Attention cryptocurrency investors and ICOs: France is courting your consideration. As enticement, lawmakers in the Western European country have fast-tracked new legislation that they hope will tickle your anti-bureaucratic fancy.
France’s New Cryptocurrency Law: The Basics
Ushered by Bruno Le Maire, France’s finance minister, and Emmanuel Macron, it’s president, Article 26 is a law intended to lure initial coin offerings to France’s shores as a way to boost its tech economy. Basically, the new statute eradicates lots of red tape, allowing for a quick, compliant startup.
Proponents announced the news on Twitter, enthusing: “A legal framework for #ICO is created,” concluding that it “will attract innovators around the world #blockchain.”
Why is the new law attractive to ICOs? Well, it provides a streamlined way to float ICOs in the country. But be warned: To qualify, projects must “provide specific guarantees for investors.”
International Cryptocurrency: Macron’s Pro-Token Agenda
Analysts are crediting President Macron for France’s crypto about face. Prior to his ascension, the nation notoriously sported strict regulations.
But under his watch, earlier in the year, France launched an economic stimulus prospectus called The Action Plan for Business Growth and Transformation— aka PACTE. The basic goal of PACTE is to mitigate bureaucratic obstacles, easing the way for startups and businesses.
This is not the French government’s first move to attract crypto investors and fintech startups. Earlier in the year, lawmakers slashed taxes levied on cryptocurrencies to 19%.
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