CryptoNewsKing.com - All rights reserved

No Result
View All Result
  • Home
  • LIVE UPDATES
    • Live Coin Market Cap
    • Live Exchange
    • LIVE ICO
  • News
    • Crypto News
    • Bitcoin News
    • Ethereum News
    • Blockchain
    • Altcoin News
    • Exchanges News
    • Wallet News
    • Regulation
    • ICO
  • Guide Reviews
    • How to Buy Crypto
    • Bitcoin 101
    • Ethereum 101
    • Blockchain 101
    • Mining 101
    • Coins
    • Exchanges
    • Wallets
  • Market
  • Price Analysis
  • Business
  • Videos
  • Shop

© 2019 CryptoNewsKing.com - All rights reserved