While the majority of the world’s financial markets haven’t been welcoming ICOs (Initial Coin Offerings), France has decided it wants to become the capital of ICOs and openly support new blockchain tech so long as safeguards are set in place by the AMF (Autorité des marchés financiers). France’s AMF is an independent body responsible for safeguarding investments in monetary contracts, savings, investments and keeping financial markets flowing smoothly.
According to Les Echos online, the French government wants to quickly bring about new legislation to change their monetary and financial code through the AMF and set up a flexible and adaptive framework for ICOs. While offering an incentive that works in favor for ICOs, investors can still be protected in such investments that have proven to be risky. Currently, the plan is to allow ICO issuers a special visa which would guarantee the credibility of the operation but only if certain criteria were met for investors.
"Our goal is to provide legal certainty for those who seek it, without hindering those who want to follow their own path. We have a rather liberal approach. We work for a flexible, non-dissuasive framework. At the same time, we are not naive either, we know that these products can be risky.”
- Economy Minister Bruno Le Maire
Le Maire is working with Jean-Pierre Landau, a former deputy governor of the Banque de France with the job of looking at the risks associated with cryptocurrencies. Jean-Pierre Landau is noted for his critical 2014 Financial Times article stating that Bitcoin has had flaws, one of which being its predetermined number of coins. Landau felt that was insufficient to satisfy its demand. His current views are uncertain but hopefully optimistic.