In a recent op-ed for French news website Numerama, France’s finance minister Bruno Le Maire outlined his ambitions to create a legal framework that would regulate initial coin offerings (ICOs) founded in France.
In his piece for Numerama, Le Maire emphasized his intent in establishing France as the first major financial center to provide ad hoc legislative framework for companies holding ICOs. The minister stated that former central bank official Jean-Pierre Landau was entrusted in drafting the legislation that would be debated in the French parliament. The final legislative proposal gives the market regulators in France, the Autorité des marches financiers, the ability to authorize fundraising through ICOs, provided the companies holding them follow specific guidelines in protecting investors.
“A revolution is underway, of which Bitcoin was only the precursor”
Echoing the sentiment of many Bitcoin supporters, Le Maire described Bitcoin as leading the international revolution within the finance and technology sectors. A priority of the policy proposals is to provide security for both the companies and investors participating in ICOs, as this is integral to establishing them as reputable financial events. For Le Maire, adopting cryptocurrency-friendly policies is the next natural step for France, as he sees the country as having a historical tradition of financial innovation.
This is not the first time Le Maire has discussed his interest in promoting the use of cryptocurrencies. The minister is an open advocate for digital currencies, chairing the cryptocurrency task force in France. This announcement also follows Le Maire’s persistence in bringing cryptocurrencies on the agenda at theG20 summit held in Argentina earlier this month. He took the opportunity at the summit to highlight the critical role of cryptocurrencies and blockchain technology for the future of finance. Although his actions at the summit were unsuccessful in establishing any sure form of international monetary policy, cryptocurrency regulation proposals are set to be announced by July.
Le Maire plans to bring the legislative proposal that targets regulating ICOs to the French Parliament within a few weeks, where he hopes to find government support to back his policies.